“Practices are facing the need to financially work around high deductibles and copayments,” said Dahl. “There are many patients in those circumstances today, and physicians, as well as their administrators, need to begin to look closely at these issues and develop responses.”
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October 2015Kurt Ullman is a freelance medical writer based in New Jersey.
Establish Credit Practices
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Before you extend credit to customers, establish detailed policies and make sure you understand consumer protection laws.
- Determine who you will extend credit to; run credit checks on all patients before you agree to extend credit.
- Develop clear, consistent payment guidelines. Your bills should indicate when payment is due, when it will be considered delinquent, and whom to contact with questions.
- Determine how you will bill or invoice patients: Will you mail requests for payment, or will you hire an outside company to handle it?
- Create a plan for collecting late or defaulted payments. Be sure to get all of your patient’s information in writing. In return, provide them with a copy of your payment policy, which spells out how penalties will be applied to late payments and how you will handle unpaid bills. It’s important to have this documentation in case a fraudulent or delinquent credit transaction occurs.
Source: U.S. Small Business Administration