As most healthcare providers are noticing, patients are increasingly becoming more responsible for a greater share of their medical expenses. This has led to a startling number of debts going to bad debt collection. Fortunately, the debt collection industry is able to assist healthcare professionals in recovering these funds.
Most people wouldn’t consider cash flow to be an issue at the doctor’s office, but that is increasingly the case with practices that don’t have bad debt collection solutions at the ready. The problem lies in the fact that while many more Americans are getting covered with insurance plans, too many of them are taking on insurance with low premiums and high co-pays. To combat the problem, more practices like yours are taking steps to get in front of the late payment behavior and establishing some guidelines to keep patients out of trouble.
Counseling at the point of service and getting more insights into the financial situation of each and every patient is a good start. You can no longer bill patients the way you once did. Why? Because patients were once only responsible for paying about six to 10 percent of their medical bills; now it’s as high as 20 percent on average. This means that as an industry, there are billions of dollars at risk.
Healthcare revenue directors are getting more creative in their billing practices in an attempt to keep accounts current. The proactive approach to billing patients includes contacting patients up to a week or more prior to their office visit and using various tools to determine their ability to stay on top of what they owe. Some have gone as far as bringing in teams of financial counselors to keep the payment planning on the right course.
Today’s billing strategy involves a lot more one-on-one action. Personal attention like this breeds better results. However, practices that get overzealous with their customer contact can be walking a thin line that some patients will perceive as badgering, which can lead to official debt collection practice complaints. Most states have regulators that will come down harshly on practices for overly aggressive collection practices, which is why professionals best handle bad debt collection efforts.
Healthcare providers are trying to give patients more control as well as a greater understanding of the charges on their bill. Patient portals offer a more insightful look at what they’ve being billed for while office consultations spell out exactly what is covered by insurance and what isn’t. With a better understanding of the charges, the patient knows what they’re responsible for and when they should be sending in their payment. Many offices are asking for payment on the day of service as well.
When medical offices partner with Omega-RMS, llc., they’re getting a bad debt collection service with many solutions. Clients enjoy the reporting gateways provided by us. They also like the performance analytics, tools and resources they’ve grown to rely on in their debt recovery process. Check us out today and see how we can improve your cash flow.