September 7, 2016

Should My Practice Keep a Credit Card on File?

By chirosushi In Chiropractic Success, Practice Management

 

 

Our Practice Use to Avg 10-12k in Patient  Net 90 Until…

Until I almost had a heart attack and sold them.

No, just joking. It was until I implemented one of my favorite tools that I’m excited to share with you today.

It was until I implemented one of my favorite tools that I’m excited to share with you today.

The Credit Card on File Policy

We had to make a decision or we would be broke. I was having a hard enough time trying to convince my partner to stop spending hours communicating with patients, for free, after the close of business but we needed something or else. I did have one thing I could control, to a point: Billing.

I did have one thing I could control, to a point: Billing.

So after meticulous research and 3 months of prepping staff and patients, I implemented our “Credit Card on File Policy” and we have been happy campers ever since!

What is a Credit Card on File Policy?

Exactly as it sounds. Every year patient fills out a form with updated credit card/debit card info. Patients agreed to help reduce costs and collections to leave their card on file for use with denied claims, deductibles, and co-insurance. The form allows to charge up to a certain amount and at the point of EOB arrival.

Patients agree to help reduce costs and collections to leave their card on file for use with denied claims, deductibles, and co-insurance. The form allows to charge up to a certain amount and at the point of EOB arrival.

The form allows to charge up to a certain amount ($250) at the point of EOB arrival.

We also utilized a system within our credit card processor Chosen Payments to make things PCI compliant and easier for staff to manage.

The Results Have Been Amazing

Our amount of patients in collections have reduced 91% while revenue contributed to the change increased by $36,000 annually. Costs associated with the change reduced $12,000 annually – yes an almost 50k uptick to our practice!

And we only lost 2 patients out 9,000 who didn’t want to sign the form. Patient adoption of the policy, due to the forms content, has been incredible.

We Also Stopped Verifying Insurance

Because we put the responsibility back in the patients hands it also made since to empower them to know their benefits, copay’s, deductibles and restrictions.

We changed our paperwork to reflect this and this allowed us to reduce overhead by cutting staff and adding roll-over answering service – See: How we saved our office $34,282 a year!

Besides, we found out that had better luck getting more of their cases approved because they are the customer!

Where Can I Find Out More?

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Take a Consult with Chosen Payments and we’ll do just that!

Plus we will send you a free pass to the ChiroSushi Summit!!

You don’t have to sign up with Chosen Payments. Just let them do what they do best – educate and give guidance on how you can make more money, save money and they can make your life easier.

Click Here to Request a Consult (Just put in the notes ChiroSushi and we’ll take care of the rest together)

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