The recent changes in healthcare have affected many across America. For the insurance companies that have opted in to the insurance exchanges money has been lost because enrollments have been low. Companies that opted out of the exchange have also lost money because they have had to drop clients from enrollment. This has a trickle-down effect that will impact your medical practice.
Insurance companies are looking for ways to recoup their losses. One way they do this is to hold on to their money longer so they can earn more interest. You probably expect your insurance companies to pay you within 15 or 20 days. That is likely going to change soon and you’ll probably have to call them to ask for your money before it is released to you.
The networks that insurance companies create are getting much more narrow. This means patients are going to have a difficult time finding providers in their network. It’s possible that some of your patients who come to you because you’re in their network will find themselves in a different situation soon. Narrowing networks could push you out, which means your patients will have more out-of-pocket costs if they stay with you. Deductibles and premiums are also going up, which means the potential for a higher percentage of delinquent accounts is very real.
In order to find more areas of revenue, insurance companies have begun to hire auditors to review claims. If they find something amiss, they’ll come after that money they gave you. You’ll have to pay it back, even if it’s pennies, and you’ll have to relay this to the patient who suddenly has more out-of-pocket costs that you need to collect. This is another problem area that is expected to create more delinquent accounts.
Like any business, you rely on positive cash flow to not only keep the business afloat, but to experience some growth potential. The changes in the healthcare industry are creating a perfect storm for cash flow disruption. Your ability to make payroll, pay monthly expenses and invest in your practice will be hampered. You’ll also be spending more time and money on administrative expenses related to tracking down debt.
The fear is that you’ll be spending more to track down that old debt than you’ll get in return. There are several tweaks you can make to your billing procedure that will help collect from potentially slow-paying patients, but bringing in a professional debt collection company is a scenario that ultimately pays for itself and then some.
Your patients come to you seeking help with their medical issues and you do everything you can to keep them healthy or cure them of their ailments. Your expertise isn’t in delinquent account collections. By bringing in a third party, you’re freeing up your staff’s day to focus on healthcare instead of debt collection.
Omega-RMS, llc. has many years of experience in assisting companies from many industries with their delinquent accounts. Let us work with your open invoices and bring your debt load to more reasonable levels. Medical practices that have teamed with us find their cash position in a much healthier place soon after we begin delivering our services.