Physician's Practice - November 2008 - (Page 35)

brightly colored, self-addressed envelope marked “copay” on the inside ﬂap, says Judy Bee. “This is low tech, but it really works.” CUSTOMIZE, AUTOMATE, INNOVATE Not every patient will mail in his copay or past-due balance, nor catch up online. You’ve got to chase them down, but go beyond a one-posseﬁts-all approach. Keegan recommends tailoring your follow-up based on the credit status of each patient. “There are three basic categories — insured, employed patients with a record of timely payments; insured, employed patients with a spotty history; and uninsured or underinsured patients,” says Keegan. The collection cycle for the second group might consist of two letters, a single phone call, and a preliminary letter from a collection agency before the agency takes over completely, she says. “The better paying patients could get an extra phone call, because it’s more likely to be successful. You might want to dispense with follow-up calls altogether for the underinsured or uninsured, but as part of your collection policy, you might help them sign up for Medicaid or charity resources from the get-go.” Technology comes to the rescue for all those phone calls in the form of a “predictive dialer.” This software program, in tandem with your practice-management system, can automatically dial a long list of patients owing past-due balances. When the system detects a live response (as opposed to a recording), it switches the call to a live biller on duty. “Billers spend less time dialing numbers and more time talking to patients,” says Keegan. The average medical practice uses a collection agency, but for better results, hire two. Divide up past-due accounts between them alphabetically — A through K for one, and L through Z for the other — and watch them compete. “We’ve used two agencies for about a year, and we’re seeing higher collections,” says Beth McGinnis at the Iowa Clinic. “They know we’re comparing their performance.” Keegan also likes doubling up on collection agencies. “It gives you more leverage in negotiating contracts with them,” she says. Dual collection agencies is one more trick of the trade for medical practices that dare not take a passive approach toward collections. And new tricks will emerge as the healthcare industry continues to evolve, says Keegan. “You have to stay on top of all the changes — changes with payers, changes with technology, changes with regulations,” she says. “You can’t sit still.” • Robert Lowes is an award-winning journalist based in St. Louis who has covered the healthcare industry for 20 years. He can be reached via editor@physicianspractice.com. WWW.PHYSICIANSPRACTICE.COM NOVEMBER 2008 | PHYSICIANS PRACTICE | 35 http://www.medinotes.com http://www.medinotes.com http://WWW.PHYSICIANSPRACTICE.COM

Table of Contents Feed for the Digital Edition of Physician's Practice - November 2008

Physician's Practice - November 2008 Contents Death of Solo Practice Just a Myth Letters HSAy What? Noteworthy Finding Lost Revenue: The Search for Billing and Coding Gold Getting More: Our Annual Physician Compensation Survey ’Tis the Season to be Neutral Ask the Experts Evaluating Paperless Labs HR in a Box? The Guide Coding Third-Party Audits on the Rise Branding the Cash-Only Practice Intra-Office Tug-of-Wars Stickin‘ Up For Yourself Classifieds Advertiser Index

Physician's Practice - November 2008

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