One fifth of your office’s revenue consists of patient co-pays. If your patients pay late, or simply weasel their way out of making payments, that could do significant damage to your medical practice. 20 percent is certainly a very significant number that no office owner should take lightly, so collecting patient co-pays is a must.
It’s one thing to prioritize on getting patients to co-pay, but thanks to the unpredictability of human nature, we shouldn’t expect co-pays to come right away, every time. Patients still may not be able to make the payment in a timely fashion, or they might ask why the co-pay is even necessary. Both scenarios can make collections more troublesome that they have any right to be.
But according to medical billing companies in Houston, here are three ways it can be easier for your staff to collect patient co-pays.
- Explain Your Pricing And Co-Pays As Best As You Can
Your patients need a clear message about they they need to pay, so it is very important that you are transparent with them. A big reason why medical practices have difficulties in collecting is because patients aren’t sure of what to pay until it is time to pay, in which they are not prepared to pay. To prevent this from happening, you will need to effectively tell or show your patients what they have to pay and what insurance can pay for them some time before their appointment. If patients know exactly what they need to pay for co-pays, they will be better prepared to pay up when it is time, and no trouble is expected.
Also, establish a simple and concrete co-pay policy that can establish to patients why co-pays are important. If patients have any problems with co-pays, you can have this policy that will be indisputable and easy for them to understand.
- Make Payments Easy And Convenient For Patients
In the present day, money can come in the form of other means besides greenbacks. Patients can now spend money with a credit card and even electronically online. It is no longer expected of patients to have stacks of dollar bills with them when they need to pay fees and co-pays. With today’s technology, everything is simpler and paper is less of a necessity than before.
If you ask the medical billing companies in Houston, they suggest to give patients as many options as possible for paying co-pays. If paying in cash is your only option, patients will find it much of an inconvenience to have to drive to their bank to get you your fees, if they do not have the cash on hand. With a credit card or online, they will have any money in their account readily available to use in order to pay you, ensuring that your co-pays will be collected on time.
- Remind Patients When They Need To Pay
Sometimes, patients just simply forget to pay you with co-pays; another part of human nature that is just unpredictable and outside our control. Rather than trusting the patient to remember, your practice should instead remind them, either over the phone or via email.
It is not considered a form of harassment by reminding patients when they need to pay you; simply issue them a kindly reminder of when they have to pay. Many medical practices issue monthly reminders to their patients, but they can also issue them every week to patients if you make your staff persistent. The more often patients are reminded, the more likely they will be able to pay you.