Introduction

Maximizing patient collections is key to the success of a chiropractic practice. It is an important component of revenue cycle management. Collecting patient balances might be easier said than done as the cost of healthcare is rising and the patient financial responsibility that is growing with it.

In a recent report, 67% of providers said that their primary revenue cycle concern is patient receivables (Provider Healthcare Payments Survey 2018).

Only 12% of practices collect outstanding balances at the time of service, while some practices collect nothing at all 67% of the time.

A study found that healthcare providers only expect to collect 50-70 percent of a patient’s balance after a visit. 70 percent of providers stated that it takes at least a month to receive payments from patients.

70%

Providers say it takes a month to collect payments from patients.