The collections process is a difficult one. You might think it’s worth the stress relief to just write off your longest overdue accounts and cut your losses. At some point though, you’ve got to stop the bleeding and face up to the situation or you’re going to find yourself with a cash flow problem. The remedy to your problem is a collection solutions specialist who knows how to collect those write-offs so you can improve your cash flow situation.
There was a day when co-pays weren’t the norm – patients would come in to your office, get the treatment they required and had the insurance company take care of the cost. Things have changed, quite drastically for some patients who have taken advantage of cut-rate insurance programs that offer low monthly premiums but provide next to nothing for your “routine maintenance.” If you’re experiencing this at your practice, you’re probably seeing an influx in
patients who don’t seem capable of keeping up with their payments to you. If so, it is time for you to consider a collection solutions specialist.
Did you know that when your patient leaves your office without paying anything, your chances of collecting money from them automatically drops by about 20 percent? How effective is your front office staff at informing your patients about your billing procedures? Do they inform the patient before the office visit that a payment is expected upon arrival? These are tactics that work well
with many practices.
You might think that you’ll just get by with what the insurance companies are paying you so you can waive the co-pay, but why short yourself and your team? Everyone works hard to offer the services you offer your patients, so you deserve to get paid for it.
If this policy of not collecting the co-payment held true for every patient, you could lose $1,000 a day, maybe more. Another aspect to consider is that Medicare and Medicaid considers waiving co-pays to be a fraudulent act. They see this as a misrepresentation of your charges for the services. Another legal area to consider is that waiving co-pays is often seen as a HIPAA violation for
the same reason the government programs do. Regardless, you can’t afford to lose out on these government-assisted programs.
Instead of taking the risk of writing off debt just to keep your patients coming back, try partnering with a collections specialist. Professionals have methods that work in a professional and ethical way. They don’t get heavy-handed and they treat your patients with respect. They also have a very
high success rate when it comes to getting your money back to its rightful owner.
Practices that have hired third parties to collect their debts see themselves in a better cash position quite suddenly. This is money that can be used to offer employee incentives, which will produce better customer satisfaction, or it can be used to grow the business. Contact Omega-RMS, llc.,
today and get started on a path to a better cash position.