practice revenue

Twenty percent. This is approximately how much of a medical practice’s revenue is made up of patient co-pays.

To some physical therapists, this portion may not be very significant. But with the difficulties that medical practices are facing today in terms of revenue and reimbursements, that twenty percent can no longer be ignored. Practices today simply cannot afford to lose any more revenue, which is why collecting co-pays has become vital.

Unfortunately, collecting co-pays can be easier said than done. Sometimes, patients will question the necessity of the co-pay, or claim that they cannot make the payment. Either way, this will make collections difficult and in the long run, affect your revenue cycles.

Thankfully, there are ways you can make collections a lot easier on yourself and your staff. Here are some of them: