Increasing revenue and improving past due accounts resolution are critical to the success and viability of a practice. Here are three ways to help achieve these goals.
1. Send out statements promptly and consistently.
If you do not have a systematic billing system, get one! Many times, the patient has not paid simply because they have not received an invoice or statement. However, given the number of rising delinquencies in the housing market, and the stricter policies for lending, you do not want to be late or inconsistent in asking for payments.
2. Use your aging sheet, not your feelings.
Many practices have let an account age beyond the point of reason, believing the patient would eventually pay. While there may be a few exceptions, all patients should be treated in the same manner. Expecting to be paid on time is your right. Try to focus on EVERY account going over 45 days and stick to a systematic plan of follow up.
3. Use a third party early in the process.
Once you have pursued your past due accounts for 60-75 days, consider sending them a to a pre-collect third party service which allow you to keep 100% of the money if collected timely.
The impact of the ‘third party’ tends to reprioritize the debt and encourages the patient to make the payment. Designed for early intervention, a ‘pre-collect’ service can save practices the internal costs of working accounts beyond the point of reason.
Source: TSI (Transworld Systems) is a medical debt collections agency and one of TPA's Affiliate Partners. For questions concerning automated reminder call and invoice services, Accelerator®, pre-collect services or general collections, contact Michael Glass at (248) 914-0346 or click here.