Financial hardship is sometimes unavoidable and offering patients a payment plan is an option to help them honor their financial obligation to the practice. If implementing payment plans for patients, it is necessary to have a well-defined document for patients to sign. Front desk staff should be trained to inform patients of this option and walk them through the policy and procedures. If necessary, it may be advantageous to have the practice manager or administrator meet with patients to discuss and document the details of any hardship before a payment plan waiver is signed. Flexible payment options should be offered to make it easier for patients to pay their balances.
These can include:
- Online bill pay—this will allow patients to log into the patient portal to pay from the convenience of their home, while at work or even from their phone.
- Phone payments—patients can call the office and pay by phone. It may be important to set up a dedicated line for phone payments or even explore a “credit card on file” program for recurring payments until the balance is paid.
- Automated payment plans—this will allow the patient to set up a specific day of the month a payment can be drafted from their credit card account, with the flexibility to reschedule or cancel payments if needed.
For unpaid balances in which an agreement cannot be reached, the practice manager or administrator should meet with the patient privately to discuss how the outstanding balance can be paid. A letter should be sent to the patient outlining the balance due with a billing statement with “DUE NOW” on it. If not paid, a second statement should be sent stating, “PAST DUE.” If these follow-up attempts fail, the next step should be a final notice letter giving the patient at least 15 days to pay before sending the balance to collections.
Taking steps to improve the collections of patient payment in a timely manner is essential to the financial stability of the practice. Education, training and an engaged office staff are critical to achieving the goals of the practice.
For questions or training on payment collection or accounts receivable, contact the ACR practice staff at [email protected].
