Practices who fail to be proactive about collecting from patients will predictably experience a tsunami of accounts receivable.
In most states, medical practices are re-opening and ramping up patient volume. Appointments and procedures are increasing, and physicians are eagerly anticipating an increase of cash flow compared to the past three months.
However, the dismal unemployment numbers suggest that patient balances will be increasingly difficult to collect.
Here are seven ways to increase patient payments.
Amy Anderson, MBA is a consultant with KarenZupko & Associates, Inc. who advises physicians on practice management and revenue cycle. Amy is a former physician practice administrator.