8 Ways to Maximize Patient Collections with Statements
Medical Group Management Association (MGMA) research indicates that over 23% of total patient services revenue comes from patient payments. Following a few simple rules can encourage patient payments rather than discouraging and delaying them.
- Statements should clearly and completely identify the billing provider or practice name. Displaying the practice’s logo with this information is an even better idea.
- Offering a credit card payment option gives another option to use to pay now
- Showing past-due amounts and their age communicates the urgency of paying now
- Describing the services rendered rather than just showing CPT codes helps patients understand what they’re paying for
- Showing the total charges and amounts already paid, applied to deductible and adjusted answer patient questions and reduce the need to speak with a billing representative
- Provide a telephone number that lets patients speak directly with the billing staff
- Explain what the patient needs to do next – Pay the outstanding balance? Contact the practice or the insurance company?
- Send patient statements immediately after receiving the insurance remittance advice – Why wait to be paid?
NowMD supports every one of these collections-improving tips. Discover more about how you can use NowMD to be paid the fees you’ve earned on the NowMD web site.
See the entire MGMA article with many more collection-improving ideas at http://www.mgma.com/blog/a-step-by-step-guide-to-improving-your-billing-statements