Five Strategies for Strategic Debt Recovery of Self-Pay Patient Accounts
Ninety-seven percent of hospitals surveyed in the Healthcare Financial Management Association 2009 study, "The Changing Face of Self-Payment in Hospitals," have experienced an increase in self-pay accounts receivable compared with the prior fiscal year. In nearly 33% of respondent hospitals, receivables are growing faster than patient revenue. Implementing a strategic debt recovery process begins by analyzing the cost and return on investment (ROI) of your current payment collection system. The next step is to maximize that ROI while working to improve the way you communicate with your patients. Here are five tips for doing just that.