Question

What are the advantages and disadvantages involved with collecting payment at the time of service?

Answer 1

Answer:

(Advantage) An upfront collection plan ensures that there is a process for all staff to follow for each patient.

(Disadvantage) The person can be sued and they can not get paid if the patient does not feel that the procedure was good. It does not cover some expenses.

Answer 2

Payment at the time of service is a way of collecting fees for the services rendered to patients.

The advantages of this method of payment include:

• reducing accounts receivable,

• increasing cash flow,

• reducing medical billing and back-end collection costs,

• decreasing the administrative burdens of tracking.

The disadvantages of  Payment at the time of service include:

• There is possibility of medical services being denied from patients due to lack of funds.

• This may lead to low turn-up of patients to the hospital.

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