Practice Management Alert

You've got no time to lose if your standard collection procedure doesn't already include these two cost-saving collections tips:
 
1. Have a minimum balance write-off amount. For example, do not send statements on accounts under $5 - the cost of sending statements can quickly surpass the amount you collect.
 
2. Send only one statement for balances that are $50 or less. Somewhere on the patient's statement indicate, "This is the only statement you will receive. Payment is due in X days." If the patient doesn't pay on that statement, your collection department should start calling, says Von Griffin, clinic manager at Urology Center of Southern Oklahoma. This policy has worked well in Griffin's office to help keep costs down.