A tougher financial climate over recent years has meant that many chiropractors have had to re-examine their existing chiropractic billing procedures. Now that it is 2020, it is necessary for chiropractors to take into account widespread changes in people’s economic circumstances that have resulted in patients having to pay a larger part of their chiropractic bills themselves (regardless of whether or not they have insurance cover). Even though the growth in the cost of chiropractic care for the individual patient has been gradual, it is worth reworking your billing procedures so that the efficiency of your billing system is optimal.
7 Questions To Ask Yourself About Your Chiropractic Payment Cycle
1. Is My Financial Policy Optimal?
Do you make it clear that payments are due before the consultation? In addition to clarifying who is responsible for settling the bill, make sure collection terms are clear. Also consider automated payments, if you do not have these in place already, as this will make collection much easier. Ensure that any discount policies are clearly explained to avoid disputes. These measures will help avoid collection issues.
2. Do I Have An Adequate Collection Reporting System?
Collection issues are better avoided when you have a comprehensive monitoring system that enables you to identify minor issues before they become major. A practice as simple as having concise daily payment reports can help you to keep abreast of your billing status and ensure that you know how many patients have settled outstanding accounts.
3. Is The Front Desk Able To Acquire All Necessary Information?
Does your reception manage to obtain all necessary insurance information and information on outstanding amounts for patients? Are errors preventing a smooth collection process? In order to ensure that collections do not form a backlog, it is necessary to have a time-sensitive system in place, whereby patient billing information is collected within a set timeframe.
4. Is There A Staff Policy In Place For Dealing With Non-paying Patients?
Is there a set stage in the patient interaction process where your staff performs collection? Is your staff permitted to reschedule patients who have not settled outstanding payments? Having a policy consisting of basic collection rules will prevent the billing chaos that leads to payment issues and protracted collection battles.
5. Are Outstanding Balances Monitored?
Are staff members able to note and collect outstanding amounts? What system can you use to make sure that your billing reports are accurate, and who is handling this outstanding balance tracking procedure?
6. Do You Have A Reliable Approach To High Deductibles?
Patients whose insurance plans have high deductibles are often a source of disputes or collection issues because they might assume they are responsible for less of their bill than they in fact are. Put in place a standard procedure so that your staff has a plan of action for pursuing collections for patients who are on high deductible insurance plans.
7. Is Your Time Of Service Discount Policy Clear?
Are patients provided with clear information on your time of service discounts and how they work and are you regular in how you apply them? Angering patients could result in loss of valuable revenue as well as reputation damage, so make sure that your times of service discounts are clearly stated and explained, consistently applied, and compliant with all necessary consumer protection laws.
If you have any questions regarding chiropractic billing issues, please contact us for assistance.