NP Business Tip: 7 Tips to Increasing Collections In Your Practice

How do you and your staff do when it comes to getting paid directly from your clients and patients? If you are like many offices, you and your staff are likely a bit shy about asking for money. However, it's essential that you collect money that is owed to you. Indeed, you likely have an obligation to do so according to your insurance contracts.

If your accounts receivable is up and you are having trouble collecting after the fact, consider making an effort to increase collections at the time of service. Here are some tips to help you do just that.

1. Have a sign at the front desk noting people that copays are due at the time of service. This one thing made a huge difference in my office when we first opened.
2. Many people today do not carry a check book or cash, but they have plenty of plastic. Make sure you can accept credit and debit cards. If you need a merchant account, here is an NP Friendly Merchant Account vendor, an NP herself. Another option if your volume is low is to get a Pay Pal Business Account.
3. Does your staff ASK for the copay or other outstanding balances? Do they know how to ask? If not some training is in order.
4. For those patients that want to pay in cash, it helps to have enough change on hand to handle a $50 or $100 bill.
5. Make sure your patient financial responsibilities policy clearly states that copays are due at the time of service (as well as bringing account up to date). Patients should sign it when they first come to your office. It's a good idea they keep a copy for their records.
6. Consider having a program or plan available for patients who cannot pay in full at the time of their visit.
7. Many people are use to paying bills online these days. Is this option available in your practice?

NPBO^TM Actions Steps:

1. Pull out your patient financial policy*. Is it up to date? Is it working?
2. Take a random sample of charts and see if these documents are getting signed.
3. Does your front desk staff have the skills for asking for money? Do they need scripts?
4. Is there enough change? Receipt books?
5. Are patients thanked when they make a payment?

*If you need policy templates, members will find them in the download library.

© 2010, Barbara C. Phillips, NP. All Rights Reserved.

Share this Article

del.icio.us     Digg     Reddit     Facebook     StumbleUpon     GoogleBookmark     Technorati     Furl

Related Articles

·  Progress Notes Issue 57: Questions for your Candidates. ·  Progress Notes Issue 56: Why Niching your Practice Might be Better than Primary Care ·  Progress Notes Issue 55: Should you lease or purchase your office space? ·  Progress Notes Issue 54: Outsourcing your Billing