Are you forgetting to collect copays?
It’s important to collect all co-pays upfront. Remember there is no better time to collect them, than when the patient is there right infront of you. In order to collect money, the person asking for it has to have some of the following traits:
Knowledge about the services and goods your office offers.
Assurance to the patient that your office knows the ins-and-outs of how insurances work.
A friendly smile that will bring confidence to your patients, assuring them that they have made the right choice to come to your office.
In most cases when co-pays are not being collected, it is usually common to shrug it off as if to say, “well we can always send out a bill”.
Sending a patient bill costs your office administrative time, postage and supplies. The average cost of generating a bill can be up-to $5 dollars. Remember to also factor in possible future collection attempts through phone calls and correspondence if the bill goes unpaid. Each month the bill is unpaid your chances of collecting on it, are greatly reduced.
Make sure you learn to simplify and reduce your administrative costs by collecting all co-pays upfront. An office that collects all co-pays upfront has the potential to be more financially healthy than those that don’t.
Take the time to educate your staff in learning about the goods and services your patients receive; this way everyone is completely confident when asking patients for any money due.
-Jesus C. Vazquez, PMAC