Revenue Cycle Management: How Hospital Collection Services Can Aid Your Medical Billing Efforts

Revenue Cycle Management: How Hospital Collection Services Can Aid Your Medical Billing Efforts

You were trained to treat people — not perform cash extractions.

In a hospital or other medical facility, revenue cycle management, or RCM, determines the business’s profitability. Healthcare finances differ from those of other businesses because clinicians must take extra steps to collect payments.

Between submitting claims through insurance companies and billing clients for out-of-pocket expenses, revenue cycle management can quickly get out of control. A healthcare collection service can speed up the revenue-generating portion of the cycle to ensure profitability and maintain a strong, positive cash flow.

Avoid Spinning Your Wheels

It’s easy for hospitals and healthcare service providers to get into financial ruts. The accounting department continues to follow the same protocol over and over again, but insurance companies don’t pay on time and patients overlook their bills.

Independent hospital collection agencies have a proven track record of collecting money efficiently. The faster you get paid, the more cash flow you generate, which means greater profitability.

Feel like you’re making the same loops over and over again? Maybe you need a new RCM strategy.

In-house collections often prove futile because medical facility staff members lack the training necessary to effectively inspire prompt payments. Health care debt collection requires a unique approach, especially since it’s beholden to different laws and rules than standard debt collection.

If you’re spinning your wheels and seeing more losses than gains on your books, it’s time to make a change.

Focus on What You Do Best

Whether you’re a single-doctor practice in internal medicine or a 500-bed hospital that houses physicians of every specialty and focus, you must collect money to stay in business. You’re great at keeping track of your patients, diagnosing their illnesses, repairing their injuries, and managing your office, but do you have debt collection training?

Probably not. While you can hire an in-house collection staff, you’ll likely spend more money on those professionals’ salaries and benefits than you collect from delinquent accounts. That’s why outsourcing makes fiscal sense. You continue to do your job well, but you shift the debt collection pressure to our shoulders.

Maintain Good Relationships With Your Patients

Finances shouldn’t get in the way of the doctor-patient relationship.

You want to collect money from your patients, but you don’t want to alienate them from your practice. That’s why we take a compassionate but effective approach to health care debt collection. Whether a patient owes five dollars or $5,000, we work with them to help speed up the payment process.

Since we’re a third party and due to our rigorous compliance controls, you don’t have to worry about angering your patients. You continue to provide the highest quality care possible while we handle the financial side of your business.

If a hospital or another medical facility loses money, it runs the risk of having to shut down, which means its patients go without their typical care. If you’re looking for a medical debt collection partner, we’re on your side. Learn more about how to optimize your revenue or get in touch with us so we can help you generate more profit.

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