10 Ways to Improve Collections at Medical Practices
YO Info article, David Wiener, an expert in the field of medical accounts receivable management with more than 30 years of experience, discusses ways in which medical practices can improve collections.
YO Info is the American Academy of Ophthalmology's newsletter for young ophthalmologists.
Here are the 10 ways:
1. Have a defined credit policy.
2. Invoice promptly and send statements regularly.
3. Use the words "address service requested," when mailing statements or invoices to patients, as this will ensure that the postal service will research an individual's address if he or she has moved.
4. Contact overdue accounts more frequently.
5. Make decisions based on your aging report, not your feelings.
6. Make sure your staff is trained and can deal firmly but courteously with non-payers.
7. Admit and correct any mistakes on your part.
8. Know and follow the collection laws in your state.
9. Use a third party entity, especially if your practice has systematically pursued an account for 60 to 90 days from the due date.
10. Remember that nobody collects on every account.
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