3 Questions to Ask if Your Practice Has Trouble Collecting Timely Patient Payments

Running an independent healthcare practice isn’t easy, and few practices have the resources or bandwidth to chase down late payments. While most patients want to pay their bills on time, it’s clear that many don’t – which leads to an unhealthy revenue cycle that can threaten a practice’s success and/or growth potential. A 2019 report indicates that 22 percent of physician offices said that 10 percent or more of all patient accounts go to bad debt, which can take months or even years to recover.

For those practices that have trouble collecting timely patients, taking a closer look at the organization’s billing strategy can often reveal several opportunities to get paid faster. By evaluating current practices and asking the right questions, practices can make important changes that can improve the long-term financial health and success of their practice.If your practice is struggling to collect timely patient payments, here are the top three questions to consider.