A pre-payment plan may seem like an even more advantageous option than a monthly payment plan—the provider gets his/her money up front and eliminates the worry over whether s/he will be paid. While there are some advantages to a prepayment plan, advance payment can also be a quagmire of potential problems. This ‘conversational style’ training...
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The Good, the Bad & the Ugly For decades, practice management companies and coaches have suggested that when patients pre-pay financial obligations to the practice, it somehow results in greater retention. Unfortunately, collecting for services in advance can easily run afoul of compliance regulations and Medicare rules. Positive Aspects A segment of the population wants...
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Improve Collections & Patient Retention When a practice automates its payment plans, it helps minimize insurance dependence, increases cash collections, and boosts patient retention. Implementing payment plan principles leads to collecting more cash than ever before with less effort. Automated payment plans have proven to reduce the number of patients failing to follow through with...
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Once the patient’s estimated responsibility is calculated, next steps include making it affordable for the patient and fitting it into their monthly budget. Payment plans are one of the most effective ways to collect for treatment and provides an opportunity for patients to get more care than they could afford if required to pay by...
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Automated Payments Equals Patient Retention Both collecting and making payments fall near the bottom of a list of favorite activities for both patients and chiropractic offices. For patients, every time they must take out their wallets to make payments, they have the opportunity to reconsider what they’re buying…regardless of how much they value their care....
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