When you hear “14 percent,” it doesn’t sound like very much. Fourteen percent of your day is just under three and a half hours – not quite an entire REM sleep cycle. Fourteen percent of a $50 restaurant tab is seven dollars, the cost of an appetizer.
But when you realize that physician practices spend 14 percent of their bottom line just to collect patient payments, this amount no longer seems insignificant. A urologist’s annual salary is $461,000, and 14 percent of this amount is $64,540. That’s enough money to buy a luxury car and have cash left over, or even purchase a home in some areas. Better yet, it’s enough to give six diligent physician practice staff a bonus of more than $10,000 each!
When you consider how hard everyone in your practice works – from clinicians to office staff – the thought of leaving any amount of money on the table seems wrong. Collecting from patients has grown increasingly challenging, though, and many practices aren’t equipped to optimize self-pay collections.
Automating the patient payment process has many benefits: It reduces manual and administrative work by your staff. It provides consumer-friendly payment options that patients have come to expect. Most of all, it creates a proactive collections environment and drives point-of-service payments.
View the infographic, The Real Price of Getting Paid to see how much your practice could be losing…and what you could be doing with this money.