There are a few simple and common mistakes patient account representatives can make when attempting to collect payment for services rendered that can have a significant affect on your practice's revenue. See our Common Mistakes infographic to identify four of the most common mistakes in patient collections, and for tips on how to avoid them.
A great statesman, warrior, and our nation’s 26th president is quoted as saying, “People don’t care how much you know, until they know how much you care.” Few would argue that Theodore Roosevelt was not a great leader, and nearly 108 years after his departure as President of the United States these words still provide a glimpse into his perspective on working with people.
When you applied for your current position, did you answer an ad stating, “Seeking representative to collect past due balances from patients”? Probably not. Healthcare professionals generally enter the profession to help people, not to collect money from them. But the business of healthcare is just that, a business, and maintaining your accounts receivables is critical to your organization’s ability to provide quality care.
By the end of last year the United States spent nearly 50% more than the next-highest spender on health care, spending the equivalent of more than $9,000 per person per year. This cost crisis has led to several emerging trends across the industry. Healthcare organizations are making changes to nearly every aspect of their business in order to stay on top of rising costs and the higher demand for quality services.
It’s a busy afternoon and the practice’s front desk is understaffed, again. After several minutes and a rush of registrations the last patient to walk in finally approaches the counter. Despite the rush of patients the front desk representative offers a friendly greeting, confirms her general demographic and insurance information, and confirms that she does not owe a co-pay. The rep also notices that the patient has a high outstanding balance and a $5,000 deductible that she has not met yet. The practice’s financial policy states that high deductible health plan patients with a high balance must establish a payment plan in order to receive care, but she is already running late for her time slot so the rep lets her know that following her appointment she will need to meet with a patient account representative to establish one.