Ways to maximize effective collections

Abstract

Medical practices across the country face a variety of collection challenges, especially when considering the condition of today's economy. It is now more important than ever for a practice to establish proactive collection procedures and learn the keys to minimizing collection problems. This starts with educating patients about your payment terms prior to appointments and educating your staff to be aware of early warning signs when an account could become a problem. Taking steps that lead to quick resolution, while retaining patients, is a vital component to increased cash flow and fewer aging accounts in receivables. Careful review of your practice's policies on billing and collections can lead to a greater knowledge on how healthy the practice really is. This article provides key strategies that will help streamline your billing and collections process and recover money owed to you while maintaining those ever so important patient relationships.