Medical Debt Collection Tips for Healthcare Providers

Medical facilities, doctors and clinics face a lot of problems in today’s slowing economy, largest problem being large number of pending payments which you never know will ever get paid or would become delinquent or non-recoverable.

Over 47 million Americans don’t have any health insurance coverage, and those who have it are often underinsured. When accepting a patient or providing medical services, medical providers should get as much information about the patient as possible. This will help later on if bills are not paid on time. It is easier to get this information when the patient walks in for the first time, than trying to get details after the treatment has been given.

Healthcare providers should collect patient details like name, home/work address and telephone numbers, social security number, email addresses, date of birth and the name of relative. In addition to patient’s personal information, medical providers should collect the insurance information if applicable. This information is essential to identify, locate and contact the patient. Medical practices should also have a small clause in the service contract that describes action that can be taken against the patient in case medical bills are not paid on time.

In many cases, payment is not made because the patient is unsure about his/her obligations regarding deductible amounts, insurance coverage, co-pays, etc. Clarify any confusion to avoid misunderstandings on day one itself.

In many cases the patient becomes less serious after the treatment has been received and deprioritizes paying his medical bills. Other bills such as credit cards, mortgage bills, car payment etc. take precedence over doctor’s bill. By sending statements every 15-20 days to your patients, you will be able to know which patient is will likely pay bills on time verses those patients who will likely create a problem later on. Patients who are communicating with you are office are most likely to pay the bills even if they are facing financial hardships, verses the patients who are avoiding communication. If a patient has not paid his bills in ninety days, then the case should be referred to the medical debt collection agency or law firm to collect payments from the patient. Online website, Nexacollect.com has a directory of collection agencies in USA, it’s a great tool to find a collection agency nearby.

Similarly, small businesses also face problem of too many accounts receivable. Forwarding these accounts after 90 days of non-payment to a debt collection agency is the best way to minimize your losses. A small business debt collection agency will ensure that business relationships are retained and debt is collected amicable and diplomatically. Millions of businesses and medical practices all over USA utilize the services of a debt collection agency every year.

Medical practices especially have to decide that the amount of claim is worth sending to an agency or attorney. If yes, then there is no point waiting and your recovery rates will only lower if you do not take an action quickly.  Apart from patient/debtor details, send copies of invoices, documentation of the service and any other relevant information to your shortlisted collection agency or attorney.

About MyitSolutions

Myitsolutions a valued contributor on Vents Magazine a Google news approved site. I love to provide the latest news to my viewers and sharing knowledge about interesting facts on different topics.

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