4 Strategies to Improve Patient Collections

KAREO | @GoKareo; #KareoTip
4 Strategies to Improve
Patient Collections

Your Hosts Today…
Audrey McLaughlin, RN
www.physicianspracticeexpert.com
Lea Chatham
Content Marketing Manager, Kareo

Our Schedule for Today…
1 Introduction & Welcome Audrey
2 4 Strategies to Improve Patient Collections
3 Discover Kareo’s Role
4 Answer Questions

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Audrey McLaughlin, RN
 Creator of
 CEO, McLaughlin Sales Group
 Developed Customer Service from the
Heart – Customer Service Training for
Practices
 More than 12 years experience in
healthcare consulting and sales
 Author and speaker seen in publications
like Physicians Practice
Audrey McLaughlin

Why is collecting so hard?
Simply put:
Out of pocket expenses for patients are
increasing significantly.

Why is collecting so important for your
practice?
The cost of doing business is rising
significantly.

What are the 4 things you need to know?
Important items to include in your patient policy
Getting your staff to collect copays at check in
Setting up a credit card on file program
Best practices for patient statements

Did you know?
Nearly 33% of patients walk out of a
practice’s door without ever paying a dime.
VS
9% of retail customers walk out of a store
without paying for goods + services

Patient Payment Policy
Why is a patient payment policy important?
 What you expect of your patients financially
 What your patients can expect of you
 Offer some legal protection around collections for failure to
pay

What to include:
 When payment is due
 Who is responsible for payment
 How co-pays + deductibles will be handled
 What forms of payment your practice accepts
 How non-payment is handled
 Credit Card on File
 If you charge for missed appointments/documents, etc.

Is anyone reading this thing?

Keys to getting your patients to READ your financial policy
 Make it graphic instead of dense text
 Keep it short
 Make sure it is crystal clear
 Give it to every patient on their first visit and annually
 Ask patients to initial + sign
 Have staff refer to the policy

If you have: You are responsible for: Our staff will:
Commercial Insurance
(also know as indemnity,
“regular” insurance or “80/20
coverage”)
Payment of the patient
responsibility for all office
visits, x-ray, injection, and
other charges at the time of
the visit.
Accept your initial payment
and file and insurance claim
as a courtesy to you.
HMO & PPO Plans we are
on contract with.
If the services you receive
are covered by the plan: All
applicable copays and
deductibles are requested at
the time of the office visit.
If the services you receive
are not covered by the plan:
Payment in full is requested
at the time of the visit.
Accept your initial payment
and file an insurance claim
as a courtesy to you.

Did you know your office staff may be
uncomfortable asking for money from
patients?

Staff + Collecting Payment
Policies and Procedures
Observe
Role play
Review

Staff + Collecting Payments
Additional Info:
 Many collection issues can be solved with staff training.
 Collect at the time of service.
 Copays + Balance Due
 Deposits

Staff + Collecting Payment
Payment Plans:
1. Put an autograph on it.
2. Explain penalties for failing to pay.
3. Choose realistic payment amount and timeframe.
4. Offer incentives for early payoff.

Credit Card on File
Think of it like starting a tab, basically
patients are opening a tab at your office.

Credit Card on File
Patients benefit:
 Pay the bill with no need to go
online/mail a check/wait for a
statement
 Secure

Credit Card on File
Practices benefit:
 Improve cash flow
 Reduce patient statements
 Reduce collection expenses
 Eliminate bounced checks
 Faster check-in/out
 Reduce paper receipts

Credit Card on File
Putting it in action:
 Make it part of your Patient Payment Policy
 Don’t surprise the patient
 Set a cap for charges
 Keep it secure

Credit Card on File
Implementation Plan:
1. Policies created and in place.
2. Staff training
3. Review
4. Roll-out

Credit Card on File
Additional info:
 Credit Cards / Debit Cards / HSA Cards
 Alternatives for patients who refuse
 Is CCOF fool proof?

Patient Statements
Days in A/R Probability of Collection
<30 97%
31-60 90%
61-90 60%
91-120 50%
Cold Hard Fact:
The longer it takes you to collect payment from your patient,
the less likely you are to get paid.
Source: Mary Pat Whaley, Manage My Practice

Key to doing statements right:
Do them immediately.

Patient Statements
Offer options
Clarity is vital
Accurate
Offer more options
Timely refund options

Online makes it easy
93% of patients would pay their provider
online if given the opportunity

Overall themes for improving collections:
Training, training, re-training and more training
Crystal clarity on policies and procedures
Compassion
Options
Training

Discover Kareo’s Role
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Electronic Health Records
Medical Billing Services
Practice Marketing & Patient Engagement
Free Education, Training, & Support
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30,000 Providers Nationwide

Discover Kareo’s Role
– Kareo Practice
Management
• Multi-resource
scheduling
• End-to-end claim
management
• Patient statements
• Integrated credit
card processing
• Online billpay

ICD-10 Ready
– ICD-10 Ready
• ICD-10 Success
Dashboard
• Dual Coding
Encounters
• Encounter &
Insurance Payer
Validation
• Diagnosis
Crosswalk

Kareo Medical Billing: Web, Mobile & Messaging!
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• Kareo Success Team

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Have a Question?
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4 Strategies to Improve Patient Collections

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