How to Make Your Collections Process More Efficient

Efficient collectionsCollections are the lifeblood of a healthcare provider's revenue stream. Without a proper system for collections in place, you'd be amazed at how quickly your profits can dry up. One of the challenges when it comes to healthcare billing is that service providers have to take care of the paperwork on both ends, dealing with patient payments and insurance claims. With so many balls in the air at the same time, things can fall through the cracks, potentially costing your company millions in lost revenue. Take control of your healthcare billing and make the process as efficient as possible.

Software

Many healthcare providers still rely on old paper records and staff to call patients for payments and to keep track of improper bills. A modernized system of calls and records is an efficient one, virtually eliminating the chance of human error or misplaced files. Healthcare Information Services has software ready to go that automatically calls patients when a bill is outstanding, making sure no call is ever overlooked. Our software will also automatically flag payments that are too low or too high, or not delivered on time, giving you an instant record of billing issues that need to be pursued.

Collections Experience

When it comes to collecting outstanding payments from patients, it is all about experience. Experienced collectors know exactly how to approach each individual patient, based on his or her needs. So much revenue is lost on unpaid healthcare billing that it is not worth taking the risk of using inexperienced collectors.

Monitoring Payments

Sometimes it takes an outside perspective to spot inefficiencies and errors in a healthcare billing process. When your doctors get reimbursed, you need to make sure that they are not inadvertently giving discounts or not receiving full payments from insurers. The best way to take care of this problem is by hiring an external team to come in and review all aspects of your payment records. The team at HIS has years of experience putting fresh eyes to well-worn billing systems, making sure that no revenue is being lost in the shuffle.

Appeals

It is all too common for healthcare providers not to re-submit claims once they are denied. Given the amount of work involved, it is understandable. However, many claims are overturned upon appeal, resulting in increased revenue. The expert coders at HIS make sure your denied claims are always resubmitted, leading to increased revenue and overall healthcare billing and collections efficiency.

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