Stopping Delinquent Medical Bills Before They Happen
As a doctor or a healthcare facility, you know that medical debt is a part of your accounts receivable management life. It doesn’t just take a toll on your bottom line. It takes a toll on your stress level and that of your delinquent patients. It can be so stressful for patients that it can cause them to file for bankruptcy.
And if they file for bankruptcy? There’s a high likelihood that you won’t get any money at all. Most Chapter 7 bankruptcies are labeled no-asset. That means creditors like you won’t get paid anything. If there are assets, you still might not get anything if there are more important claims (known as priority claims – these claims can be things like back child support and past due taxes). If the asset case pays unsecured creditors, you most likely won’t get anything close the entire amount owed to you.
Scary, isn’t it? This problem isn’t limited to the uninsured. People with health insurance often get surprised by high deductibles or services that aren’t covered that they still need. As a medical provider or medical billing office administrator, you have to find ways to minimize the likelihood that you’ll need a collection agency to collect on delinquent medical bills. You can help find solutions to your patients before they become delinquent. Here are some things you can do to assist your patients and reduce your risk.
If your facility doesn’t do this already, offer cash discounts. Many hospitals offer a generous discount for people who are paying cash for medical services. Even if they don’t have the cash at that moment, they provide a time period where the offer still stands. Providing this savings incentive is one way to stop delinquent medical bills before they happen.
Another way to stop medical bills from becoming a problem is to offer reasonable repayment plans for your patients. To do this, you have to take their entire picture into consideration. An affordable payment plan will help your patients make their scheduled payment and not feel overwhelmed about the total amount.
Provide Help With Insurance Claims
For your insured patients, they often don’t understand their insurance claims. You can help your patients understand what they are responsible for by helping them with their insurance claims. This can be you sitting down and explaining what the insurance company covered and didn’t covered to getting on the phone with the insurance company (while with your patient) to help your patient get answers.
For patients who need it, we offer a free financial tool that can help your patients get the money they need to pay you in full for your services. This is one of the best solutions to delinquent medical bills: pay in full. Healthcare isn’t cheap, and many people don’t have a savings account or the cash on hand to pay for needed health services (especially when an unexpected even occurs such as a broken bone).
Delinquent medical bills can overwhelm anyone regardless of whether they are insured. It also affects your business. These tips can help you stop them before they start. If you need professional help, we act as a first and third party medical bills collection agency. We are able to help you keep your focus on taking care of your patients while we handle your collections. We also provide customer service and insurance support. Interested? Contact us today to find out exactly how we can help your healthcare facility.