How Your Practice Can Benefit from a Patient Collections Service
Patient Collection Services Explained
In some cases where medical treatment was unexpected, patients may find themselves without enough financial coverage to pay for their doctor’s services. Healthcare practitioners can hire a patient collection service to collect late payments from patients. Physicians usually call on patient collection services only when all other debt recovery methods have been unsuccessful.
Keeping Your Administrative Staff Informed
All your team members in the front office and the billing department should be aware of your patient responsibility policy. This optimizes fast and accurate collection. However, sometimes, it can be difficult to recoup cost-sharing expenses such as patient co-pays or balances.
Why you Need a Patient Collection Service
If your internal collections service has failed to solicit a due payment from a patient, it may be time to call in a collection service. Although this situation is never pleasant, if you have alerted the patient of the overdue statement at least twice over the past 120 days, this may be your only recourse.
Features of a Patient Collection Service
Some collection strategies work better than others. The best patient collection services have incorporated these top features:
The more efficient your communication is with your patients, the higher the likelihood of reimbursing you for your services. For this reason, you can benefit from a patient collection service that will provide a full spectrum of communication options such as email and text.
Eligibility Check (and Re-Check)
Another essential feature of a patient collection service is automated eligibility checks and re-checks. These allow you to submit multiple verifications simultaneously.
Because a collection service gives you more ways to capture charges, you can get reimbursed faster. You also have full access to patient billing information throughout the collection process.
One of the main reasons that patient collections are so successful is that they reduce administrative overheads and speed up collections. They will send out patient statements individually or to multiple patients at once.
Collect payment at the point of service:
Patent collection services offer optimized payment options. Because they accept payments via cash, check, and credit or debit card, you can get paid faster.
Credit Card on File:
This is the most efficient way of fulfilling a patient statement. A collections service provides a secure way to store patient credit card information.
PrognoCIS offers account resolution services to help your practice recover profits. We provide an initial round of soft collections and the second round of collection services for unresponsive accounts.