04/17/2024    

PRACTICE MANAGEMENT TIP OF THE DAY

9 Tips for Collecting from Patients

 

Experts provide nine tips to help practices successfully collect patient balances.

 

6. Employ Enough Billers or Consider Outsourcing

 

Many practices may have laid off staff when patient volumes decreased. However, once volumes resume, they need to make sure they have enough staff for timely billing and collections, says Denny Flint, chief commercial officer at Millennia, a tech-enabled patient engagement company specializing in the recovery of end-to-end patient financial obligation. In some cases, it may make more sense to outsource revenue cycle management (RCM) to a company that is a branded extension of the practice and staff. Working with an external vendor also helps practices avoid internal staffing challenges as patient volumes continue to ebb and flow during a potential second wave of the virus.

 

Flint provides these tips for negotiating a favorable contract with an RCM vendor:

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  Require the vendor to charge only a percentage of what they collect.


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  Ask the vendor to waive its implementation fee.


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  Demand an easy-out contract. “If the vendor doesn’t perform within six months, you should be able to walk away without cause or penalty,” he adds.

Source: Lisa A. Eramo, MA, Keith A. Reynolds, Physicians Practice [4/3/24]