Finance
e-Newsletter
Intelligence Unit Special Reports Special Events Subscribe Sponsored Departments Follow Us

Twitter Facebook LinkedIn RSS

How to Increase Receivables While Preserving Patient Relationships

David Morrisey, for HealthLeaders Media, November 29, 2010

Getting Your Staff to Buy In
A crucial component of any bad debt reduction program is the buy-in of your patient-pay receivables team and other organization members that handle point-of-service interaction with incoming patients. To accomplish this important task, you must clearly communicate and demonstrate that your organization will:

  • Make patient-pay an organizational priority.
  • Improve front-end training to remove any discomfort in asking for payment.
  • Set collection goals and reward achievement.
  • Enhance screening for government program eligibility.
  • Improve financial counseling services by: expanding payment opportunities, providing prompt-pay discounts, setting policies that support some form of upfront payment for elective services, and prioritize back-end collections.

It is only when everyone understands the importance of point-of-service collection and follow-up collections that noticeable improvement will be seen.

Outsource It
Implementing an effective, comprehensive point-of-service collection system is a big job. It's critical to develop a process that is tailored to the needs of your institution, gets the staff buy-in that's necessary and preserves patient relationships. Identifying seasoned accounts receivable management partner to review your practices, one with a proven track record of establishing and managing point-of-service training and collection as well as follow-up collection is an option you should consider.

These firms have the ability to provide your point-of-service and collections teams with expert training and the other tools necessary to improve your collection effectiveness while providing a satisfactory experience for the patients involved.

David Morrisey is Director of Development of KeyBridge Medical Revenue Management, an Ohio-based accounts receivable management firm specializing in the healthcare industry.

1 | 2 | 3

Comments are moderated. Please be patient.

2 comments on "How to Increase Receivables While Preserving Patient Relationships"


Dana Patterson (11/30/2010 at 11:37 AM)
This is a great article! Maintaining relationships is key to collecting money and having return customers! At NCSPlus, that is exactly what we do. We have been around for over 26 years, and we maintain relationships by working every account equally (That's right, no cherry-picking accounts!), and still have the money paid directly to our clients rather than directly to us. This maintains a great relationship with the clients, and our approach is different than any other collection agency out there, in that we give guaranteed results to our clients with a 400% return on investment guaranteed! We are changing the way the world has been seeing the collection industry!

jwmbosco (11/29/2010 at 5:46 PM)
shouldn't the title be "How to Decrease Receivables?" just trying to help