Do you have outstanding patient balances that throw off your finances every quarter? You are not alone. According to MGMA, 25% of practitioners report up to $10,000 in outstanding patient balances. This can greatly impact your profitability as well as interfere with the patient-provider relationship. Fortunately, medical billing and management services in Newark, DE can help you collect the money you’re owed. Mediclaim specializes in medical billing services and will improve your collections process so you can focus on quality care.
Strategies to Reduce Outstanding Balances
There are several ways you can improve the collection rate of your podiatry, pediatric, dental, or other practice. Start by verifying what insurance will pay for and hire a collection agency with proven results to chase down aging debt. Here are just a few strategies we help our clients implement and maintain for a healthy revenue stream and reduced bad debt:
- Verify insurance eligibility. By verifying insurance coverage, you can cut down on claims denials. This will also help prevent non-payments that can result in expensive collection measures. It's also a good idea to collect fees at the time of service rather than billing the patient later.
- Offer multiple payment options. Do you allow customers to pay online? Do you accept cash and checks at the office? The more ways customers can pay, the easier you make it for them and your practice. You can also offer discounts for prompt payments.
- Send statements and reminders. Don't forget to send out reminders via email, text, and mail. Keep your communication short and to the point. Additionally, make sure that the amount and due date are prominent and include your online payment site.
- Hire a collection agency. Nobody wants to hire a collection agency to go after their patients. Because it can affect your relationship with patients as well as the reputation of your practice, consider it only as a last resort. At Mediclaim, we help clients establish best practices that reward prompt payment and reduce non-payment.
It also pays off to take a two-pronged approach when it comes to improving your collections program. This involves educating patients as well as training your team to present all available options.
Train Your Front-End Staff
Start by training your front-end staff, your first point of contact with patients. Make sure they know how to verify insurance eligibility and that they explain deductibles and copays to avoid any misunderstanding. Additionally, it's essential to collect fees before providing service.
When you have a clearly defined payment policy, it's easy to educate your customers on their options. We often advise clients to develop written documentation that outlines payment methods and terms. Patients can also take these home for later reference. Emphasize the need for patience and clarity when talking to patients about their financial situations.
How well does your team understand your payment plans, financial assistance programs, and other options? Mediclaim offers customized, flexible plans to suit your practice’s size, specialty, and goals. We can help you coach your team on ways to improve your payment record.
Contact a Premier Medical Billing Company in DE
If your medical facility needs help collecting aging balances, the team at Mediclaim can help. No matter what type of practice you have, our medical billing services near Wilmington, DE, give you the resources needed to balance your receivables and prevent bad debt losses in the future. We can support your efforts to provide top care without worrying about whether you’ll get paid. To learn more about Mediclaim and how we can help you collect outstanding patient balances, contact us today for a free consultation!