Handling and tracking billing can be challenging, especially if you have patients who refuse to pay their deductibles. While some practice makes it a habit to inform their patients to pay their deductibles upfront, others have yet to implement it. With outstanding deductibles, it can be problematic for your practice to collect and keep track. Here are five strategies to collect outstanding deductibles!
It can be difficult to tell which individuals have deductibles or co-payments covered by insurance since some policies permit preventive care. This means that your front desk should check and confirm that authorized services are accessible with insurance carriers. It may involve extra phone calls, but it is a solid method of determining the patient’s deductible status.
It may look foolish but tell your front desk to inform customers about the need of paying deductibles in advance before they depart. To avoid any uncomfortable moments, practices should inform patients about it while confirming the appointment. When patients come, verify their eligibility, and notify them of any deductibles.
This should be a habit to ensure the financial security of your practice. Make this a rule to ensure the financial security of your practice. The collecting of deductibles while on the job saves you and your staff a lot of trouble later. If you believe it is impolite to request money in advance, it is important to note that almost all patients have obvious insurance coverage, but they want to keep it quiet until you inform them of their status. It is not unethical to tell your patients that the service fees are reasonable, but it is the best alternative for increasing your collections.
Train your personnel to adequately communicate the deductible and payment rules. Patients may have a variety of reasons for delaying payment. They could get out of your workplace by pretending they are unsure and will contact the insurance company. To manage the practice, use automated technologies to validate patient information in real-time. Today, EHR systems receive all patient information in a matter of seconds. With such a system, your practice can stay current and highlight an eligibility patient’s precise state.
If a patient leaves your appointment before paying their deductibles for some reason, you can call or remind them via phone calls or patient reports about it. Outstanding patient deductibles can have a substantial impact on your practice’s financial stability. Ensure that your front desk personnel is well-trained and knowledgeable about your clinic’s collection policies to avoid losing money. It is only possible if your practice has a well-functioning billing system that is used to collect patient deductibles.
At KR Billing Solutions, we specialize in Revenue Cycle Management where we aid practices in boosting their revenues while reducing the stress that comes with the billing process. We offer various services, from Patient Billing to Claims Scrubbing & Submission. To find out more, contact us today!