You know, as a business owner, that cash flow is what separates a successful business from one that is failing. You could provide the best products/services on the market, but without a workable account recovery solution on your side, you’re going to see your cash flow impacted negatively.
When you effectively manage the amount of cash that is going out and get your receivables coming in at a faster rate, you’re creating a better atmosphere. You also need to have strategies in place to prevent too many of your customers from become delinquent on their accounts. Those strategies should include an account recovery process that can get old debt back into line.
For doctors, getting your patients to pay on a timely basis has never been more important. You’re seeing more patients who have downsized to an insurance plan with lower monthly premiums. Some of these people are unwittingly putting more pressure on their pocketbooks because they owe more for their healthcare. Payments that were once made in a timely fashion by the insurance companies are now the responsibility of the patient, who might not have the money to stay current, or at least refuses to stay current on their medical bills.
Your office staff needs to be more vigilant about collecting copayments at the time of service. Also, outstanding balances should be addressed at the time of service. Maybe you’ve heard of this attempt to keep cash flowing in the right direction as “revenue cycle management?” When you have your eye on revenue cycle management, you’re better able to maintain cash flow that allows you to not only keep your business afloat, but also thriving.
A sensible approach to revenue cycle management includes bringing a third party in to help you recover old debts and manage your current debt load. For instance, a debt collection company works on maintaining customer relationships while also extracting debts. An ethical and professional collection agency will keep your patients on a consistent payment track while also treating them professionally enough that they will continue coming to you for their healthcare needs.
Some medical practices will refuse to partner with a collection agency because they are afraid it creates a negative public perception of the practice. However, patients who have debts are more comfortable dealing with people outside of the medical practice and are often able to come to repayment terms more easily with a professional debt management company than they will be with your office staff.
You need a collection agency that has client reporting gateways where you can see exactly what’s going on with every account. Performance analytics should also be provided.
Omega-RMS, llc., is a company that can offer you client reporting gateways, performance analytics, and the tools and resources you need to bring back receivables that are owed to you but seemingly impossible to recover. Early intercept recovery services, contingent collection services and accounts receivables management are what we specialize in. Contact us today and see how our solutions can help your company realize more profits.