![]() This does not mean sending delinquency notices within a few days of service. One of the most common mistakes in patient collections is waiting too long to begin the process. According to the American Collector’s Association, the average recovery rate after 180 days – when most practices begin collection efforts – is only 13%. ORLANDOHEALTH.COM QUICKPAY FULLThe chance of recovering your balance in full after the time of service decreases by 50% as soon as your patient walks out the door and the cost to collect only increases over time. Waiting Too Long to Begin Collection Calls Keep a calculator by your desk in order to quickly calculate the length of an agreement before committing to it to ensure that you do not enter into a payment arrangement that is not beneficial for your practice. When you point this out to the patient even they will probably agree that it is an unreasonable arrangement. What representatives and patients alike do not consider when working out a payment amount is the length of the arrangement being established.Ĭonsider this: accepting an arrangement of $10/month on a $500 balance is agreeing to give the patient more than 4 years to pay their bill. Once a patient has agreed to a monthly payment on their balance it is tempting to accept any amount they are willing to pay just to establish a consistent payment schedule. Instead, phrase the question this way: “How short of the balance are you today?” In our experience this question is often met with much higher commitments because it forces patients to consider their entire balance, rather than what they want to put toward it at that moment. When asked this question patients are often considering what they have available at that moment, after all of their other bills have been paid. When you ask a patient, “How much can you put toward this balance today?” you will inevitably hear $5, $10, maybe even nothing at all. When establishing a payment arrangement it is very easy to fall into the $5 and $10 payment trap. ORLANDOHEALTH.COM QUICKPAY SERIESIn this article and video series we share some of the most common patient collection mistakes you could be making, and simple tips for avoiding them. ![]() However, there are ways to address the patient’s needs and secure acceptable payments for your practice. Financial conversations can be stressful, and in order to make it as comfortable for the patient as possible representatives may be too accommodating and make arrangements that do not benefit the practice in order to maintain the patient relationship. Thank you – I know that things like this come from the top of the organization.When attempting to collect from patients it is easy to make simple mistakes that could cost your practice money. She has taken the time to help us set up a payment plan that works for us and benefits your client. ![]() "It’s been a very positive experience for us. They use these principles as a foundation for the way they conduct themselves and their business, which leads to successful results for their clients." Stephen Russell, Director of Patient AccountsDeaconess Health System "I’m continually impressed by the principles of RMP – from the leadership down to the collectors. "She has completely changed my perception of collection agencies – she’s a pleasure to work with." Patient of Large Health System With RMP's patient-centered approach, superior customer service and strong performance, it conclusively aligns well to both our mission and vision commitments for our organization." Coy Ingram, Division Vice President, Revenue Cycle OperationsAdventist Health System – Florida Hospital West Florida Region "We have enjoyed and value our partnership with RMP in meeting our critical business needs given the ever-changing matrix in the healthcare industry. ![]()
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