Healthcare and hospitalization costs can go beyond what many people can cover on their own. A medical emergency can suck up all your savings like a vacuum cleaner and leave you with debts that you may not be able to cover. To avoid this, many people are buying medical insurance products.
In efforts to help low-income earners, governments all over the world are setting up universal health coverage programs. These programs are to make sure that every citizen has access to preventive and curative health services when in need. Due to the lack of enough public education, many patients still don’t know what their insurance policies cover. As a result, many healthcare practitioners are facing an increasing problem for patients who don’t pay their medical bills.
Employers are also opting for high deductible health insurance plans for their employees. These plans shift a high financial responsibility to the patient. Patients are now required to pay larger portions of the cost from the savings, which has made it difficult for many patients to pay off their medical bills when they rise beyond what they can afford.
Having your existing patients clear their medical bills and debts is much more important than admitting a new patient. Every hospital runs on money. With patients not paying their medical bills, the hospital will not have money to pay its staff, buy medicines, and acquire medical equipment and appliances.
Many medical practices of all sizes have been turning their in-house staff in medical offices into debt collectors to be able to collect money from their patients. Turning in-house staff into debt collectors makes it much harder for them to concentrate on achieving the key goals. It also reduces the amount you can collect from the patients since they don’t have the knowledge and experience. It can also increase the chances of having your in-house staff breaking state laws, especially when they go to the extent of not offering services to patients with pending medical bills and debts.
5 Benefits of Medical Debt Collection Agencies
Every hospital or medical practitioner that wants to recover money from patients to minimize losses as a result of slow and non-payment by patients should hire a Healthcare collection agency. Here are some of the other reasons why every healthcare provider should hire a medical bill collection agency.
1. Bring in experts
Medical bill collection agencies hire experts that are experienced in collecting overdue payments. None of your existing staff members can exceed their qualifications. They are well trained and will use proven techniques and tactics that will maximize the collection process. Hiring a healthcare collection agency will give you a chance to collect your outstanding balances in a short period.
2. Free up your time
Medical debt collection is a time-consuming process. Turning your in-house staff into debt collectors can affect the progress of your business. Your staff shouldn’t be mailing letters and sending emails to slow payers. Hiring a medical bill collection agency will allow you and your staff to focus on achieving the goals of your business.
3. Expedites Collection Rate
Hiring a collection agency increases the chances of getting paid. Patients that can’t take your collection efforts seriously are more likely to act after hearing from a collection agency. A letter or call from a collection agency strikes the patient with fear, which can make him or her clear the debt immediately.
Debt collectors also use advanced technology and tools that may not be available in your facility. These tools give them access to the debtor’s information. They also allow them to be in constant communication with the debtors via phone, mail, and other methods. Your in-house staff can’t afford to spend that much time every day in efforts to collect payment.
Hiring the right debt collection agency can also help maximize the chances of getting paid. If you are a dentist or your facility is offering dental services, you should consider hiring a Dental collection agency. A dental collection agency understands how the dentist and patient relationship works. Such an agency will be able to collect debts from patients without ruining your reputation.
A collection agency documents all its collection efforts, whether it has been successful or it is still in the process of contacting your patients. The agency will record telephone calls, emails, and in-person contact attempts. All these documentations are very important, especially when your facility decides to take the matter to court.
5. Save your reputation
Attempts to turn your in-house staff into debt collectors can ruin their reputation. We are in the digital world. Many people, including your present and future patients, are spending most of their time on their phones. A single social media post portraying how your facility is using inappropriate debt collection techniques can ruin your reputation.
Patients can also file a lawsuit when you use inappropriate debt collection techniques. When this happens, your facility may have to pay penalties
This content is brought to you by Ashleigh Coran.
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