Increase your chance of receiving revenue by requesting it at time of service
Higher deductible healthcare plans are largely responsible for the decrease in collected revenue among providers. Following up on past due patient balances has always been a challenge, even pre-pandemic. Now, with reduced onsite staff, many practices are finding it increasingly more difficult to get patient receivables resolved.
According to the Academy of Healthcare Revenue, “providers have a 70% chance of receiving payment at the time of service if they request it – but only a 30% chance of collecting it after a patient leaves the building.”
What is your strategy for resolving patient AR? Do you simply send numerous statements because there is no time or resources for anything else? Do you pursue the larger balances and write off the smaller ones because it would cost more in staff time to pursue them than what you would receive in return? Do you send them to a collection agency and give up a large percentage of the amount collected, including your profit margin? If some or all of your administrative staff are working remotely during the COVID-19 pandemic and/or you’re just finding it increasingly challenging to follow up on past-due patient balances that are not ready to be sent to a collection agency, we have your solution!
At Transworld Systems Inc. (TSI), we offer a service called Accelerator that provides first-party follow-up on your early stage past due accounts. First-party service refers to a communication program that appears to be coming from your practice, even though we are providing the work.
The Accelerator service consists of 5 frequent contacts to each guarantor which includes a call to action to pay their balance or call your office if they need to discuss the balance, set up a payment plan, provide updated insurance or anything other item to discuss with staff. You are paid directly by your patients.
When the Accelerator is used in place of a 2nd or 3rd bill, our frequent, persistent contacts yield response rates of 74%+ which increases cash flow while reducing both the cost of extensive rebilling and the risk of depreciating patient receivables. Our service provides you with a professional, inexpensive, compliant, and systematic follow-up program that is easy to implement and scalable.
The service is fully integrated within MicroMD so you can securely transmit accounts electronically (Hipaa compliant) as well as notify us of payments electronically as you receive them. Remote staff can do this by logging into MicroMD and not having to make patient phone calls or stuff envelopes from home!
