My father was a wise man. He used to tell me, “If you find out that your horse has died, it is a good idea to dismount.”
I’ve found, in my experience, that many medical and dental practices are riding a dead horse, and it is definitely time to dismount.
How many things in your practice are being done the same way they were 20 years ago? 10 years? 5 years? If you are like most practices, your answer will be “nothing!” But, if you think about it, the one thing that is being done the same way it has been for a long time is the way you collect money from patients and insurance companies that owe you money.
Sending a monthly statement, and calling (when you get the time to do so) does not work any more to motivate your slow pay and delinquent patients to pay your bill. Calling, waiting on hold, and nagging insurance companies doesn’t get you paid on time either. And do you have any idea how much having employees on hold that long will cost you in a month?
Over the years, we have determined that there are four distinct types of patient payers. Each one requires a different approach to motivate them to pay you, and it is a mistake to treat all of them the same. It is hard, if not impossible, for you to determine which is which quickly and inexpensively in-house.
We have also found a much more economical and effective way to motivate the insurance companies who are dragging their feet, making excuses, and ignoring your calls to get you paid faster.
Transworld Systems can help you update and automate your A/R processes for both insurance and patients. The cost will normally be less than what you are paying now to do what you do in-house, and the results will be MUCH better than riding a “dead horse.”
Contact David Wiener at 888-780-1333 or email me at david.wiener@transworldsystems.com
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