Handling the Changing State of Patient Collections
Guest post by Lea Chatham, editor, Getting Paid Blog.
For many practices, the focus this year has been on ICD-10 and preparing for an effective transition. As a result, a growing problem has been slipping under the radar—patient collections.
Today, patient due amounts make up 30 percent or more of practice accounts receivable. And the longer it takes the practice to collect from a patient, the less they get paid. According to Mary Pat Whaley, after 60 days the percentage collected drops to below 60 percent.
ICD-10 will likely remain a key focus for practices through the end of 2015 at least. But don’t let that stop you from taking some time to look at the state of your patient collections. This infographic shows how the landscape is changing and what practices can do to ensure they get paid.