As a healthcare provider, the amount of tasks your business has at any given time is seemingly endless. This means that your staff is most likely stretched thin. Working in the healthcare industry can be stressful with cash flow that is stretched and collections that are subpar. Although you know you have lots of things related to accounts receivable management to improve, you simply don’t have the manpower or the expertise to navigate revamping your entire billing process.
Keeping your patients happy is top of mind. But their outstanding medical debt is a burden to your business’s bottom line. Is your practice at this point or close to it? If so, you’re more than ready to hire a collections agency, and it’s about time. Or maybe you think it is time to hire outside help to deal with your medical debt collections, but you’re not quite sure yet? To help you assess if it’s time, consider the following.
What are your current collections rates and costs?
Are you satisfied with your current collections rates and how much it costs you for the number of collections you actually receive? If your in-house staff is doing a good job, your rates will be high while your costs remain low. However, if you’ve done some research or are just pretty sure that your current rates are below where they could be and your costs are much higher than they should be, it’s time to hire a collections agency.
What do your patients think of your current collections processes?
Are the patients you’re collecting from continuing to come to you for services and treatments? Do you receive complaints about your collections processes? If whatever processes you have in place are damaging your patient-provider relationships, it’s definitely a sign that you should outsource your collections to a healthcare collections agency. And one knows how to preserve and even improve your existing patient-provider relationships. Collections should be easy and as pain-free as possible for your patients.
Do you have insufficient staff for collections?
This question should have a no-brainer answer. If you don’t have enough staff, or simply enough experienced staff, to implement a productive collection process for you, it’s time to seek outside help. Your healthcare team should be doing what they’re best at, providing for your patients, not following up to collect bills.
In sum, ask these questions and trust your gut while answering them. You’ll know when it’s in your best interest to hire a collections agency, and doing so will benefit you and lift a weight off of your staff’s shoulders. You can reach Frost-Arnett to learn more about our collection services by contacting 1 (855) 287-7043.