Money Matters

There is little doubt that more and more PT services will be paid for out-of-pocket over the next couple of years. Some will be cash paying clients who seek non-benefit services (assuming you provide them), others will be the uninsured, still others will pay out of their Health Savings Accounts. What ever the reason, they will be buying your services as demanding customers rather than as entitled patients.

So what?

Many Practices continue to struggle with cash policies and collection of deductables and co-pays at the time of service. If you have problems today with such collections the potential impact when an even higher percentage of your fees are paid out-of-pocket could be significant. Now is the time to tighten up your policies and your proceedures while the risk is still reasonably low.

On a related note, I remain amazed at the number of Practices who overlook potential Medicare compliance issues and related financial risk associated with not collecting deductables and co-pays. Then there is also the issue of favored nation status clauses in payer contracts that could also require providers to return payments to insurers.

These matters need to be on your radar screen! Together these are high stake Performance Matters that truely matter.

Bob

Copyright 2007
Performance Builders