How to eliminate Bad Debt in your Practice
Waiting extended periods for accounts to be settled and dealing with patients who pay late is an unfortunate part of running a medical practice. Having a good system in place to help manage this is possible and with the right policies in place to deal with these issues will improve your cash flow and your practice will be able to grow in size and profitability.
As a small to medium sized medical practice, there are a number of measures you can take to help ensure faster payment, to collect late payments and thus avoid bad debts. A few simple steps can help you avoid bad debts:
- Make patients aware of the payment policy to their appointment;
- Prepare your invoices/statements immediately after the practitioner has seen the patient;
- Send the invoice or statement to the person directly in charge of making payments;
- Have a solid policy to deal with late payments and bad debts.
To learn more valuable tips to assist with collecting your outstanding debt, sign up for our Medical Debt Collections Course or view our other course offerings.