Medical Collection Services
In order for any medical practice to function properly, steady cash flow is essential. Patients that are unable or unwilling to make payments on their medical bills can disrupt incoming cash flow and inadvertently preoccupy the staff of a medical practice with attempting to collect payment. The reason medical collection services can be helpful to medical practices is due to the fact that their entire focus and purpose is to obtain payment for services rendered without pulling onsite staff away from their jobs. Unfortunately, there will always be patients that are unable and/ or unwilling to pay their medical bills, which is why medical collection services exist.
There are a number of benefits for a medical practice to work with a medical collection agency. Medical debt collection agencies work with a medical practice to figure out what specific debt collecting needs a medical practice may have and how the best course of action the medical debt collection agency must take in order to satisfy those needs. Many medical debt collection agencies provide similar services that can include, but are not limited to the following:
- Fully HIPPA-compliant: any medical collection services that are provided by a licensed, reputable medical collection agency will utilize HIPPA-compliant practices.
- Freeing medical practices resources: following up and tracking delinquent accounts can require significant time, energy and manpower. In situations, for example, where the owner of a delinquent account has moved, and/ or changed his or her contact information merely locating and contacting the individual can require an exorbitant amount of time, especially for a staff member that does not have the tools needed. This is where the services of a medical collection agency can come in handy.
- Insurance follow up: medical collection services can take over insurance follow up conversations, saving the medical practice staff time and energy to focus on other tasks. This can include claim follow-ups to assure they are properly received and processed.
- Secondary insurance: medical collection services can automatically bill any secondary insurance claims, as well as provide the same follow-up services for any secondary claims as is provided for primary insurance claims.
- Patient communication: medical collection services can take over patient communication with regard to their payment balances. This can include sending invoices, tracking amounts owed by patients after insurance payments; including copays and deductibles that have been accounted for, and sending out monthly statements.
- Higher recovery rates: many medical collection services provide significantly higher recovery rates than that of the national average.
- Faster results: while some patients contacted by a medical collection agency may have hard feelings towards the medical practice, the transfer of an account from the medical practice’s billing department to a medical collection agency can compel payment.
Every medical practice will likely have varying needs when it comes to the recovery of patient receivables. Some medical practices may come to the conclusion that their staff can handle obtaining payment on delinquent accounts. This can, however, draw attention away from other responsibilities the staff may have, which can affect how the practice is run. It can also increase the frustration of the staff and lower morale in the workplace. Individuals that work in the medical debt collection field have chosen to work with patients to help them find solutions to enable paying down their medical debt or even to make manageable payments so as to avoid becoming delinquent on payments in the first place. Sourcing medical collection services can help obtain payment efficiently by utilizing the most effective methods.
As insurance regulations change, it is imperative that companies understand how each change can affect their practice, in all aspects. Insurance companies are notorious for offering excuses and utilizing loopholes to avoid paying providers what they owe. Accreditations such as CARF and JCAHO are now a common requirement for insurance companies to render payment. These certifications alert the public that a company has been adequately inspected and is considered reputable, meeting the accreditations high standards. The accreditation process can be arduous, requiring a significant amount of time and energy. Our staff offers diverse skills that enable Oracle Billing and Services, Inc. to assist in areas ranging from CARF-Accreditation, Verification of Insurance benefits, Insurance Collection Calls, Drug/Alcohol state licensing, JCAHO-Certification and more. Oracle Billing and Services has extensive experience in assisting companies in the health industry, in understanding the ever-changing regulations as well as providing expert consultation for all areas of operations. We look forward to connecting and helping to bring your company to the next level.