TSYS, a global payments company that serves 800,000 merchants nationwide, surveyed about 640 patients and 100 medical practices nationwide in January. It asked respondents how much time they projected is necessary to recover bad debt.
Fifty-six percent of medical practices surveyed estimated three months or longer, while 21 percent estimated more than two months.
Fourteen percent of medical practices surveyed estimated more than one month, and only 9 percent estimated up to three weeks.
“This is lost cash flow that could be used for new equipment, technology, education, office improvements or other needed updates and improvements. It also means wasted time trying to chase down debt,” the researchers wrote.
Read the full survey results here.
More articles on healthcare finance:
Revenue cycle company to create 200 jobs in Tennessee
Trump demands transparency on healthcare costs: 7 things to know
Surprise-billing proposals an increasing social risk for hospitals, Moody’s says
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
