Reclaim Your Lost Revenue: Proven Tactics to Improve Collections

Don’t let unpaid medical bills hold your healthcare organization back. Implement effective collection strategies today to reclaim your lost revenue. 

Unpaid medical bills cost healthcare providers billions each year. This is an enormous financial burden for an already strained industry. To help reduce this burden, providers are increasingly turning to outsourced debt collection professionals. Collection experts use a variety of methods to recover unpaid bills from customers. 

Among these collection strategies, here are the prominent ones to try in your practice to increase collections: 

1. Eliminate Billing Errors 

An estimated 25% of hospital revenue is lost to billing errors, according to a recent study. A proactive approach to reducing billing errors can ensure better reimbursements and collections for healthcare organizations. 

2. Implement Timely Follow-Ups 

Make sure to follow up on unpaid bills at regular intervals to ensure timely payment of your healthcare services. Keep patients informed of their outstanding balances by sending regular reminders and statements.  

3. Leverage Technology 

Utilize technology solutions to improve collections efficiency. Integrate EHRs and billing software to streamline processes and reduce errors. Automate payment reminders, online payment portals, and digital billing platforms. 

4. Outsource the Collection Process to Professionals

Those specializing in healthcare collection are knowledgeable in billing and collections. Claims, coding, and compliance regulations are their specialty. Tapping into their experience and collection expertise can maximize your collections. 

These are the proven tactics to improve your healthcare collections. Employing them in your practice can be your savior to higher collections and a better patient experience. An effective and efficient way to manage collections is to outsource them. By delegating collections to experts, you are freed up to focus on providing quality care to your patients.  

 


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