1. In terms of getting paid, which point on the “Payability Touch Timeline” is most important?
a. Before Visit
b. During Visit
c. After Visit
d. All of the above
2. Before the patient’s visit, it’s important to:
a. Set arrival expectation
b. Collect insurance information
c. Verify insurance information
d. Set payment expectation
e. Send a reminder
f. All of the above
3. The majority of high-performing practices collect payment:
a. At Check-in
b. At Check-out
c. After billing insurance
4. It’s important to send statements at consistent intervals.
5. It’s important to direct your patients to pay only when they’re in the office.
6. You should review your financial policy at least annually with all except:
a. A written review checklist
b. Hard deadline dates
c. No sense of urgency
7. Medical billing software is not useful for patient collections except for sending patient statements.
- D – All of the points on the Payability Touch Timeline are important; multiple touches at each engagement set your practice up to get paid.
- F – Performing all of these tasks before the patient’s visit help set the expectation that your practice needs to be paid at the time of service.
- A – The majority of high-performing practices collect payment at Check-in. After a patient receives treatment, you are only likely to collect 50-70% of an insured patient’s balance.
- A, True – You should be sure to systematically and diplomatically contact patients several times until payment is received.
- B, False – It’s best to provide multiple options for payment, including an online payment URL (such as your patient portal software), mailing address and/or phone number.
- C – Conducting an annual policy review with a written checklist and hard deadline dates, with a sense of urgency to complete the items in a timely manner, will insure that your practice gets paid as quickly and fully as possible.
- B, False – Your medical billing software should be a cornerstone of your patient collections strategy, with useful and insightful reports and a direct link to a reputable collections agency for streamlined hand offs of accounts that require collections expertise.
How did you score? Even if you’re a payment wizard, you should join us for our upcoming webinar, Increase Your Practice Profitability in 2015: Set Your Practice Up for Payment Success. You’ll get tips on improving your patient payments process, financial policies, selecting the right collections agency, and much more.