Why Work with a Medical Collection Agency?
A collection agency is an organization that specializes in pursuing payment from a business and/ or individual, hired by and on behalf of another company, for debts owed. A medical collection agency will specialize in medical debt. Not many individuals choose to get sick and need medical treatment, but unfortunately sickness is a part of life. Additionally, not all individuals are adequately insured at the time of a needed service, which can result in expensive medical bills. Regardless of the circumstance, any legitimate health care service that is rendered must be exchanged for adequate compensation. As a health care provider, this is where a medical collection agency can be useful. Making sure payments are received for services rendered is fundamental to the success of any health care practice.
There are a number of reasons why it may behoove a health care practice to work with a medical collection agency. Below are some examples of the possible benefits a health care practice may experience when working with a medical collection agency:
- Expedites collection rates: having a third party (the collection agency) get involved by reaching out to a patient with an outstanding debt can create a sense of urgency that can, in turn, expedite the collection process.
- Copious and organized records: a medical collection agency will keep detailed records of conversations, attempts to reach out and all of their collection efforts, which can be useful should the company decide to pursue legal action.
- Lightens workload of employees: hiring a medical collection agency to handle expediting payments can free up time for the office staff to focus on other needed areas of the health care practice.
- Legal protection: nowadays, there are many laws surrounding the debt collection industry, and working with a medical collection agency can help to ensure a customer will not sue for violating their rights.
- Flexibility: medical collections agencies understand that each health care program has a unique set of needs, and will work to accommodate them. This can ultimately save the health care program money, time, and energy in the long run.
- Provide patients with options for settling past due payment: a medical collection agency will likely provide patients with additional ways to provide payment, including online portals, phone payments, credit card payments, check payments…etc.
- Stay on top of delinquent accounts: medical collection agencies have access to new, state of the art technology that allows them to stay in constant communication with outstanding accounts, that many medical billing departments simply do not have. This technology can speed up payment, which will in turn cut overhead costs.
There is no sense in exhausting the resources of a health care practice for the purposes of obtaining payment that is owed, as this process can be incredibly time consuming. The staff members of a health care program cannot afford to spend as much time during the day taking the necessary steps to collect payment on delinquent accounts (i.e. regular phone calls, constant emails, writing letters…etc.). Medical collection agencies are staffed with specialists that are adept at maximizing revenue, maintaining organized patient data, and effectively utilizing debt collection tactics to yield results.
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.