Run your Physical therapy private practice like a business!
When dining at a restaurant, there is no need for a financial agreement up front because there is no problem. People delay healthcare payments, and unless you’re equipped with the right financial policy, you may ultimately lose revenue.
What’s in a Physical Therapist financial policy?
A clear and executable policy for collecting patient payments is the backbone of a healthy physical therapy private practice.
A clear policy is the foundation of good patient relationships. Your patients wouldn’t expect to only pay for half of their full tank of gas, or walk out of a store without paying for a cartload of groceries. Yet over time, it has become accepted to not immediately pay for health care. By having a clear policy that outlines expectations for payment will help your patients feel confident that they’re equal partners in receiving the quality care that they’ve paid for.
- Your patient agreement needs to be clear, but comprehensive. You can use a template to help you get started, but make sure you personalize your policy so it still sounds like “you” to your patients.
- Train all staff to be financially literate. From the initial contact through discharge, every contact needs to feel confident and comfortable discussing the costs involved for service, understanding the policies, and asking for payment. Whether you choose to require payment at the time of appointment (reducing no-shows), at check-in (reducing walk-outs), or have a typical billing cycle (least cost-effective and highest uncollectibles), your patients will thank you for making the entire process completely transparent.
- Give your patients payment options. From phone payments to point-of-sale card swipe, Online Bill Pay and mobile payment apps, your patients are tech savvy and used to technology to pay their bills. By giving them options and reducing paper billing, your patients will better understand their physical service bill, and will be much more likely to pay it.
Ready to increase collections and create a financial policy for your Private Practice?