Over the summer the Consumer Financial Protection Bureau (CFPB) released an outline of proposals for much stricter debt collection regulations. The proposed rulemaking was announced in conjunction with the publication of a “Study of Third-Party Debt Collection Operations” report, which analyzed survey data from agencies regarding the operational costs of debt collection.
It may seem like making a commitment to caring for patients is fundamentally at odds with hiring an agency to collect money from them, but that could not be further from the truth. While your medical practice is in the business of providing care, it is still a business, and needs to be profitable in order to continue to provide the highest quality care for your patients.
There are a few simple and common mistakes patient account representatives can make when attempting to collect payment for services rendered that can have a significant affect on your practice's revenue. See our Common Mistakes infographic to identify four of the most common mistakes in patient collections, and for tips on how to avoid them.
A great statesman, warrior, and our nation’s 26th president is quoted as saying, “People don’t care how much you know, until they know how much you care.” Few would argue that Theodore Roosevelt was not a great leader, and nearly 108 years after his departure as President of the United States these words still provide a glimpse into his perspective on working with people.
When you applied for your current position, did you answer an ad stating, “Seeking representative to collect past due balances from patients”? Probably not. Healthcare professionals generally enter the profession to help people, not to collect money from them. But the business of healthcare is just that, a business, and maintaining your accounts receivables is critical to your organization’s ability to provide quality care.
By the end of last year the United States spent nearly 50% more than the next-highest spender on health care, spending the equivalent of more than $9,000 per person per year. This cost crisis has led to several emerging trends across the industry. Healthcare organizations are making changes to nearly every aspect of their business in order to stay on top of rising costs and the higher demand for quality services.