Billing Practices, Payment Strategies for Your Medical Practice

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Billing Practices, Payment Strategies for Your Medical Practice
Billing Practices, Payment Strategies for Your Medical Practice

HealthDay News — Physicians should employ standard billing practices, including regular statements, to maximize accounts, and utilize collection agencies and lawyers to help collect payment when necessary, according to an article published in Medical Economics.

Noting that many patients remain under-insured or without insurance, the article discussed strategies to help physicians maximize their reimbursements and ensure they are able to collect their earnings.

According to the article, physicians should have intake forms that clearly assign medical benefits, and should remind patients of their responsibility for unpaid portions of bills, as well as for collection costs that might be necessary. Providers also need standard billing procedures that include statements on a regular basis and a strict policy regarding the number of statements sent prior to referring an account for collection. Collection agencies can provide additional pressure, but practices must use reputable agencies. Collection agencies can not compel patients to pay, but lawyers can file lawsuits, get a legal judgment, and in certain cases, levies on assets and wage garnishes.

"Doctors, like other professionals, have a right to be paid for their services," according to the authors of the article. "From internal billing personnel to collection agencies to attorneys, you have options, and if you manage your accounts properly, you can efficiently and (almost) painlessly bring in money that you thought would never materialize."

Reference

  1. Stern CH. Getting paid: Strategies and best practices. Medical Economics. April 17, 2015.
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