More medical practices get into financial trouble by not being able to collect receivables than for any other reason. This is why it is very important for any hospital or medical practice to have a good medical billing process and trained professionals in place to handle any issues. Many offices don’t follow common sense guidelines when dealing with billing, claims processing and collections. Without establishing the terms and policies regarding billing and payments with patients upfront, problems can occur later on.
Having a proper system or processes in place for medical billing and collections helps more than most people think. Many small practices just deal with issues as they come along and this hurts them in the long run. The chances of successfully collecting the payments are increased manifold when proper procedures are put in place. For example, policies need to be clearly expressed to the patient before any care if given. Patients need to be invoiced regularly and told clearly about the payment terms and are aware of what happens if they don’t pay on time.
If a patient does not pay after the deadline is over and after repeated reminders by office staff, then it may be time to take it to collections. Details would need to be handed over to the collection agency, which either work based on a flat fee or on a commission basis where they get a percentage of the payments they collect. It would be best, however, for medical practices to outsource their billing to a more professional firm like Integrated Medical so that the office can focus on what they do best, providing patient care.