Our payment plan is straightforward and reasonable. Patients must
put 50% down at the time of service with 2 additional automatic pay-
ments of 25% of the balance a month apart either by credit or debit
card, or by automatically deducting the amount from the patient's
checking account. For example, if the patient portion is $500, we'll
accept $250 at the time of service and then split the balance into 2
payments: $125 in 30 days and $125 in another 30 days. This way,
we're paid in full in 3 months (we tack on a 10% interest fee to the bal-
ance for accounts older than 90 days). In rare instances, we'll let
financially strapped patients take up to 6 months to pay.
If a patient doesn't agree to automatic withdrawal, we don't accept the
payment plan. Be sure the patient leaves a copy of his debit or credit
card so you can process the payment at the beginning of every month.
For electronic transfer from a checking account, known as an ACH
(Automatic Clearing House) withdrawal, the patient must provide you
with his checking account number and routing number.
We also let patients use a healthcare credit card to pay for out-of-
pocket expenses that aren't covered by their health plans. This financ-
ing option is quick and clean. It pays us upfront and in full, and bills
patients separately.
How are we doing?
Surgical facility managers now face a new financial reality, one in
which almost as much of our revenue comes from patients as from
insurers. We collect the patient's full out-of-pocket costs about 60% of
the time and a half of what they owe about 40% of the time. Not bad,
but we can do better.
OSM
Ms. Aldred (monika@northpointesurgical.com) is the business office man-
ager at the Northpointe Surgical Center in Tooele, Utah.
Business Advisor
BA
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