Every year the amount of bills sent to collections increases. This is hurting healthcare practices’ pocketbooks, increasing patient debt, and damaging patient credit scores. Because collection agencies are paid by healthcare providers to collect money from patients, healthcare institutions are paying to be paid. This is neither beneficial or a good use of your practice’s revenue.
There are a number of different causes for bills being sent to collections. In most instances, your patients cannot afford their bills and the bills eventually are sent to a collection agency. In some cases, healthcare providers forget to bill patients, and the unpaid bill is eventually sent to the patient through the collections. The concept of collections and the unorganized revenue cycle management is harmful to the bottom line of healthcare providers and institutions. Patients are becoming more unsatisfied with healthcare organizations when this occurs. To keep satisfaction rates high and benefit your healthcare institution, we suggest following the three tips to send less bills to collections.
1. Respect Patients
2. Gain Knowledge to Help Patients
3. Consider HIS for Help
Sending bills to collections can hurt healthcare providers and patients. Staying informed on tips such as these can help your institution send fewer bills to collections. Outsourcing revenue cycle management can help healthcare institutions to limit use of collection agencies by using RCM experts to maximize institutional efficiency and revenue.