Patient Payment Plan ™
Immediately increase your revenues with a new service that allows you to deduct monthly payments quickly, automatically & directly from your patients' checking accounts.
The Problem: Collecting Money From PatientsA significant portion of your income as a doctor comes directly from your patients. Patients, it seems, who often don't have the money to pay for treatment right away. This forces you to extend credit to patients... and ultimately, it causes you to either "write off" tens of thousands of dollars a year in uncollectable bills, or to refuse to treat those patients who can't pay in full at the time of service in the first place. It’s a no-win situation for most doctors: you have to either turn away business… or accept business that you know that there’s a good chance won’t pay.
Getting patients to actually pay for the services that doctors provide has always been a challenge. As you know, not every visit by every patient is 100% covered by insurance… and even when the patient does have insurance, they typically have to pay at least 20% of the bill, which could easily run into the hundreds of dollars ... or even thousands. Then realize that statistics that show that 31% of Americans don't carry any health insurance....and therefore they have no option but to pay for medical treatment out of their pocket. Since many people can't pay for a several hundred or thousand dollar bill, you are forced to extend "credit" to these patients, and frequently, you don't get paid. Did you know that statistically, doctors only collect 49% of the money that patients owe them?
How Bad Is This Problem For You?
Your situation may be better or worse than the national averages. But even if just 15% of your patients don’t pay you, that represents a huge chunk of money… and here’s the important part: That 15% represents profits. Assuming you’ve covered your costs with the money you do collect, that 15 to 50% that you’re not collecting comes straight from your bottom line. Or stated differently, that money comes straight from your kid’s college funds, straight from your vacation money, or straight from the money that thought you were going to be earning when you became a doctor in the first place.
We get reports all the time from doctors and dentists who are caught in this predicament. One doctor told us recently that 69% of his receivables are outstanding PAST 90 days old! Or stated differently, that doctor only collects 31% of the money his patients owe him in 3 months or less. The rest takes several months to get in the door, and half is never collected at all! All doctors at one time or another face the dilemma of how to collect their fees from patients while providing the professional care they seek.
Until Now, You’ve Had To Make A Tough Decision…
This leaves you with two tough financial decisions: First, limit the credit risk by requiring the patient to pay in full at the time of service, or Second, offer "in-house" payment arrangements and then hope that the patient honors the terms. The first decision, requiring full payment, limits your income because many patients can’t afford it and business is turned away. The second option, "in-house" financing, increases administrative costs and headaches exponentially…not to mention the money you lose from the patients who flat out will not or can not pay.
The Solution: The Patient Payment Plan™
Finally, there is a solution to this problem. It’s what we call the Patient Payment Plan™. The Patient Payment Plan™ is revolutionizing the way doctors all across the country collect money from their patients. It will allow you to collect a significantly higher portion of the money that you’ve already earned…without alienating or harassing your patients, and without a lot of burdensome overhead expenses. Now you can allow your patients to make affordable monthly payments, and then collect those payments using automatic bank deductions from the patients' checking accounts.
You're probably already familiar with this kind of technology. Health clubs, utility companies, and insurance companies have been using automatic bank deductions, or what we call Pre-Authorized Checking, for years now. But you probably didn't know that that same technology is available to you as a doctor. Most doctors don't know that it's available... and the ones who do don’t know how to take advantage of it.
Extremely Easy To Implement Into Your Practice
Here's how it works. We use a proprietary software package that allows us to actually print checks FOR your patients on the same day of the month every month and deliver them to your office for immediate deposit. The patients, of course, have to give you authorization to do this; that's why it's called Pre-Authorized Checking.
Imagine this scenario: Say you have 50 patients enrolled on the Patient Payment Plan.... So on the day of the month that you specify, we hand you a stack of 50 checks which have been drafted from your patients' accounts and printed on our laser printers using our proprietary software…and then plop them down on your desk. There's no invoicing to mess with, no waiting for the checks to be mailed in, no embarrassing follow-up calls for your staff to make badgering the patients for money or threatening them. You just get a stack of checks that can be immediately deposited every month. No mess. No fuss. You just get your money on time for a change.
