Get paid for what you do
In a slower economy, it is more important than ever to collect money. Practices should collect 98.5% or more of all fees charged to patients. Uncollected accounts receivables are like a secret tax on practice profitability.
Collect at the time of service. Office policies on collections should clearly explain that payment is expected at the time of service. Patients should remit their co-payment during the appointment and be informed that any balance not covered by insurance is their responsibility. This amount should be billed and collected within 30 days.
Don't procrastinate on overdue accounts. Patients who owe money to the practice should be contacted when they are one day overdue. The Levin Group Production Method has a series of one-day rules that focus on revenue and collection -- important factors for any practice. The best way to prevent collections problems is to inform patients that they will receive a series of phone calls beginning when their payment is one day overdue.
