Account services collections don’t have to be a hassle that consumes a full time position within the medical practice, but it often is for the practice that goes it alone instead of taking on a professional service.
The issue starts with a patient that comes to the practice and receives the quality care they deserve; they are often given free pharmaceuticals and many times leave without paying anything. The bill will eventually find its way to the patients’ mailbox and they’ll take their time paying it. Many times, it’s the miscommunication between the patient and their insurance provider that can cause a practice to go without receiving a payment for months.
The medical industry is seeing the cost of doing business almost double every year. While medical professionals are focused on providing quality medical care, they aren’t always too adept at handling the billing and receiving end of the job, which is important when it comes time to pay everyone in the office and order supplies or new technical equipment.
Medical practices that have a written payment plan often have more success in developing positive cash flow than those that don’t. If a patient knows exactly what’s expected of them, they’re more likely to follow the guidelines and pay on time. Instead of meeting a bill payment notice with surprise, they’ll be expecting it. They need to know when payment is due, who is responsible, acceptable forms of payment, what happens when payment isn’t made on time and how the co-pays will be dealt with.
Patients missing their appointments cost your practice money, so consider including in the patient agreement statement that they will incur charges for missed appointments. Patients without insurance need incentive to make regular checkups instead of going to the emergency room for routine procedures. Offering these patients a discount is good incentive. That should also be part of the written statement.
Account services collections companies can assist in developing a flexible payment arrangement plan that suits the patient and will deter late payment or non-payment. There is a reason medical debt leads to a shocking number of bankruptcies in the U.S., and many times it’s because the patient feels like they have no options. Third party debt collection agencies can offer practices the solutions their patients need to stay out of bankruptcy court.
Omega-RMS, llc., has forty-plus years in the industry, offering clients in the medical industry flexible solutions that work. Account services collections are a specialty at Omega, where employees are highly trained and use the best technology to produce results.