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Patient Collections

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Patient Collections

How You Can Fix It

The Pediatric Lounge
May 7, 2023
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Patient Collections

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So at Pediatric Executive Development System, we are often asked questions that pique our curiosity. So recently, a physician manager asked us, what do you do with patients with outstanding balances older than 90 days?

Here is how we think about that. There is a culture, a who, and a process problem when you have patients that owe you money. The solution is not to treat the symptom but to prevent the disease.

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The Managing Partner would have known that there was a problem if she had access to a monthly updated scoreboard with one score—the net receivable ratio.

You calculate that ratio: Collections /(All Posted Charges - insurance write-offs). The benchmark there is better than 95%.

What leads to this outcome? The right person schedules and does financial credentialing 100% of the time before the patient is in the office, including allowing patients to sign up for autopay. One person can schedule and financially credential 75 patients daily; these two steps will eliminate your problems with unpaid patient collections.

The Pediatric Lounge Management Collaborative is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

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