vice billing should offset that expense. “It improves your cash flow because you can collect at the time of service, which is your greatest opportunity to ac- tually get the patient to pay,” said TMA Practice Consulting consultant Julie Wil- lis. “You’re generally not going to have to deal with insufficient funds or any- thing like that. It gives patients options for paying larger deductibles or copays, or out-of-pocket expenses, or paying for noncovered services.”
Practice management consultants say that accepting payment cards can provide numerous efficiencies, com- pared with issuing paper statements and dealing with the hassles and costs of bounced checks, which practices are reportedly seeing with greater frequency. For a practice that doesn’t have to chase down $15, $30, or $45 copays, that 4 percent is a small price to pay to not have to chase those dollars. Don’t underestimate the value of good customer service. By providing se- cure, trusted options for when and how patients pay, from preservice consulta- tion to point of care to postservice bill- ing, you give patients peace of mind and convenience. This builds patients’ loyalty and keeps them part of your practice. Collections improve as patient satisfac- tion rises.
The benefits
How many times have your patients not made their copayments because they forgot their checkbook, wallet, or cash? Sure, you can send them a bill, but con- sider what it means to your practice:
• You have to notify the practice man- ager/biller to collect the copayment.
• The biller has to prepare a letter and bill for the patient, print it, stuff it in an envelope, and mail it.
• You often must follow up with the pa- tient several times just to collect the copayment.
• More importantly, every time you don’t collect the copayment from your patients during the visit, they become less likely to pay. Every minute your staff spends producing and mailing invoices is unproductive time.
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