Along with the start of a New Year comes a slew of changes with your patients' insurances and the resetting of deductibles. Not only is it essential to get a copy of every patient's insurance card at the first visit of each year, it's imperative to know who has a deductible and how much it is. Insurances will be processing January dates of service to a deductible, if it applies, which means your income will decrease for the first quarter. How should you combat this? Make sure your front desk is checking the benefits for all patients and ensuring they know what they will be responsible for. Requiring all patients to keep a credit card on file will allow you to collect patient payments quickly and easily, thus reducing your loss in profits. Most patients do not pay their statements on the first go-round and your chances of getting paid decrease with every billing cycle. Having a strict office policy regarding the payment of patient balances is an essential piece to keeping revenue up. Just make sure you only charge your patient's card for the correct allowable rate based on their insurance! Far too often I have seen providers charge the full deductible amount and then end up having to reimburse the patient. Remember: deductibles are split amongst all the providers the patient sees; not just you.
Have questions on how to streamline this process and ensure your patients are paying? Contact us to discuss our consulting and billing services.
Premier Medical Billing, LLC
617-958-6502
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