When you think of something streamlined, you often envision something fast, efficient, and simple, right? After all, that’s pretty much a streamlined definition. Streamlined processes flow smoothly, efficiently, and rapidly. And streamlined debt collections are highly desired by every company that needs to conduct collections, including healthcare providers.
Having an efficient debt collection process in place will help you ensure that you receive payment for the outstanding debt your patients hold. There are many ways to streamline debt collections. But specifically for healthcare providers, here are 4 ways to make your debt collection more efficient.
1. Invoice your patients on the date of service.
If you are upfront with your patients about your policies regarding payments and you invoice them on their date of service, you are more likely to receive the payment you are due. Additionally, invoicing your patients promptly is an efficient way to streamline the collection process. It ensures the patients are able to pay their bills as soon as possible.
2. Show compassion and collaborate while collecting.
Having compassion for and collaborating with your patients with medical debt goes a long way toward helping them reach the goal of paying their debt. Incentivizing early payments and penalizing late ones will also help you move the needle forward toward collecting on time.
3. Track analytics on your collection process.
Using analytics throughout your collection process will help you identify patient engagement and the most effective contact strategies throughout the collection process. Knowing what strategies work and which ones don’t is a huge factor in streamlining your debt collections.
4. Outsource your collection efforts.
If you really want to take your debt collections to the next level, consider outsourcing your collection efforts to a healthcare debt collection agency. These agencies employ trained professionals with years of experience preserving patient-provider relationships while approaching collections with the aim of maximizing what you recover.
Are you looking for experts who will help you streamline your debt collections? Frost-Arnett has been helping clients resolve their accounts for decades. We value consumer respect, superior recovery, and customer service above all else. You can rest assured that your collections will be efficient and in safe hands by working with us. Contact us at 1 (855) 287-7043 to learn more.