Clean up Those Outstanding Balances
Now is the perfect time to do something about those old balances you have been ignoring in the hopes that they would go away.
Posted in Patient Experience on Thursday, March 5, 2015
It's time to clean them up and make stronger policies to avoid it happening again.
- Medicare deductibles - The first of the year means every Medicare eligible patient must start paying their deductible again. Remind patients that you accept credit cards (hopefully you do). Statistics show that seniors manage their expenses by charging to one credit card and paying one monthly bill.
- Clear out accounts that are more than 90 days past due. Address the outstanding balance with the patient in writing and also advise that they can use their credit card.
- If you decide to write off an account, you should also notify the patient in writing of your action.
- Review current insurance coverage. The first of the year brings changes in coverage, new options for higher deductibles or change of carriers for many people. Be sure the front desk person asks for a card and re-verifies every patient's coverage.
- A year-end aging of your accounts receivable is do it now! It is impossible to see and decide on a plan of action without hard data.
And while you're at it, take a look at your office policies for communicating and handling patient payments. Maybe there are changes you need to implement for a more positive cash flow.
Do it now!