Category Archives: Collection Strategies

Collection Strategies That Keep Cash Flowing in Your Medical Practice

Collections 1With around half of consumers in the U.S. now enrolled in online bill payment, it’s obviously something people are not only comfortable doing, but have come to expect. However, regardless of how many payment methods you offer your clients, there will undoubtedly be a percentage that pay late or may not pay at all. What can you do to protect your business? Collection strategies are important.

There are several advantages to offering an online payment method to your patients. How important is it? An American Medical Association study revealed that half of the people who responded to its survey said that if their doctor refused to offer an online payment method, they would consider switching to another practice that did, it’s that important.

Yet effective collection strategies involve more than just offering an online service for paying medical bills. A high-functioning practice will have a front office that is well educated in the various tactics needed to help patients realize their financial responsibilities. It starts with making sure the patients’ insurance benefits are verified. Then, the patient must be informed what their co-pay will be and when it should be paid. Some offices will require the co-pay on the same day as the visit.

Not all patients have health insurance, which means your office will have to come to an agreement about exactly how much will be required of the patient per visit. Obviously, the best time to collect is when the patient is physically in the office, and most practices, as part of their collection strategies, make a point of pushing hard for a payment that day. The key to keeping the patient happy and the practice flush with cash is to make certain the patient is educated and isn’t presented with any surprises.

One of the biggest complaints doctors have is the number of third parties that are involved with their business. The insurance companies are the biggest problem, mostly because of the time it takes them to let the patient know what they’ll cover and what will be expected of the patient to pay out of pocket. This can be confusing for the patient, and they might not know exactly what is expected of them. Your front office staff needs to run through the terminology and make sure they know what deductible, co-insurance, co-pay and explanation of benefits actually means.

One of the fastest ways to lose track of a patient is to get lazy on updating the patients’ contact information. It is tedious, but it has to be done with every visit and should definitely be part of your collection strategies. When a patient moves, collection strategies can go out the window because future bills will go unseen, and if the patient changes their number, your attempts to collect via phone will also be fruitless.

Partnering with a debt collection specialist is something that intimidates many healthcare specialists, but it shouldn’t. Reputable collection specialists use collection strategies that keep the client’s best interests at heart. Omega RMS, llc., is a company that prides itself on customer service and collection strategies that work well with all parties involved. Call us today to find out how we can help you.

Collection Strategies That Are Customer Specific

Collections 14Almost every organization that extends credit to its consumers will experience delinquent accounts. These organizations, big and small, want swift and easy resolution to these delinquent accounts, which is not an easy task. By creating customer specific collection strategies, resolving delinquencies becomes a little less daunting.

It’s important for companies to treat their clients with respect and professionalism. All the work that goes in to establishing loyalty can be lost if a delinquent client is treated unfairly during collection attempts. Companies that are aware of this slippery slope will refuse to bring in collection strategies that involve a third party collection agency. However, many of these collection companies are using customer specific methods that help maintain loyalty and resolve debt.

Collection strategies that are customer specific are important for many reasons. Developing new clientele is time consuming and expensive, which is why it’s important to establish loyalty that keeps existing customers coming back for more. Furthermore, when existing customers show how they respond during times of economic difficulties, they’ve proven their value and should be dealt with on a customer specific level.

Customer-centric delinquency resolution can include analyzing data that offers more insight into a customer’s account behavior. Some debt collection specialists will use automated tools that help establish a list of clients at risk of becoming delinquent. Looking at credit history, assets and any liens, warrants or previous bankruptcies can alert a company to possible problems in the future and provide ideas for more customer specific strategies.

Most consumers have several bills that are due each month, from credit cards to utility bills. Making your company’s invoice a priority when it comes time to sit down and write the checks or make online payments is important. Even the best billing practices and incentives for early payment won’t entice some clients to keep their account from falling into delinquency. The solution that works involves bringing in a third party to help resolve these issues.

Collection agencies should handle your accounts with the type of professionalism they expect from you, so bringing on the right partner is important. They should also take a customer specific approach while offering you transparency into your accounts. When you follow your portfolio every step of the way, you’ll have constant assurance that the agency is doing everything they can to regain your financials while protecting the loyalty you’ve built up in your customer base.

Performance analytics are also a valuable tool that every collection agency should offer. Analytics offer clients a chance to make decisions based completely on facts, which is important when taking a customer specific approach. With state of the art technology and the right staff to take advantage of it, collection agencies can outperform any in-house attempt at collecting on delinquent accounts, especially those that have neglected your invoices for more than a month.

Omega-RMS has the experience and the tools to give its clients the customer specific solutions they need. As a member of the Association of Credit and Collection Professionals, Omega has also proven that it is a trustworthy collection agency that leads the way with professional collections.