There are so many things that can make or break your private practice. One of them is patient collections. It is extremely important to have a full-proof system when it comes to collecting payments for your services. Whether it be collecting from insurance companies or patients, every detail counts!
Let’s focus on copays and deductibles. These payments usually come straight from the patient and are collected at the time of the patient’s appointment.
However, some practices will waive these costs for patients that can’t afford the cost.
The Reasons You Shouldn’t Waive Copays or Deductibles
It may be against the law. The first and most important thing to keep in mind in regards to copays and deductibles is that it is a violation of the Federal Anti-Kickback Statute to routinely waive deductibles and copays in your practice (WEBPT).
In some cases, copays and deductibles can be waived for patients that clearly demonstrate financial hardship. Make sure you are aware of the rules on this practice in your state. Follow them strictly, or you will be kicking yourself when an audit comes around.
From a physician standpoint, you may be thinking that you want to help your patients every way you can, and waiving copays and deductibles might be standing in the way of your patients completing their therapy with you. Why not make things easier on them?
Copays and deductibles are part of what you’re owed for services you provide. It’s understandable why you want to take the financial burden off some of your patients, however, you have to think about this situation from a business standpoint. Your services are worth the full amount of money from the insurance company and the patient… Why would you want to make less?
You shouldn’t feel bad for thinking like a business owner. Your practice has to make money in order to provide expert patient care. If you cut corners or let payments slide, your practice will suffer, ultimately, causing your patients to suffer.
How to improve patient collections
You can improve patient collections by ensuring your front desk staff understands the importance of collecting payments at the time of appointment. Your chances of collecting copays and deductibles are greatly decreased once your patient walks out the door.
After the patient makes an appointment, collect the following info:
- Name and DOB
- Insurance carrier
- Policy number
- Group number
- Effective date of the insurance
- Address & phone number of the insurance
- Name of the insured if different from patient
- Employer of the insured
- Secondary or tertiary insurance
Next, verify benefits before appointment check-in. You can do this online or by phone with the patient’s insurance company to ensure the patient is covered before any services are provided.
Finally, your front desk should be clear with patients on cost up front, perhaps, giving them a phone call with cost information before the scheduled appointment. As long as the front desk staff is clear and notifies the patient of cost, the patient won’t be surprised by any copays or deductibles owed. The front desk MUST collect payments on time and up front!
These steps are so simple, yet so frequently skipped. The bottom line is you should be paid 100% of the time for the services you provide to your patients. This simple fact will keep your practice alive and well so that you can continue providing the highest level of patient care.
