Develop written financial policies to improve practice collections

The policies should strive to optimize revenue recovery and clearly outline what the practice considers acceptable in terms of patient payment timing and extended payment plans for large balances. Educate patients on your payment policies while they are making their appointments. Your payment policy should explicitly state that payments are due at the time of service. It should be posted in your office, listed on all billing forms, and communicated to patients before their appointment. As you are developing your policies, you should review your payer contracts. When it comes to collections, you may find that you have stipulations in your payer contracts about how, when and what you can collect from your patients. Make sure to look at these stipulations before implementing your collections policy. If your practice fails to establish written policies, you are jeopardizing the ability to improve cash flow and maximize your revenue.