Wednesday, September 9, 2009
Starting your medical practice in the New York Area
Let us help you Start up your Medical Practice and/or take care of all your billing needs! Call on Real Practice Solutions, LLC. we specialize in the local NY area.
Wednesday, September 2, 2009
Doctors and Patient Collections!
Does your office collect the right amount during a patients visit?
A recent survey released on June 15th, 2009 by NaviNet Inc., found that 49% of practices were unable to estimate the correct amount due at the time of visit, other then predetermined co-pay.
As a result a result according to McKinsey & Co. doctors collect only about half of the balance due from patients.
What practices don’t understand is that collecting at the time of service is one of the things that must be done, the way things are even insured patients are increasingly on the hook for an even-larger share of costs.
In 2008 the avarage patient deductible grew by about 10%. On 2009 the deductible grew by about 15%. This becomes a big loss in revenue and must be collected at time of service.
Proper front desk training and review must be done once a month.
- Confirming the patient’s eligibility coverage and benefits, must be done before patient is seen.
- Providing accurate estimates of patient out-of-pocket expenses for specific services.
- Explaining to the patient, why they are being charged for these services.
- Helping patients that cannot afford to pay the amount if full, by setting up an automated payment plan.
- Allowing the patient a call to speak with their insurance carrier regarding their benefits.
Keep in mind the best practice is to collect the money that are owed from patients at time of service, before they leave the office.
Posted by a Practice Management Consultant at Real Practice Solutions, LLC. in New York. We specialize in making your practice work more efficiently and more profitably. http://www.realpracticesolutions.com
A recent survey released on June 15th, 2009 by NaviNet Inc., found that 49% of practices were unable to estimate the correct amount due at the time of visit, other then predetermined co-pay.
As a result a result according to McKinsey & Co. doctors collect only about half of the balance due from patients.
What practices don’t understand is that collecting at the time of service is one of the things that must be done, the way things are even insured patients are increasingly on the hook for an even-larger share of costs.
In 2008 the avarage patient deductible grew by about 10%. On 2009 the deductible grew by about 15%. This becomes a big loss in revenue and must be collected at time of service.
Proper front desk training and review must be done once a month.
- Confirming the patient’s eligibility coverage and benefits, must be done before patient is seen.
- Providing accurate estimates of patient out-of-pocket expenses for specific services.
- Explaining to the patient, why they are being charged for these services.
- Helping patients that cannot afford to pay the amount if full, by setting up an automated payment plan.
- Allowing the patient a call to speak with their insurance carrier regarding their benefits.
Keep in mind the best practice is to collect the money that are owed from patients at time of service, before they leave the office.
Posted by a Practice Management Consultant at Real Practice Solutions, LLC. in New York. We specialize in making your practice work more efficiently and more profitably. http://www.realpracticesolutions.com
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