The essential techniques for an effective automatic payment program include: establishing, preparing, communicating and lastly—maintaining. You’ve established your card on file plan, and that’s great.
A. Once you’ve decided to implement a ‘card on file’ payment method, and you’ve begun changing internal processes, the next step should be to communicate this policy—the key in developing a successful automatic payment program.
A. Turning your potential revenue into actual revenue is looked at as something scientific and difficult to achieve. In all actuality, it needs to be managed individually like any other department.
Denver-based CareTouch Communications is celebrating the one-year anniversary of CareTouch Collect, a program that contacts patients and connects them with their providers to secure payment or devise a payment plan.
A. To determine if this is a true need, the provider must become familiar with patient balances at that moment to include accounts receivable buckets in detail and know the acceptable percentage in each.
A. What really is a good patient/customer for your business? One who continues to purchase and rent products but never pays or one who pays or at least makes an attempt? You are losing the balance due, inventory cost and administrative time.
Aside from maybe diversifying into retail, collecting co-pays has been the drum most beat in the HME industry in the past five to 10 years. Has that beat finally reached a crescendo?