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Ten Collection Tactics for Your High-Deductible Patients
Here are 10 strategies to consider for your billing department as physicians and their staffers wrestle with the challenges of collecting patient balances:
1. Create or update an effective financial policy. You might be surprised how many offices have never bothered to design a systematic policy, let alone keep it updated.
2. Inform patients in advance how much they will have to pay. Your billing system and clearinghouse probably provide the eligibility tools to help you give patients a realistic estimate of the amount.
3. Know in advance the total due before a patient arrives for a visit. Some of your patients have existing balances or payment plans in addition to the office-visit copay.
4. Give patients options. For frequent no-show and no-pay patients, offer an option to prepay a nominal (nonrefundable) deposit or reschedule when they are ready to prepay. It will help patients get used to the idea of their responsibilities.
5. Collect a flat deposit amount. Set a flat deposit amount for those times when you can't ascertain an estimated amount due for a patient scheduling a procedure.
6. Accept multiple payment methods. Cash, checks, credit cards, various virtual payments (PayPal, Apple Pay, or Google Pay), and online payments reduce excuses patients offer for not paying.
7. Consider credit card on file options. More and more practices offer the option for patients willing to preauthorize copayments via their chosen credit cards. Be sure to use a secure third-party service, though; you don't need the added liability of storing the information on site.
8. Offer payment plans. Most billing systems include tools for billing large patient balances over time. You can assess an interest charge or service fee if you want.
9. Make patients aware of pharma subsidies. Steer patients toward subsidies and discount programs for prescription drugs.
10. Have a heart. In your quest to "collect every cent," remember that you have patients with serious health issues who simply don't have the money to pay. Follow your conscience.
Everyone in healthcare wrestles with collecting patient balances, and the challenge has become enormous in recent years as soaring premiums have required consumers and their employers to sign up for plans with higher copayments and deductibles than...