Collect co-pays at the time of service—It costs way to much to do so via the usual billing A/R process.
nWhen a patient comes in and has a co–payment, deductible, coinsurance—collectively called cost share—or you know through the pre–certification process that the patient will have a deductible collected at the time of service, it imperative to remember that collecting this is incredibly more expensive through regular cycle billing. Patients should be increasingly more familiar with their cost share whether through researching new insurance policies, directly through exchanges, or through their employer at the beginning of each year. The best thing one can do is ensure that patients are paying those amounts up front at the time of service. If they don’t have it time of service tell your patient there will be an additional charge.nnStay tuned for more Todd’s Tips!nn
About R. Todd Welter • MS, CPCnFounder and President of Welter Healthcare Partners
nMr. Welter has over 25 years of healthcare industry experience assisting physicians and other providers, hospitals and other facilities with the business side of medicine. Through strategic planning and analysis, Mr. Welter’s main focus is to strategically increase revenues and profitability in this radically changing health care environment. Mr. Welter has a Masters Degree in Organizational Leadership from Regis University in Denver where he has had an appointment as affiliate faculty in the School for Professional Studies for over ten years. In addition, Mr. Welter holds a faculty appointment at the University of Denver’s University College. In the Health Care Leadership program he teaches Macro Economics in Health Care and Innovative Strategies and Change in Health Care to graduate students.