There are two parts to every hospital-patient interaction: the treatment and the payment. The hospital exists to provide its community with the treatment it needs. Throughout this part, the medical staff works with each patient to provide the best care possible. Even if this part is done perfectly, the relationship between the two can be ruined during the payment part. When the patient is presented with an amount owed and a deadline, a lot of difficult and unfortunate scenarios can unravel. During this time, it’s important that each interaction is handled with care, even if isn’t the most ideal situation.
This is where having a trusted outsourced accounts receivable department can carry that high level of care seamlessly across the billing and payment portion of the interaction and keep patients happy and returning to your hospital.
Finding Holes in Insurance Coverage
Many outsourced accounts receivable agencies work to keep both the patient and the hospital happy. One of the biggest perks of working with an outsourced department is that they work with the hospital directly to make sure that they are taking full advantage of their patients’ insurance. In many cases, certain insurance billing opportunities slip through the cracks and the patient themselves are left to pay a larger amount of money than they should be. While this doesn’t happen in every case, it can make paying hospital bills harder for the patient. This means that the money owed to the hospital doesn’t always get paid by due dates or the billing cycle is lengthened. When these holes in coverage are spotted, the hospitals get a higher portion of the patient’s bill paid all together from the insurance company in a timely manner. This also decreases the amount of money that the patient will have to pay to the hospital, creating smaller transaction periods between the hospital and the patient means leaving less room for any sourness in either party.
Building Payment Plans and Monitoring Accounts
When patients receive hospital bills, they can often be shocked by the amount owed. When there’s an amount that’s too high for them to pay upfront, many will avoid paying at all for as long as they can. When this happens, the hospital is out of the money they are owed and are often put into the difficult situation of having to constantly reach out to the patient for payment.
The goal of obtaining recurring patients is made difficult when patients begin to fear the establishment itself in regard to money owed. Outsourced accounts receivable departments take these seemingly unmanageable situations and turn them into workable ones. The service providers have time to work with the patients individually on creating payment plans that work for them and for the hospital while ensuring a seamless interaction takes place between the two.
Not only can these outsourced departments create payment plans based on the hospital’s needs, they can also monitor each and every account to make sure that they are being paid on time. If an account is slipping on their payments, it probably means that a situation shift has taken place and they can reach out to the patient to create a new, manageable payment plan.
Fresh Eyes, Service Expertise
There’s something to be said about the way an outsourced accounts receivable department interacts with patients that’s different from in-house departments. Living outside of the medical situation can get fresh eyes on each account. It’s an outsourced department’s only goal and purpose: to provide a high level of seamless care while managing accounts and payments. This niche expertise gives them an upper hand in maintaining patient satisfaction. Accounts receivable specialists are always trained in providing excellent customer service throughout a variety of account management platforms and services. This means integrating them into hospital’s system is easy.
Are you interesting in learning more about how an outsourced accounts management can help your hospital receive more timely payments as well as retain patients? Contact HCM today to learn more.