Medical Journal Houston Vol. 11, Issue 1, April 2014 | Page 3

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April 2014

Use financial counseling to improve
collections and patient relationships

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FINANCIAL
PERSPECTIVES

BY REED TINSLEY, CPA,
CVA, CFP, CHBC
As out-of-pocket costs rise,
you can offer financial
counseling to not only collect
more money from patients, but
also improve your relationship
with them. A report by TransUnion
Healthcare finds that the average patient
payment responsibility on key medical
procedures has grown nearly 22% since
2012, and experts tell us these bills become
harder to collect as they grow older.
Automated processes such as credit card
on file are helpful, and clearinghouses
increasingly offer “real-time” solutions so
that practices can get patients’ deductible
information while they’re in the office. But
you still have to convince them to hand
over the money owed.
Demand it all?
One school of thought says you should
require all patient-responsible payments

to be made at the point of service, even
compelling the patient to put outstanding
payments on his credit card so that the bank
is carrying the debt, not the practice. The
best policy is the simplest: You’re expected
to pay. If that’s a real change in your
practice’s culture, contact the patient before
the visit. But practices, especially those who
expect to see patients with payment issues,
prefer bringing the
patient into a friendlier
“financial counseling”
loop that convinces
them to pay more of
their debts.
I know of one group
physician
practice
that has financial
coun ͕