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Help Doctors Collect the Money They Are Owed
It’s almost impossible to believe, but doctors only collect 49% of the money that patients owe them. Imagine trying to run a regular business successfully if customers paid less than half of what they owed.
One doctor recently said that 69% of his receivables are PAST 90 days old, which means that he only collects 31% of the money his patients owe him in 3 months or less. When cash flow is delayed, meeting regular expenses like rent and staff paychecks is tough.
These pressures mean that doctors are distracted with the economic side of their business which takes away from their attention the patients.
That’s why our Patient Payment Plan™ is such a popular service with doctors. You can be the one to solve the problem. With our proven system, ABS Licensees are able to collect 98% of the money owed to the doctors.
Although we often think that medical bills are covered by insurance, that’s only partially true. While a large percentage of health care services are passed through to insurance companies, there is still a significant portion that comes directly from the doctor's patients.
There are several reasons for this:
- Co-payments are the responsibility of the patient –
typically about 20%.The amount varies on the terms
of their individual policies.
- Some services are not covered by insurance at all.
- Uninsured people are responsible for their own medical
expenses. Statistics show about 45% of Americans
are uninsured.
Unfortunately, patients often don't have the money to pay for treatment right away. Many don’t have credit cards, and those who do may be at their credit limit.
In the past, the doctor had to extend credit to patients without the ability to pay immediately, essentially making the doctor become a bank for the patients. While other businesses – and medical practices are businesses – have the option to repossess cars, furniture or appliances, a doctor can’t reclaim the services provided.
That means a doctor must "write off" tens of thousands of dollars a year in uncollectible bills, or refuse to treat those patients who can't pay in full at the time of service.
It's a no-win situation for most doctors: they have to either turn away patients, or accept patients that they know probably won't pay. Either choice results in lost revenue.
The Patient Payment Plan offers a painless solution
to slow-pay and no-pay patients.
The Patient Payment Plan solves the financial challenges for both the doctor and the patient. Right up front, the office manager can present the options available for services not covered by insurance, typically payment by check or credit card for the full amount owed.
But now, instead of having to carry the balance for patients who don’t have access to money or credit to pay for the service, it becomes the automatic back-up option to put them on the Patient Payment Plan. Instead of the doctor being left to just “carry” the patient’s debt by default, the Patient Payment Plan assures that the patient pays an affordable amount every month.
Four key benefits make the Patient Payment Plan
almost irresistible for doctors:
- The doctor is able to offer affordable monthly payments.
- The doctor collects those payments using automatic bank
deductions from the patients' checking accounts.
- You print and deliver the checks on a pre-determined date
each month, which improves cash flow.
- The doctor’s staff is relieved of burdensome administration
of chasing down unpaid patient bills.
Let’s take a closer look at these benefits.
This plan all but eliminates the slow-pay, no-pay behavior of the patients who may say they’ll pay on their bill, but simply stop paying when other financial demands come up. . . as almost always happens.
By pre-authorizing the payments, patients not only sign a legally binding agreement to pay, they also have a manageable method to make the payments. The doctor will be elated when you deliver the checks to him on the same day each month. Now the doctor has no invoicing to mess with and no waiting for the checks to be mailed in.
There are also no embarrassing follow-up calls for his staff to make, badgering the patients for money.
Little wonder the Patient Payment Plan is revolutionizing the way doctors across the country collect money from their patients.
The Patient Payment Plan is an ideal solution for doctors,
but relatively few doctors even know about it.
J. Paul Getty, the billionaire oil tycoon, said that the key to making a fortune was simple: "Just find a need and fill it."
That's what you'll be doing when you offer the Patient Payment Plan to doctors in your area. Currently there are no good solutions available to doctors to help them collect the money that their patients owe them. No other companies that provide billing services to the medical industry offer this unique and innovative cash flow solution.
In most cases, you will be the only one offering this kind of service to the doctors. The Patient Payment Plan is a big piece of the puzzle to help you build your financial future as an ABS Licensee.
Here’s how the Patient Payment Plan
provides recurring income for you.
The good news for the doctor is that it doesn't cost him or her a dime. The patient is the one who pays for the privilege of paying out their bill. A small service fee, usually about 5%, is added to the patient's payment.
This is less than they would pay if they put the payment on their credit card. And, certainly less than they would pay if they tried to borrow the money from a bank on their signature.
This is a win-win situation for everyone involved. The doctor gets his money guaranteed, on-time every month; the patient gets to pay out the bill over time; and you get paid for providing the service to both of them. Ask your ABS Representative to give you more details on the profit potential in this needed service.Request more information and learn more about this exciting service.
