Every collection should include a friendly approach. Moreover, your collection efforts directly impact the success of your organization. While it’s true that most of the patients may not want to owe your money, however, for some reason or another, they may be unable to pay bills. Healthcare debt collection helps you understand what holds patients back from paying their medical bills. Besides, the easier you make it to pay, the more they’re likely to pay.
In this blog, we’ll focus on some proven ways hospital revenue cycle management services include part of the collection process.
Make bills easier to understand
One organization found out that it recouped about $50 for every patient who had an out-of-pocket maximum of $250. This made it a point to consolidate the revenue-cycle services they received; instead, patients may receive a single bill for all of their received services, rather than multiple bills for each service from each physician. They also simplified accounts to make them easier for clients to understand.
Payment plans
With hospital revenue cycle management, most organizations have adjusted their medical bills to make them easier to understand, offering their patients no-interest payment plans. As a result, the more they were able to work with their patients, the more patients were willing to engage with them. However, full payment may not be the best option; receiving even a partial payment down the road is preferable to leaving the balance left unpaid.
Help patients to understand payment options
Organizations may now hire a customer service department with full-time employees to help patients understand the healthcare debt collection. A comprehensive customer service representative team helps uninsured patients start the process to apply for Medicaid if they qualify. In addition, the hospital revenue cycle management implements plans to work out the best option for payment. Taking steps to inform patients of their choices will be well worth the investment when the payment recovery rates increase.
Use technology to get the resources
Even the best revenue cycle management process won’t allow you to collect on 100 percent medical bills. Some patients don’t pay. In order to get the most out of your resources, you need to know where to focus them. The hospital may utilize prescreened patients and algorithms to determine which patients were most likely to pay. With the right technology, your patient will get the whole picture of a patient’s ability to pay sorted.
Affordable patient option
Some practices have experienced an increase in recovery rates. All thanks to affordable payment options enrolled by the healthcare debt collection agency. Patients with less severe health concerns may see a lower rate for a mid-level provider, i.e., physician’s assistant or practice. Offering consultations with nurse practitioners over the phone or video conferencing is another affordable way.
Convenient payment options
The hospital revenue cycle management includes a digital-friendly approach when collecting payment. This helps improve the overall recovery rate. With the advanced payment portal, patients have the option to go through their bills in real-time; they can also make payments via credit cards or even PayPal. Besides, the portal enables patients to schedule follow-up appointments and sign up for services. This guarantees increased revenue collection in the long run.
Conclusion
When you have a professional healthcare debt collection service provider by your side, they can help you take your revenue cycle management process to the next level. With a wide range of services, healthcare debt collection agencies can introduce strategies that guarantee simple collection. Remember, for successful debt collection, take help from the experts.
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