Having multiple bill collection solutions for your patients to pay you for your services and treatments improves your practice’s accessibility and can seriously increase your recovery rate. Doesn’t having more cash on hand at any given time sound ideal for your healthcare organization? You can move toward this being true for you by incorporating the following 3 medical bill collection solutions that we recommend.
1. Provide your patients with flexible repayment options.
Medical bill collection will always be more successful if it is easier and simpler for your patients to resolve. Providing your patients with flexible repayment options is a great way to help them succeed. Early-out options, monthly, semi-monthly, and biweekly payment plans provide patients with several repayment options that they can choose between according to their unique financial situations. Everyone gets paid on a different schedule, so keep that in mind when thinking about the repayment options you provide. Also, don’t forget that too many choices can be overwhelming.
2. Follow-up with all inquiries.
How many pending claims and overdue payments simply never end up being money you see flow back into your organization simply because you’re not following up? The answer is probably more than you think. Make it a priority to follow-up with all inquiries you receive, whether that be additional information needed for a claim to be accepted or alerting your patients gently that their patients are overdue. You’ll likely see an increase in cash flow if you do it the right way.
3. Address denials.
Denied claims are not lost causes. It’s critical that you examine why your claims are denied and resolve any issues when possible. Scrutinize your bills to discern why they’re not being accepted and make any adjustments you can before disputing it. Also, pay attention to discrepancies in payments to avoid paying extra whenever you can.
While these 3 medical bill collection solutions will put you on track toward better recovery and more cash flow, hiring a collections agency to help you streamline everything, even more, may be a good idea for you. Here at Frost-Arnett, we have over 100 years of experience helping healthcare providers preserve their patient-provider relationships while maximizing their recovery. We’d love to discuss if we can help you do the same. Contact us today at 1 (615) 395-6746.