According to the American Collector’s Association, the average recovery rate after 180 days – when most practices begin collection efforts – is only 13%.
#Orlandohealth com quickpay full
The chance of recovering your balance in full after the time of service decreases by 50% as soon as your patient walks out the door and the cost to collect only increases over time. Waiting Too Long to Begin Collection Calls Keep a calculator by your desk in order to quickly calculate the length of an agreement before committing to it to ensure that you do not enter into a payment arrangement that is not beneficial for your practice. When you point this out to the patient even they will probably agree that it is an unreasonable arrangement. What representatives and patients alike do not consider when working out a payment amount is the length of the arrangement being established.Ĭonsider this: accepting an arrangement of $10/month on a $500 balance is agreeing to give the patient more than 4 years to pay their bill. Once a patient has agreed to a monthly payment on their balance it is tempting to accept any amount they are willing to pay just to establish a consistent payment schedule. Instead, phrase the question this way: “How short of the balance are you today?” In our experience this question is often met with much higher commitments because it forces patients to consider their entire balance, rather than what they want to put toward it at that moment.
When asked this question patients are often considering what they have available at that moment, after all of their other bills have been paid. When you ask a patient, “How much can you put toward this balance today?” you will inevitably hear $5, $10, maybe even nothing at all. When establishing a payment arrangement it is very easy to fall into the $5 and $10 payment trap.
#Orlandohealth com quickpay series
In this article and video series we share some of the most common patient collection mistakes you could be making, and simple tips for avoiding them. However, there are ways to address the patient’s needs and secure acceptable payments for your practice. Financial conversations can be stressful, and in order to make it as comfortable for the patient as possible representatives may be too accommodating and make arrangements that do not benefit the practice in order to maintain the patient relationship. When attempting to collect from patients it is easy to make simple mistakes that could cost your practice money.
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