Over-the-counter (OTC) collection is important to your practice. Consider this: Those small, unpaid balances end up on patient statements. Each statement sent by your office costs you anywhere from $4 to $7 in materials, staff time, and postage (and that doesn’t include time spent following up on collections and posting patient payments received in the mail).
It makes no sense to spend $5 generating a bill for a $10 balance. Even if the patient pays, you seriously cut the value with increased overhead.
Reducing the group’s billing and follow-up costs by receiving payments at the time of service will elminate the needless costs and ensures you’ll receive full reimbursement.
