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Monday, October 8, 2012
New Ways to Boost Collections and Revenues of Private Practice Disclosed
Lack of payment, overdue bills and slow collection of patients are the most important factors that affect a chiropractic business. In order to survive the business, chiropractors should always collect their fees on-time and avoid any delinquency. Nitin Chhoda, a private practice marketing expert is disclosing new ways to develop and increase collections in today’s economy.
Chiropractors should accept different modes of payments from the clients, especially in today’s economy. Some of them are credit or debit cart, many utilize e-checks, online banking or even a pay-by-phone system.
Denville, NJ October 08, 2012
“Most chiropractic business rely on collection agencies, but chiropractors can save themselves time, effort and money by implementing strategies to boost their collections. Office collections are the number one source of frustration for the chiropractors that I coach,” said Chhoda. “
The first step, according to Chhoda, towards better collections is to establish a set of financial policies and follow them without exception. A written copy should be provided to patients so they know exactly what the practice’s expectations are concerning payments.
Chiropractors should accept different modes of payments from the clients, especially in today’s economy. Some of them are credit or debit cart, many utilize e-checks, online banking or even a pay-by-phone system. For patients who pay spot cash, offer them discounts which will motivate them to pay at the time of service.
Chiropractors should accept different modes of payments from the clients, especially in today’s economy. Some of them are credit or debit cart, many utilize e-checks, online banking or even a pay-by-phone system. For patients who pay spot cash, offer them discounts which will motivate them to pay at the time of service.
Although it may seem a bit harsh, it is advisable that chiropractors ask patients to pay for procedures in advance, and always have a credit card number on file for each client. The information can be obtained on the patient’s intake form and they should be advised that their information will only be used as back up funding in the event of a past due balance.
Regular follow-up from insurance companies are also helpful. It should be done weekly or bi-weekly but do not wait to initiate contact when the payment is 30 days late.
Have a variety of options when contacting patients. It maybe letters, phone calls, emails or text messages. Chhoda said the process should begin with a letter, followed by a phone call or voicemail notifying them of the forthcoming letter. The call or voicemail should be timed to arrive a day before the letter. He noted that with the right timing, phone script and letter, most patients quickly pay their bill instead of ignoring the letter and phone call as a nuisance.
Chhoda’s office can be reached by phone at 201-535-4475. For more information, visit the website athttp://www.nitin360.com.
ABOUT NITIN CHHODA
Nitin Chhoda is a licensed physical therapist, a doctor of physical therapy, and a certified strength and conditioning specialist. He’s the author of “Total Activation: The New 5 Step Fitness Mantra” and “Marketing for Physical Therapy Clinics.” He’s been featured in numerous industry magazines, major radio and broadcast media, and is the founder of Referral Ignition training systems, Private Practice Summit, the Private Practice Formula and the Private Practice Mastermind group. Chhoda speaks extensively throughout the U.S., Canada and Asia. He’s the creator of the Therapy Newsletter, along with Clinical Contact, a web-based service that boosts patient arrival rates.
Nitin Chhoda is a licensed physical therapist, a doctor of physical therapy, and a certified strength and conditioning specialist. He’s the author of “Total Activation: The New 5 Step Fitness Mantra” and “Marketing for Physical Therapy Clinics.” He’s been featured in numerous industry magazines, major radio and broadcast media, and is the founder of Referral Ignition training systems, Private Practice Summit, the Private Practice Formula and the Private Practice Mastermind group. Chhoda speaks extensively throughout the U.S., Canada and Asia. He’s the creator of the Therapy Newsletter, along with Clinical Contact, a web-based service that boosts patient arrival rates.
