What To Do About Patient Balances

Do you have a fair amount of outstanding patient balances and difficulties collecting? 

Well, you’re not alone. It’s common, particularly in small practices, to struggle with collecting money from patients.  

Most patients never blink an eye when asked for their co-pay, deductible, or other balances. They do everything they can to pay on time and in full.

But there seem to be a few who just don’t want to pay… ever.

It’s the 80/20 rule at work… 80% (or more) pay every time, but 20% of patients (or fewer) kick and scream when asked to tap their card or write a check.

But that won’t work…  unless you’re OK with donating your time and expertise.

So what can you do about those balances, and how can you avoid them in the future?

In this episode of the NP Business Matters Podcast, I’ll define the categories of money that patients are responsible for (to make sure we are all on the same page), as well as policies and procedures you’ll want to make sure you have in place. And if you already have them, you may want to revisit them if you are having trouble getting paid.

The bottom line is this: if payments are collected late or not at all, the cumulative balance could harm your practice finances and put you in legal trouble.

By law, you must collect patient balances, or you could be in violation of the insurance contracts you signed.

Listen in, and please share your experience as well!

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Your Turn

Chances are you have dealt with the issue of trying to collect money that is owed to you from your patients. What has been your experience? What has worked? Please share below.

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