subject: Patient Payment Plan [print this page] Patient Payment Plan
Below is a letter from a physician that implemented the Patient Cost Strategy and his thoughts on its results to his practice.
Norman G. Becker, Jr., D. D. S.
Apply Constrained to Periodontics
Dear Colleague,
We all encounter the dilemma of how to collect our costs from sufferers whilst still offering the professional proper care they seek. This leaves us with two economic decisions: 1) restrict the credit threat by requiring the patient to pay in complete at the time of company, or 2) offer in-house payment arrangements and hope the patient honors the cost terms. The initial decision limitations your income as enterprise is turned absent, and the 2nd raises your administrative fees and headaches.
Nine weeks ago a representative of the Individual Cost Plan (PPP) approached me with a distinctive option to the conventional payment dilemma. The resolution was to set up my individuals on affordable monthly repayments and collect whose funds utilizing automatic bank deductions from their examining accounts. I appreciated the thought but was skeptical at very first considering individuals would never ever concur to such preparations. A lot to my surprise, I now have 22 sufferers on automatic deductions and I am extremely happy with the results. My workplace has recognized added benefits too many to list, but I would like to reveal these:
1:I am now far more Ready to prolong credit to my sufferers because I am selected that PPP can accumulate my charges. In reality, my collection price with this support is virtually 98%. And because I am prepared to lengthen credit, I anticipate my income to increase by just about $50,000 this yr as I can accumulate from individuals I may possibly have turned absent before.
2:The company helps me filtration system out those patients who would have otherwise been fee problems. Most patients will not agree to an automated deduction system and can as a substitute opt to pay in complete.
3:Given that my workers no lengthier has to deal with inner fee arrangements, they can concentrate on affected person proper care and other essential operating facets of my practice. In essence, I'm lastly out of the banking organization.
The banking technology PPP employs has been around for quite a few years and has been effectively utilized by insurance coverage organizations to accumulate monthly premiums. Now you can benefit from it. It has produced a believer out of me, and I urge you to completely investigate this precious apply tool.
Sincerely,
Dr. Norman Becker, Jr.
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