If you're a physician who regularly sees patients who have problems paying their bills, you can take a few steps to minimize the financial impact on your practice:
, we asked physicians what they do when their patients don't pay. About 43% said that they continue to treat them and develop a payment plan; 13% send their bill to collections; 12% continue their care and write off their balance, and 25% chose other actions. Only 8% of physicians drop patients if they don't pay.Start With Price Transparencywould cost because it wasn't listed anywhere, and it was usually more than expected.
Turning an account over to collections should be a last resort. In addition, agencies typically charge 30%-40% of the total collected off the top. On occasion, some small practices may allow a swap, such as allowing a patient to provide a service like plumbing, electrical, or painting in exchange for working off their bill. Though it's not ideal when it comes to finances, you may find it can work in a pinch for a cash-strapped patient. Make sure to keep records of what bills the patient's work goes toward.
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