In June, the Medical Group Management Association released the results of a questionnaire that ranked members' most pressing practice management challenges. In this edition of “Practice Makes Perfect,” we'll tackle No. 7 on that list: Collecting patient-due balances (self-pay, high deductibles and health savings accounts).
My uncle told me when I was growing up that “pennies add up to dollars,” and taught me the true value of tracking and saving even a small amount of money. I encourage medical practices to embrace this philosophy, especially when developing processes to collect from patients. Every “penny” that a practice collects has a downstream effect. Physician practices are, after all, a business, but this “business” extends beyond just dollars and cents. Healthcare organizations are also in the business of taking care of people.
Here are six ways to manage collections by developing and implementing effective processes, while supporting your patients.