OTC collections produce a double pay-off

Over-the-counter (OTC) collection is important to your practice. Consider this: Those small, unpaid balances end up on patient statements. Each statement sent by your office costs you anywhere from $4 to $7 in materials, staff time, and postage (and that doesn't include time spent following up on collections and posting patient payments received in the mail).

It makes no sense to spend $5 generating a bill for a $10 balance. Even if the patient pays, you seriously cut the value with increased overhead.

Reducing the group's billing and follow-up costs by receiving payments at the time of service will elminate the needless costs and ensures you'll receive full reimbursement.

Have questions? I’m here to help.

Categories
Accounting and Tax Services Litigation Support Managed Care Consulting Managed Care Contract Negotiations Medical Practice and Healthcare Entity Valuation Medical Practice Assessment Medical Practice Brokerage Medical Practice Embezzlement Consulting Medical Practice Management Medical Practice Merger Advice Medical Strategic Planning Newsletter Personal Financial Planning Oversight Physician Compensation Models Physician Compliance Physician Financial Management Services Retirement Uncategorized
About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read More >

Reed Tinsley, CPA for Physicians