Is your A/R out of order?! Have you ever overcharged a patient for treatment, perhaps their insurance company covered for more than what was initially stated, so now your patient has credit? What do you do with that credit? Some practices let that credit accumulate. Some may even feel like they can keep it. You can’t and Sandy let’s us know why.
This is a hidden topic that not many practice owners talk about, but exists and can really set you back if you are not careful. Therefore it must be addressed! This is especially helpful if you are looking to buy or acquire a practice. Make sure you check the A/R reports and see if there are any patient credits.
In this episode Sandy gives us a system on how to minimize patient refunds. She also lets us know how to slowly start chipping away at it (if we have accumulated a large sum of patient credit). We discuss the script you must tell the patient, how to handle these situations, and who to let know in the practice and who should NOT be aware in your team.