Dos and don'ts for on-time collections

Master financial management

Your practice is a business. And as a business, you and your team need to ensure the practice is compensated for its services on time. Strong financial management allows the doctor to invest in the practice, pay off debts, and save for retirement.

Collect at the time of service. Train your front desk team to request payment at the time of service. Place appropriate signage throughout the office emphasizing patients' responsibility for fees. Include the policy on your website and make sure all new patients are aware of it. Collecting at the time of service immediately improves cash flow and saves on costly collection attempts later on.

Don't neglect to mail out bills. Any outstanding balance should be billed immediately. Make sure each one clearly indicates the due date and the procedure being billed. There should be no confusion on the patients' part over what the bill is for or when it's due.