Medical practices are no stranger to financial challenges. Rising operating costs, shifting reimbursement models, unknown healthcare reforms and outstanding balances are just some of the difficulties a hospital or healthcare facility may face on a day-to-day basis. These complications and uncertainties leave healthcare companies feeling pressured to improve their revenue cycle and maximize patient collections.
If you’re constantly calling, emailing and attempting to reach patients with overdue bills or unreturned medical devices, there is an alternative. If you’re looking to keep up with rising expenses, increase medical device recovery or simply refocus on patient care rather than collections, you may want to consider bringing in a medical collection agency. Seeking the assistance of a medical collection agency can help you mitigate losses, ensure the long-term success of your medical practice and lead to a considerable boost in ROI.
Why Should You Hire A Medical Collection Agency?
Gain An Outside Perspective
Medical collection agencies offer a fresh perspective on your collection methods, policies and major dispute issues. They can provide invaluable feedback on your operating procedures, pinpoint areas of improvement and develop a solid plan of action for collecting medical devices or reimbursement quickly and painlessly.
Offers Expertise
Medical collection agencies bring years of experience and specialized knowledge to the table. The expertise of agency employees usually exceeds what you have in-house. While your staff members may have received minimal training and have other job responsibilities on their plate to contend with, agencies hire professionals who are familiar with proven techniques and tactics for recovering medical devices or collecting overdue payments. This significantly improves your chances of increasing your ROI.
Strategic Focus
Your staff members may be overwhelmed with various tasks and have little time to follow up on unreturned medical devices or outstanding patient bills. Hiring a medical collection agency frees up the time and resources of medical staff. Your employees can focus on what they were hired to do and improve the quality of patient care, while the agency devotes their efforts to recovering devices and decreasing patient debt.
Their aggressive and consistent yet respectful pursuit of device return or payment can maximize your collection efforts. Collectors are on the phone nonstop, contacting patients, resolving disputes and writing off bad debt. You ensure your collection methods are receiving the personal attention they deserve and, therefore, enhance your income.
Formidable Reputation
Bringing in a medical collection agency can strike fear into the hearts of debtors. While they may ignore your calls, emails, letters and every communication, they tend to rethink not returning a device or reimbursing your facility for a lost device when an agency is brought in. Even the simple act of mentioning your collection agency can be all the incentive your patients need to send in their device or settle an outstanding balance.
Keeps Patients Well-Informed
Patients may receive a large bill and immediately panic, not realizing that they have payment options. A medical collection agency can work closely with patients, analyzing their account, resolving past due balances and determining appropriate repayment methods. They can explain statements and outline individual costs, increasing the chances of collecting overdue payments.
If your practice has yet to consider medical collection agencies, you may want to explore the possibilities. Outsourcing your past due balances will eliminate headaches, increase device recovery, allow your employees to maintain focus on primary business activities and improve your ROI.
