It should come as no surprise that the most successful healthcare business process outsourcing companies have a lot in common with each other. They know how to get the job done the right way, the first time, without any surprises. That's why they're so awesome at what they do.
It's also the reason why you should consider a successful healthcare BPO company to handle your patient pay receivables.
When you're looking for solutions for your healthcare facility's receivables department, consider these 5 things a healthcare BPO company can do for you:
1. They get results from insurance companies
With a healthcare BPO company at the helm, you're going to get results. You can generally expect to see:
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faster payments from insurance companies
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higher insurance company payments
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less arguing over whether something has to be paid
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a strong approach to collecting insurance payments
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dedicated pursuit of money owed by insurance companies
That will help ensure that your healthcare facility is getting paid the money owed to it, so it can keep moving forward and providing quality care for everyone who comes through its doors.
2. They are good at generating statements
Statements are a needed part of handling patient pay receivables. They can also take up a lot of time and energy, but you can outsource them to make things more efficient. A healthcare BPO company can:
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keep proper track of statement information
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provide bulk statements on a set day for invoicing purposes
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generate one or more statements on an as-needed basis
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make any corrections to statements that have errors
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the ability to create customized statements
When you don't need to worry about statement accuracy and generation, you can spend your time focused on other important aspects of making sure your healthcare facility runs smoothly.
3. They handle collections the right way
Healthcare BPO companies can help you collect when patients and insurance companies are late with their payments. By handling collection efforts in the proper way, these companies take the burden off your shoulders. They can provide:
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high-level collection efforts to get the most return
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proper techniques that follow TCPA guidelines and don’t intimidate patients
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honest pursuit of bill evaders
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a strong grasp of the latest and most useful techniques
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detailed information on their past and current efforts for you to consider
It's not pleasant to deal with collection issues, but it can and does become necessary. Having a good advocate on your side can help you move on to other aspects of your business, while still knowing that collection efforts are being pursued.
4. They contact patients to get all pertinent information
Missing information about a patient can make things difficult. That's especially true when billing insurance companies, which can mean denied, or at least delayed, payments. With the right healthcare BPO company, you'll get:
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all the information you need about a patient
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verification of patient information
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cross-referencing to make sure patients aren't being confused with one another
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double-checking for accuracy
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updates periodically, to make sure patient information hasn't changed
Knowing that patient information has been properly updated and it's accurate helps boost payment levels. It can also help avoid billing errors and other problems that can arise with the patient's insurance company.
5. They process payments quickly and efficiently
Healthcare BPO companies are fast and efficient. They take in payments, and get them processed, so you get your money. By using one of them, you'll see
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faster payments into your healthcare company's account
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less lag between when an insurance company pays and when you can access those funds
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shorter turnaround times on patient payments
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efficiency in the form of statements and information on payments
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rapid resolution to any problems that may arise
Using a healthcare BPO company to handle your patient pay receivables frees up a lot of time and manpower at your healthcare facility. It also makes things easier for you, since you don't need to waste any time worrying about how payments are being handled or when they're coming in.
Every good healthcare BPO company has these traits in common, and has a dedication toward making your experience with them a great one. It's what they do.
