Accounts receivable management can be the difference between you reaching your profitability goals for each quarter or missing them by miles. Especially in the healthcare industry. Healthcare services can rack up medical debt in a matter of minutes. Properly following up with your patients and their insurance providers following their receipt of care is integral to ensuring you receive the money that is owed and forgotten. We suggest these 4 tips to improve your accounts receivable management and maximize the amount of debt your company collects:
1. Outsource your accounts receivable management.
It may be tempting to manage your accounts receivable yourself or simply write them off. But you’re probably not going to see the improvements you desire by doing either. It’s in your best interest to outsource your accounts receivable management to a collections agency that specializes in healthcare collection. This will help maximize your results and properly care for your patient-provider relationships. Especially in the face of sensitive issues like debt collection. Collection agencies like Frost Arnett have years of experience collecting from patients while maintaining trust, care, and compassion for your patients. Outsourcing your accounts receivable management also allows you to focus your time and energy on what you do best: caring for your patients.
2. Provide multiple payment options.
Not every patient has the ability to meet designated payments each month or meet their outstanding account balance in full. This is why it’s important to provide multiple payment options and flexibility. Patients will feel cared for and it will increase their ability to repay you. When customers have a variety of ways they can pay you back, they are more likely to actually do so and also feel more inclined to try. Cash, check, and other electronic payment options like PayPal make the payment process much easier and more convenient for your customers.
3. Offer payment incentives like early out.
Incentivizing a little can go a long way. That rings true when it comes to accounts receivable collection, too. Provide your patients and customers with payment incentives like early out options to encourage them to pay their outstanding medical debt on an expedited timeline. This can help you maximize results and have more cash on hand earlier than you might expect it to arrive. Get paid quicker and resolve your patients’ debt by offering them incentives to be proactive and take care of outstanding invoices before they’re due.
4. Treat customers with respect.
At the end of the day, your patients and customers will always react the best toward collection representatives when they are treated courteously and with respect. Especially when dealing with outstanding invoices, which can be incredibly stressful. Navigating the line with customer relationships and resolving your accounts can be difficult. Respect, empathy, and honesty will almost always get the best reception from the patient. And it will help you maintain your positive relationship with him or her.
Will your accounts receivable management improve if you follow any of these tips? For more information in improving your accounts receivable management or healthcare debt collection, Frost Arnett has over 120 years of experience collecting for 1000+ healthcare clients while maintaining positive patient-provider relationships and maximizing your return. Give us a call at 1 (855) 287-7043 to learn more!