It's a growing problem.
How does your organization stack up when it comes to uncompensated care? 14% of personal healthcare expenses are out-of-pocket payments, and in 2008, over $36 billion of these expenses were written off. That's up over 100% from ten years earlier. A 2010 MGMA report indicates that the median total accounts receivable per FTE physician is over $135,000 for multispecialty medical groups. While we could keep listing statistics and citing industry examples, the point is this: rising healthcare costs and today's economy have caused uncompensated healthcare to grow at an alarming rate.
Connecting with patients is key!
Experience has shown us that the best way to reduce long-time outstanding A/R is to connect with those accounts early in their delinquency. A quick automated notification is a great way to accomplish that, and technology allows you to reach large numbers of these newly-delinquent accounts in a minimal timeframe. Notifications can be personalized for each patient account and include convenient transfer options that allow them to make a payment over the phone or talk to a member of your staff for answers to their questions. Click HERE to learn more about our strategy for Extending Collections Outreach!
Reducing the costs of collections communications.
Once an account has been past due for 120 days, it is estimated that an average of $9.00 has been spent trying to reach that account through traditional collections outreach– billing statements, collections letters, phone calls, etc. Many of your past due accounts are what we like to call "lazy payers". Lazy payers have simply forgotten to make a payment, and many times a brief contact from your organization is all they need.
Successful A/R reduction!
University of Pittsburgh Medical Center (UPMC) increased cash collections by 290%, and for an organization that size, it's translated into $2,600,000 of annual impact!
MU Health Care found that automated collections outreach allowed them to expand their daily account contacts by 54%, and the average A/R lifespan for one of their accounts is down 14%.
Kelsey-Seybold Clinic in Houston, TX is pleased with how automated calls have streamlined the entire collections process – and their quarterly collections have risen by as much as 255%!
Learn more about the TeleVox collections solution!
HouseCalls automated messaging system – Personalized automated phone calls are a perfect fit for your early delinquent accounts, allowing your staff to focus on those that need more personal involvement.
