Take a good look at the patient statements you send. Do they have 30, 60, 90, 120 day columns on them? If so, you could be losing revenue. The problem is that you are showing patients how long you will allow them carry an outstanding balance.
When most patients receive a statement, they automatically ignore any balance that is less than 120 outstanding because they know the doctor's office will allow that balance to carry over each month. How do I know this? Over the course of my 12+ years in medical billing, I have been told this by many patients.
We have found that if we had a patient statement with only one column - "balance due" - we began to see better results. By making this one, small change, over a two year period, our clients' revenue increased by anywhere from 16%-23%.
Take your utility bills for example. Do any of them give you a breakdown of how much is 30, 60, 90, or 120 days outstanding? At best you may see a current due column and a past due column, but in the end they expect payment in full or there are consequences, which is often an interruption of services provided.
I encourage everyone to take a good look at the patient statements that you’re sending. Making this quick and easy adjustment could have a significant effect on your bottom line.
Great tip Brice! I never knew this....I will have to see if my PM system will allow me to make the change.
ReplyDeleteCheri Freeman, CMRS