As patient pay responsibility continues to grow, uninsured and under-insured patients are easily discouraged when facing a rising number of unpaid medical bills. For healthcare professionals, financial stress can also stem from these unpaid bills, as it is increasingly common for providers to render services and never see financial compensation. Doctors experiencing low returns due to the effects of the volatile economy should consider counting on experienced medical accounts receivable professionals to help collect unpaid debts.
Here are three ways a third party can help increase your accounts receivable:
Payment Monitoring: When medical bills start piling up, it’s easy for patients to get overwhelmed and shrug them off. To ease the financial strain, many doctors allow patients to make payments according to an agreed-upon payment plan. Providers can turn to an outside medical accounts receivable agency to keep track of these payments and follow up with patients. This liberates resources on the provider’s end and helps ensure patient payments are met.
Charity Care Eligibility: Accounts receivable departments typically employ sophisticated scoring models to identify patients who may be eligible for financial assistance or charity care. Steps to determine eligibility are generally taken before services are rendered to increase the likelihood of compensation and to ensure that both parties are aware of the patient’s financial capacity and responsibility.
Appeal Denied Claims: When insurance companies deny a medical claim and patients get stuck with the bill, the person who usually ends up paying is the healthcare provider. An experienced medical accounts receivable department, however, will not write denied claims off so easily. Representatives can work with patients to gather missing information and appeal wrongfully denied claims.This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Although we attempt to provide up-to-date information, laws and regulations often change. We make no claims, promises, or guarantees about the accuracy or completeness of this document. For legal advice, please consult an attorney.