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Medicare Compliance & Reimbursement

COLLECTIONS:

Step Up Your Collection Efforts With Credit Cards

Published on Mon Nov 23, 2009

But protect patients' credit information to comply with privacy, identity theft rules. With fewer patients coming through the door these days because of financial concerns, you need to focus on collecting from those patients your providers do see. Make your job easier and increase your collection rates by offering patients the ability to use their credit cards. Here's how. Examine the Benefits When a patient tells you that she doesn't have the cash or her checkbook to pay her copay at the time of service, you stand a better chance of collecting high-deductible payments or payments on high-cost self-pay procedures if you accept credit cards. "Depending on the types of patients that the practice serves, it can be an effective strategy," says Ester Horowitz, MBA, owner/certified management counselor and practice marketing advisor with M2Power, Inc. in Merrick, N.Y. Some of the benefits your practice may see are: • Reduced Labor [...]
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