Maximizing patient collections at the time of service is a must in today’s changing healthcare landscape. Why? Many more patients are now responsible for their own healthcare expenses and statistics show the ability to collect after a patient leaves your office drops significantly.
In fact, a large percentage of patients that have left your office without paying, may never pay — but don’t despair. There are some things that your practice can do to improve collections at the time of service.
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Information collected by MGMA reports, “30% of patients walk out of your practice’s door without paying a dime.” When you realize the impact this may have on your total revenue, it might be time to rethink patient collections, enlist some help and implement a few new best practices.
Maximizing patient collections: Viewing From a Patient Perspective
As the shift in patient mindset leans gradually greater to that of consumer, making sure that your patients are satisfied and happy will help your office collect for services rendered.
Think about it this way: there are many services that people will willingly pay for and are happy to pay for if they believe it helps improve their quality of life — such is the case with the physical therapy services your office provides. In the same regard, if someone is unhappy with the services received, they are less likely to pay for it.
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Also, what is said, or is left unsaid, can impact the revenue your physical therapy practice is able to generate. In today’s world of technology at our fingertips and transparency being demanded in every industry, the world of healthcare is no different. Patients can share their experience online in minutes, on any number of review sites, and their experience — whether good or bad — will have an impact on other patients’ opinions and experiences of your practice as well.
Improving the patient experience and level of quality of care received to the best of your office’s ability will go a long way in helping your patient become not only healthy, but happy too! And help your physical therapy practice generate payment for services rendered.
For an expert team on your side to help boost your physical therapy practice’s revenue, contact us today. Contact Billing helps improve claim auditing/CCI Edits, validating ICD-9 vs CPT codes and adjusting modifiers to help you decrease rejected claims and increase amounts collected.