Rx for Turning Patient Pay into Revenue

Did you know you could increase your bottom line by $62,500.00 a year? It’s true and you can do it by stepping up efforts in your office by collecting patient copays.  It’s that simple, so why are you not doing this?  On average, a physician can see approximately 10 patients per day.  Say each patient […]

omega medical billing bottom line prescriptionDid you know you could increase your bottom line by $62,500.00 a year?

It’s true and you can do it by stepping up efforts in your office by collecting patient copays.  It’s that simple, so why are you not doing this?  On average, a physician can see approximately 10 patients per day.  Say each patient has a minimum copay of $25 (which is on the low side), these fees are collected up front rather than after the fact, think of the time, and money spent sending out statements, phone calls, etc., trying to collect.  Time passed results in increased cost and decreased revenue.

This is also true for patients with balances after insurance.  Collect coinsurance up-front as well.  After all, you cannot leave the grocery store without paying for your groceries.  At the very least make payment arrangements before the patient leaves the office and stick to it. 

There are many psychological barriers in asking for money.  Seventy percent of Americans live paycheck to paycheck.  Most patients believe they either do not owe and/or cannot pay.  You have to change the patient’s beliefs.  You have to develop a strategy for decision – making about accounts based on sound business reality – not emotion.

Improve your front-end training.  Set goals.  Put the money in your pocket!

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