Question

Why is important to collect Co-pay's and Co-Insurance's before the patient leaves your office?

Answer 1

Importance of collecting copays and coinsurance before the patient leaves the office:

• To know the service whether covered or not
• It will be helpful to clear the bills of patients
• It represents the value of practice
• This offers helps physicians to manage maximise efficiencies and manage payments in collection process
• It has many benefits such as reducing accounts receivable, increasing cash flow, reducing medical billing and backend collection costs
• It also helps in decreasing administrative burden of tracking and managing of growing portion of patient revenue generated from patients payments.
• Collecting copays or coinsurance before the patient leaves will save your service practice from the hassle
• It will keep the patients updated about their balances
• The best time to collect copays or coinsurance is when the patient is still in office, once they leave the collections become more expensive and more difficult
• It helps to prevent false claims in advance