Dan

Five Mistakes Nearly Every Medical Practice Makes

In these difficult economic times, medical practices need more than ever to collect every cent they've earned. As deductibles and co-pays increase, patient responsibilities also increase; yet, many patients believe they can put their physician at the bottom of the pile of bills to pay.

To ensure your practice is not losing money unnecessarily, here are five (5) mistakes nearly every practice makes:

1. Allowing patients to not completely fill out the patient information form. This form is your tool to know everything you need to be paid-by the insurance company and by the patient. Is the insurance policy owned by the patient or by the patient's spouse? Who is the employer that is paying for the policy? Is the patient employed at all? This, and other information, should be provided or you risk non-payment.
2. Not reviewing demographic and insurance information with patients each time they come in for appointments. Even if the patient completed the information form just a month ago, people move and change phone numbers; health insurance changes. Don't ask, "Are you still at 123 Main St?" Instead, ask, "May I have your address, please?"
3. Failing to collect co-pays at the time of service. The patient is most motivated to pay before s/he sees the physician, so that is the best time to collect. Afterward, the motivation to pay drops dramatically, and thirty days after they've left, is nearly non-existent. Know if the patient owes deductibles and co-insurance, and collect that, too.
4. Not accepting credit cards as a form of payment. You need to eliminate every excuse for non-payment, and accepting credit cards helps with this. The cost of acceptance will be greatly outweighed by the increase in payments.
5. Assuming an account must be at least 90 days past due before it can be sent to a collection agency. The sooner collections action is started, the more likely payment will be made. For small balances in particular, waiting and sending out multiple invoices make cost more than the balance to be paid.

Following these tips should increase your collections.

Jean-Marie M. Taylor, MSW

CEO, Diamond Medical Management Services, LLC

(302) 283-3300

dmms.us/dmms.us

dmmsemsdmmsems

Ms. Taylor founded DMMS in 1997. Today, the company serves nearly 200 physicians, surgery centers, and ambulance companies with billing and collections; coding; practice and surgery center development; contracting; accounting; practice management software and electronic medical records; and other health care business services.

DMMS clients not only increase their incomes with outstanding A/R management services; they also decrease their expenses. All clients automatically become members of the nation's largest Group Purchasing Organization, saving between 5 and 30 percent on office and medical supplies and equipment; services; even cell phone services.

Our clients represent all specialties throughout the eastern United States.

posted by datdk @ 10:31 AM