Tips For Getting Your Patients to Pay Outstanding Invoices
Updated: Dec 21, 2021
No matter what industry you’re in, there are going to be times when your clients are late on their payments. Whether it’s a continuing concern or a one-time late payment, attempting to collect outstanding and past due payments means you’re not focusing your efforts on other areas of your business.
Payment collection doesn’t have to be a complex process, and at Catalyst Billing, we’re here to help streamline payment collections so you can spend your time focusing on patient care. Here are our top tips for getting your patients to pay outstanding charges.
Be Clear on Your Payment Terms
Getting your patients to pay on time starts with the initial terms of the payment. If you’re not clear on when payment is due, how to pay the statement, and what happens if the payment is late, it leaves room for interpretation on the patient’s end. For regular contract invoicing, be sure to create a consistent template for listing out the payment terms, due date, and any supplemental information needed. The team at Catalyst Billing can make sure every effort is made to get your services paid.
If you’re invoicing a contract client who is consistently late on payments, you may also want to put a reminder on the invoice regarding the due date in multiple areas on the invoice.
Offer Multiple Ways to Pay
Patients may be paying late because of limited payment options. If you only allow your clients to pay via ACH withdrawal, it limits how and when your clients can pay their invoices. Offer multiple payment methods, including debit and credit card, ACH, physical checks, and even cash to make paying invoices easier.
By offering multiple ways to pay, you’re not only providing convenience for your customers, but you’re also reducing the opportunity for your clients to delay payment based on how they’re able to pay, meaning you’re getting paid sooner. Let Catalyst Billing manage your insurance billing services to make it even easier for your business to get paid.
Send Official Correspondence When Payments Become Past Due
If you’ve attempted to work with your patients and they still aren’t paying on their overdue statements, it’s time to send official correspondence. That means drafting a document and physically sending it to your client - be sure to keep a copy for yourself. This formal letter should notify the client of the past due balance, the due date, and future actions you intend to take.
Why Catalyst Billing?
Catalyst Billing provides industry-leading billing services in the United States. We know how frustrating it can be when patients don’t pay, and we’re here to help you with all your billing, management, and payment collection needs. We have in-house collectors that pursue patient collections and give patients a last-ditch effort to pay before turning their account over to a collection agency and thus hurting their credit. Many other billing companies do NOT provide this service. We have a staff ready to take this pressure off your office and your patients. Get back to your practice and we’ll handle the rest.
From creating a statement personalized to your group to leading collection efforts on your behalf, Catalyst Billing is your partner for all your billing service needs. For more information on what we can do for your business, contact the team at Catalyst Billing today.