July 20, 2018 Written by: Sandy Howell Do you feel like you are working harder but collecting less money? Your billing staff work tirelessly to process claims, but are you collecting all the money owed to your practice? Are you collecting patient deposits? Patient collections are a significant piece of a practice’s revenue. Collecting deposits helps to offset the balance due once service is provided. There are three key reasons to collect patient deposits:
- Helps to minimize the chance of a non-payment. Even with a deposit you could still have trouble collecting the balance you are owed, but at least you are partially covered and there is less chance the patient will disappear into thin air.
- Deposits invest the patient financially in the process. Money can be a powerful motivator. If you are having trouble obtaining documentation for a referring physician or even ...
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