Do self-pay activities take up too much of your staff’s time without significantly improving overall revenue? Have you considered outsourcing this function to a third party that specializes in self-pay collections? Here’s a list of the top 5 reasons you should contract with a third party agency to perform self-pay collections:
- Higher Account Resolution – the role of a third party agency is more than collecting payments from patients. The agency will learn your policies, systems, payer mix, etc. so they are able to help patients throughout the entire billing cycle. Agencies can help with insurance billing, charity applications and other functions enabling the agency to resolve any patient concerns or objections to paying their balance.
- Ability To Work All Accounts – a third party agency can work every patient account because that is all that they do. In fact, in most cases your hospital will have a dedicated team within the agency working on your behalf so it truly is an extension of your office without the overhead.
- Achieve a Higher Net Back – utilizing a third party who specializes in self-pay collections will yield a higher rate of return and reduce your internal costs to collect. Increased collections prior to bad debt means fewer accounts placed with a bad debt agency. Curious about what your net back would be? Use our Early Out Calculator tool to learn more.
- Receive Fewer Patient Complaints – patient complaints and issues can tie up a lot of time. By adding a third party to your self-pay activities you gain another layer between the patient and your business office. Reputable companies should have low average hold times and low abandoned call rates, which means your patients will get their questions answered quickly. The third party will be able to resolve the patient’s issue without having to escalate to your office. This once again frees up your staff’s time and helps with job satisfaction.
- Gain Resources Back in Your Office – we are all asked to do more with less but its more prevalent in the healthcare world these days. By outsourcing self-pay activities you can reallocate your staff to more important, higher revenue generating tasks.