How do you know that you are being reimbursed efficiently and completely?
As a physician you work hard to provide convenient and quality care to your patients. Then you rely on other individuals to ensure that you are properly compensated for those services.
There are key performance measures that put you in control of your money and provide confidence that you are receiving all collectable dollars. In this post we review Time of Service (TOS) Payments:
In this environment of high deductible health plans and increasing co-pay responsibility, collecting patient dollars at the time of service increases the likelihood of payment and reduces the cost of collecting.
Target: 18 -20% of Monthly Net Revenue
Tips to improve your practice’s TOS payments:
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Make self-pay collections part of your workflow
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Move patient collections effort to pre-service period
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Combine business office and front office efforts
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Set patient expectations around financial responsibility
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Develop scripts to guide staff through a more effective financial conversation
Don’t leave your revenue to chance. Contact us today to schedule your assessment and take the first step towards optimizing your revenue cycle operations.
Email wshields@eyeprogpo.com or use the calendar link below: