It is important for the health of your practice to keep a handle on the self-pay portion of your accounts receivables. A typical healthcare provider obtains 75-90% of its revenues from third party payers. This number is diminishing as healthcare costs are increasing the patient portion is also increasing. The remaining 10-25% comes from your patients. This percentage of revenue could be the determination of whether your practice is profitable or not. Or think of it another way, this could pay an employees annual salary. Have a defined collection policy for copay and self pay make sure it is in writing and that your staff and your patients understand it.
Patients do need to be educated on your practice financial policies. If they understand what you expect up front they will be more likely to comply. Let the patient know when the appointment is scheduled they need to bring their applicable copayment. This may seem like a small thing to do, but it can have a very big impact on the profitibility of your practice.
Remember, Practice Money$$ Does Matter!