As insurance co-pays and deductibles rise, medical practices have seen their patient balances increase, as are days in receivables. Yet, collecting overdue balances can be a difficult, time consuming and frustrating experience for staff and patients alike. Legitimate concerns regarding Doctor-patient relationships often become a factor in whether or not to emply a collection agency to follow up on patient receivables. As a result, an increasing amount of patient balances are simply written off, and the effect on the practice's bottom line has become more and more of a problem.
Bottomline has addressed these concerns with the ideal solution for collecting patient balances. By combining automated billing follow up and diplomatic, 0% collection agency services, the solutions we recommend will follow up on patient balances quickly and diplomatically, and benefit the practice in a number of important areas:
1. Accelerate cash flow into the practice
2. Reduce days in receivables
3. Maximize recovery of past due patient balances
4. Save time and free up the Doctor and staff to attend to patients
5. Keep patients in the practice
6. Eliminate privacy concerns with full HIPAA compliance