Medical billing is often a long and complicated process. With lots of legal and compliance requirements as well as insurance claims procedures, payment plan options, and more, there are lots of places throughout the entire process that you can pay attention to so you can increase overall recovery.
However, maximizing recovery is a tricky maneuver without proper staffing, training, and software. This is why collections agencies that specialize in medical collections are often an excellent investment for healthcare providers. To help you improve your recovery rate, we’ve gathered together three tips to help you maximize your recovery through your medical billing process.
Train your phone representatives to lead with empathy, compassion, and honesty.
The best phone representatives for collections agencies are compassionate and understanding. They are transparent with the patient regarding their financial situations, unique needs, and options for payment resolution. When patients feel heard, seen, and understood by your practice, they are more likely to pay you back for the medical bills that they have outstanding. Making the bar to qualification low, payment resolution options flexible, and the collections process as pain-free as possible is key to a great recovery rate.
Offer flexible payment resolution plans.
Flexibility is king when it comes to making it easy for your patients to pay their medical bills. Want to see cash sooner? Ensure that your patients have several payment plan options available to them, and hold off on accruing interest until a while in the future. Early-out plans offer incentives for patients to resolve their debt faster. Patients feel like they have more autonomy over resolving their debt if they have flexible plans that fit with their unique financial abilities to pay.
Outsource your medical billing to trained professionals.
Finally, outsourcing your medical billing to professionals trained in handling healthcare patients’ debt frees up your staff to focus on other things while assuring you of a collections agency’s training, expertise, and software solutions. Medical billing shouldn’t be a headache that you need to deal with on your own. Collections agencies can take a lot of stress and responsibility off your shoulders while improving your recovery rate.
For more information on how a healthcare collection agency like Frost-Arnett can transform your recovery, contact (615) 259-6271 to discuss your wants and needs. We are ready to help you reach your goals!