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Collections

Collections

Revenue cycle management

How Your Practice Can Improve Revenue Cycle Management

Only 25% of U.S. medical practices think they’re getting every dollar they deserve, according to a recent survey. And just as many said they think their staff members spend way too much time on revenue cycle management responsibilities. Wondering what may be behind the inability of practices to collect the money they’ve earned? Check out […]
Published Date: August 12, 2024
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Patient billing

When Can You Charge Patients After Insurance Denials?

It’s a common occurrence at medical practices: You submit a claim to the insurer and in return, you get a denial. You don’t want to absorb the cost of the service you’ve already provided, so your next step is to determine whether you can bill the patient directly. While patient billing may be a complex […]
Published Date: September 12, 2023
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Communication tips

6 Communication Tips for Having Difficult Patient Conversations

You probably don’t like talking about finances with your patients, but you may be surprised to learn that they hate the topic even more than you do. When faced with a difficult billing experience, more than 40% of patients will consider switching practices. This means that smoothing these conversations can not only reduce anxiety among […]
Published Date: July 25, 2023
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Medical collections

6 Steps to Collecting From Patients Before & During Registration

Medical practices leave a startling $125 billion uncollected every year due to poor collections practices. If you think your practice isn’t responsible for even a dollar of that number, you’re probably wrong. Even if you’ve instituted a medical collections overhaul at your practice, it’s likely that some money is being uncollected that you haven’t followed […]
Published Date: July 18, 2023
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Patient collections

5 Ways Practices Can Collect More From Patients to Bring in Cash

Medical practices spend hours every week working with insurers to collect reimbursement—but a much less discussed method of bringing cash into your practice is to maximize the money you bring in from patient collections. Ensuring that you collect copays, coinsurance and deductibles allows you to get the most reimbursement possible. Check out five ways to […]
Published Date: June 14, 2023
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outsourced medical billing

Evaluate Your Medical Billing Firm by Tracking These KPIs

Many practices find that outsourcing the billing function can help improve workflow at the medical practice, reduce errors, process claims faster and boost profitability. But if your billing partner isn’t providing you with reports, you may not be able to measure the most important key performance indicators (KPIs) that help you evaluate whether the relationship […]
Published Date: October 27, 2022
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Advance beneficiary notice

Keep These ABN Formatting Tips in Mind to Stay Compliant

To keep reimbursement flowing into your practice, you must understand how to complete an Advance Beneficiary Notice (ABN) of Non-Coverage. But having a high success rate with your ABNs goes beyond filling out the fields correctly. You must also use the right paper size, font, and ink color, or you may end up having to […]
Published Date: September 7, 2022
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Patient collections

Collect More Self-Pay Cash Up Front, Proven Front Desk Tactics

If you let a patient walk out the door without paying even part of their bill, you can expect to collect only 30% of what you are due. That’s a lot of money to lose on each patient interaction. patient collections Every year, patients are paying more out-of-pocket due to higher deductible healthcare plans and represent a […]
Published Date: May 13, 2022
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Patient collections

Lesser-Known (Legal!) Strategies to Boost Patient Collections

As payors deny more and more claims, and patients become increasingly more difficult to chase down following services rendered, your ability to collect what you’re owed diminishes. Rather than going with the old models of revenue management, you need to think outside the box to keep your practice’s books in the black. These 3 lesser-known […]
Published Date: February 11, 2022
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Collect Outstanding Balance at Your Front Desk Without Waiting Room Outbursts

QUESTION: We collect outstanding balances as patients check in at our front desk – before they see the provider. Generally this goes well, but recently we’ve had several instances of patients getting upset and loud. Not only is this problematic for our front desk staff, it is very uncomfortable for other patients sitting in the […]
Published Date: February 27, 2020
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