When it comes to increasing profits for a medical practice, the usual way of increasing profits is to attract more patients. Which can be expensive. The easiest way to increase profits is to get paid by more of your patients who have not paid you already. Many practices will handle this in-house until the patient does not return to the practice.
However, there are alternatives to getting paid by more of your non-paying patients:
- Track how much money and time your staff spends working each non-paying patient.
- Use your aging report vs. your feelings to get patients to pay.
- Hire a collection agency to help recover previous non-paid funds.
- Make sure your staff is trained on how to get more of your money that you spend time providing services.
- Look at utilizing a collection agency at the latest 90 days past due. The longer a patient owes you money, the less likely they are to pay since more bills are getting incurred in other areas of their life. You want to get their attention while you are still relatively budgeted in their finances and become a higher priority.
- Many patients will return to your practice once they have paid their past due amount. The patients who have paid their bill would be furious, and maybe even leave the practice, if they knew other patients did not pay and were allowed not to pay.
How to Choose the Right Collections Agency
Often practices work patient accounts in-house longer than they should to avoid having to pay a collection agency fee or have concerns on how their patients are treated. Look for an agency that offers an early out program (Fixed Cost) and offers a complete follow through on patients who do not pay during the early out program.
Probably the most important thing to take into consideration when choosing a collection agency is the person you will work with. You must feel comfortable with them and their knowledge to meet your needs. Pricing is important, however, recovery rate should be your highest priority, because 30% of nothing is still nothing.
Why Choose Kinum, Inc.?
At Kinum, Inc., we are committed to assisting our clients in achieving faster debt recovery, while keeping costs to a minimum. We take a comprehensive approach to designing your debt recovery program by establishing connections with your patients and preserving your relationship with them.