How Can I Reduce My Patient Payment Timeline?

Patients are, of course, core to the running of any oral surgery practice, but delayed payment timelines can make your practice’s operations difficult. Having effective payment systems in place is, therefore, a core necessity when it comes to the day-to-day functioning of an oral surgery practice. There are some straightforward steps you can take to ensure you receive payments from your patients as quickly as possible for better medical practice accounting.

Speeding up the Patient Payment Timeline

Your ability to accelerate the speed of your patient payments within your practice depends on the efficiency of the payment processes you have in place. Do you have an effective booking system or a structured waiting room to control patient flow? Perhaps most crucially, does your team have the relevant training to implement the following steps?

Communication

Telling the patient how much they may need to pay before treatment takes place increases the likelihood of them paying on time. This is because the patient is made aware of the costs associated with their treatment, creating the relationship between patient and health care services and prioritizing value-based care.

This requires clear policies and payment details that are consistent across your practice and your individual healthcare providers. If you haven’t done so, create or update your payment rates and financial policy on upfront payments so patients and team members know the process.

Preparation

Once the patient is in the practice and is either awaiting or exiting an appointment, take the payment. Be consistent about when you charge so that your entire team is on the same page and the patient experiences consistency. It is essential to collect payment as close to the time of service as possible.

Accessibility

Offering a range of ways for your patient to pay makes you more likely to receive payment on time. This can include paying by cash, check, credit card, and debit card. Such communication technologies can be used to accept payment and share information with the patient.

Be Sensible

As with most payments, they come with the possibility of refunds. Patients may also demand payment reductions or health plans associated with repayment. This is part of navigating an oral surgery or medical practice, so be sure to make budgeting allowances for the possibility of repayment.

Get Help

If you need help with payment collection and budget balancing, consider exploring medical practice accounting services with an oral surgery practice management provider. OMS Partners, LLC provides thorough medical practice accounting tailored to the unique needs of oral surgeons, thereby offering support or complete management of your financial endeavors as best fits your practice.

Elevate Your Practice’s Financial Efficiency

Once you implement the above steps, reducing your patient payment timeline is easier than it sounds. Remember to be clear with your communication. State the rates of your oral surgery services clearly and collect payment as close to the service time as possible. Ensure that your team is well trained in these steps, and don’t spend money that may be needed on repayment.

Speeding up the patient payment timeline protects your healthcare delivery and ensures high patient satisfaction when running an efficient, financially strong oral surgery practice. If you find you need additional help managing payment timelines in addition to these recommendations, OMS Partners, LLC is ready to help. Contact OMS Partners today for all your medical practice accounting needs.