I recently received the email copied below from one of our practices. A year ago, this practice implemented new payment policies that revolutionized their accounts receivable balances.
This practice has hard evidence that a simple policy change with the right kind of patient education and follow up reaps huge rewards. The interesting part is how they went about making the changes. They were skeptical (especially the physicians) about implementing broad changes that affected their patients but knew that they couldn’t continue on the financial path they were on. They needed a solution.
They decided they would test the waters and implement changes a little at a time. They chose to start with a small sub-group of patients in one area of their practice. If they saw success, they would consider expanding to other areas. Needless to say, they had great success with this smaller patient population and decided to roll out the policies to other areas.
It’s now a year later and they haven’t implemented the polices practice-wide, but as you can see by the practice administrator’s email, they are convinced it’s time to do it. This incremental approach has proven successful to many of our practices. It’s very difficult to manage new, practice-wide changes but if you are convinced it’s time to try something different to collect patient balances then consider starting with the following:
If you do these minimal steps in preparation for implementing your new payment policy, you should experience a smooth transition.
Oh! I just realized something. I didn’t tell you what the new policy is. Before I tell you I want you to check out the results. This same practice manager who emailed me about the success they are having also gave me the hard evidence. Check this out. I copied and pasted right from the email.
What did they do to achieve these results in just one year with a step by step implementation that didn’t turn their practice upside down and didn’t freak their patients out? Email me and I’ll tell you! ((jim at easypaysolutions.com)). Take out the spaces and brackets and use the ‘@’ and let’s talk.