High deductible insurance plans and elimination of insurance benefits have caused a rise in the out-of-pocket healthcare costs that patients are responsible for paying. But, are your Patients PAYING?
- Patient accounts receivable were estimated to be $300 billion in 2010 and is expected to grow to $660 billion by 2015.
- $65 billion of this amount turns to BAD DEBT.
- 30% of the patients seen are walking out of the practice without paying a dime.
Doctors are in business to care for their patients. The real secret to being able to care for your patients is to stay in business. And, to stay in business you need to collect your receivables.
Collecting money from your patients must be intentional and systems are crucial.
- A Financial Policy
- A Financial Arrangement
Go hand in hand for implementing a process that will enhance your collection efforts. A Financial Policy establishes the general procedures and financial rules that you have for your office. A Financial Arrangement is a specific arrangement that you have established with a specific patient.
Take just a few minutes to watch a demonstration on how you can stop chasing patients for the payment of your services and enhance your Revenue Cycle Procedures.
A Demo for Physicians
This video is a demonstration of a Patient Collection System that allows you to estimate patient payment amounts, establish a financial arrangement, and then collect the payments agreed upon.
A Demo for Dentists
This video is a demonstration of a Patient Collection System that allows you to establish a financial arrangement specifically for your patient and then collect the payments agreed upon.