A true Medical Billing Service like CPM can ensure that an independent medical practice doesn’t leave money on the table because CPM sweats the small stuff in medical accounts receivables. If you have a medical practice that generates between $150K to $2M, make sure your billing service or back-office works everything from A to Z like CPM.
Case in point:
Some patients claim they do not know what their current co-pay is or won’t verify the actual amount on their current insurance card. By now, everyone should know there are tiers of co-pays for the PCP or for specialists and they are set differently based on the premiums paid by its subscribers and the employer.
Before the ACA aka the Affordable Care Act, co-pays comprised no more than 5-10 percent of the reimbursement for an office visit. Fast-forward to the present, many patient need to pay as much as 30% or more at $65-70 per encounter. If the practice fails to collect that copay, it can mean a drastic reduction in patient service revenues.
We have discovered that many practices leave money on the table 90% of the time by not collecting part of or even the entire co-pay amount due to the practice. The loss is compounded by the extra cost to bill patients not only once but, even more likely, multiple times. The front desk must make the effort to collect copays at the outset or coordinated with the back-office or medical billing service to collect the unpaid balances sooner when the patient comes back for another visit.
Understandably, doctors want to focus on the well-being of their patients first and worry about lost collections later.
CPM can help you collect all of your copays. We will be happy to discuss our solutions further.
Stay tuned to our future blogs for medical billing management that can bring in more money for you.
Taking care of your business always.
CPM – The Doctor’s Business Doctor – Medical Billing your way – the only way!