How to collect copayments deductibles and past due balances

Typically, the contract also establishes a financial incentive for beneficiaries to use in-network providers as well as a financial disincentive to use out-of-network providers. Do you really want to represent yourself that way?

As a final note, remember that the process of cash collection goes hand-in-hand with good cash control practices. Also offer to provide the patient with forms of financial assistance, such as State programs or CareCredit.

5 Tips for Collecting Outstanding Patient Balances

Also, make sure the patient signs an acknowledgment that he or she has a financial hardship. Patient Communication Patients will be far more receptive to a request for payment at the front desk if they are aware of your policies ahead of time.

We can provide training for your staff on these issues. For example, if you require a deposit prior to a procedure or surgery, be sure the patient is informed in writing at an earlier visit or in your pre-visit forms.

What the policy is for patients who arrive unwilling or unable to pay a deposit or balance due, Who will handle these patients, If you will allow a copayment grace for patients, how many times it can be used, and what the staff should do if a patient surpasses the limit.

In a recent federal court case, a provider sued Cigna for failing to pay out-of-network claims. Establish a procedure patients must use to demonstrate a financial hardshipand document it.

Deposits, CoPayments and Balance Due

Commercial insurance providers have contracts i. These are the days of decreased reimbursements! Staff and patients will quickly learn if the policy is regularly undercut by clinic leadership.

What to Do Instead Adopt the policy of making every reasonable effort to collect all deductibles and copays—unless the patient can demonstrate a financial hardship. Would you like to take care of the balance now, or will you be paying when you come in on Thursday?

If your practice is struggling to collect, waiving copays and deductibles is not the solution. Cigna then countersued the provider for potential injunctive relief under certain ERISA laws, and the court found there was merit for the countersuit, so Cigna was able to attempt to obtain damages for unjust enrichment and intentional tortious interference with contractual relations.

And if the business reasons are not enough to sway you toward collecting deductibles and copays, keep in mind that there are potential legal ramifications for those who waive them. What practice can honestly afford to walk away from that amount of revenue? Make courtesy calls to the patient to remind them about an outstanding balance, or send the patient a letter.Legal Compliance: One More Reason to Collect Patient Deductibles and Copays Collecting coinsurance, copays, and deductibles upfront is an important piece of the effort to accurately value the services we provide.

Further inform patients by posting a courteous but conspicuous sign indicating that copayments and amounts due are required by the patient’s contract with the insurance company, and expected at the time of service.

The Importance of Collections / Avoid Writing Off Copays

Copayments, coinsurances, unresolved balances—oh my! Any one of these can cause headaches for healthcare providers, but as healthcare reform efforts shift more and more financial burden to insurance beneficiaries, today’s practitioners are. - collection of copayments, deductibles & past-due balances - financial arrangements for unpaid balances - charity care or use of sliding scale for those w/ low incomes.

Scripts to help your practice collect patient payment at the time of service payment policy to collect the appropriate payment due from the patient at the time services are rendered. This may only be your copayment and deductible amounts, but we do ask for payment at prepare your staff to collect payments at the time of service.

5 Tips to Collect Outstanding Patient Balances June 6, / in Education, Medical Billing Services, Practice Management / by MBA HealthGroup High deductible health plans and higher copays have driven practices to focus more attention on collecting large outstanding patient balances.

How to collect copayments deductibles and past due balances
Rated 0/5 based on 11 review