These days, many chiropractors are looking for ways to rapidly increase their collections.
Despite this, recent studies have shown that you can literally manufacture a 20% boost in collections by doing one simple thing.
And here it is:
Fix This One Thing
According to research conducted by McKinsey & Company in 2013, 90% of patients are likely to pay their portion of healthcare expenses (co-pay, co-insurance, deductibles and even cash) if they are asked to pay BEFORE they see the doctor!
What’s even more amazing is the same study revealed that the 90% figure goes down to 70% if the patient pays for care AFTER their visit.
It gets worse…
If you wait until the after the patient leaves your office, the likelihood of obtaining payment is reduced to 40%.
Let’s run that math again:
Pay before the visit, collections opportunity = 90%. Pay after the visit, the number drops to 70% . Pay after they leave, the chances of collecting that balance now go to 40%.
So, yes, by implementing this problem you can boost your collections percentage by 20% (before visit vs after) and even up to 50% (before visit vs after they leave the office).
The 2 Min Fix
While many chiropractic practices are scrambling to get more new patients in the front door or convert them via a “killer” report of findings complete with the latest psychological mind-bending voodoo tricks, few offices focus on simple “back end” strategies that will actually improve collections. (After all, how many free new patients does it take to be profitable?)
But if you’re interested in being paid, you can literally take two minutes to fix this OTC problem fast!
So what are you waiting for? Share this with your staff and change your collections procedures now!
For Offices Who Say “But…My Practice is Different”
Yes, I know you are out there 😉
If you or your staff say the 2 Minute Fix is impossible because “your practice is different,” let me be brutally honest with you:
Your practice is not that different. Like many other chiropractors you have poor systems.
In fact, it’s highly likely that the reason you feel you can’t take this 2 Minute Fix and use it to improve your practice’s collections is because your staff don’t know what the charge for the day is going to be. If you are really honest with yourself, they almost never know. And your collections suffer as a result.
Worse, you begin to assume (incorrectly) that you can’t collect because of this predicament you put yourself in.
Truth be told, this is a systems problem that has less to do with how you practice than it does simply creating systems that work for your practice. I’ve helped tons of clients overcome this issue and I can assure you, your practice is NOT that different.
Solve It Now!
Either camp you fall in, you need to solve this collections or systems problem now because it is causing you to unnecessarily risk losing 20-50% of your money every time a patient walks in.
Sounds like good enough reason to get to working on that new collections policy!