Are you losing money, time and resources with your current revenue cycle practices? Determining which accounts to hold for internal collections and which to turn over to a collection agency is a complicated task. Recent studies have shown that medical practices keep their accounts receivable (A/R) much longer than they should and there are two main reasons backing that decision:
- They don’t want to alienate patients
- They don’t want to pay the high percentage fee that is usually associated with collections
In the healthcare industry, it’s more important than ever to have strong revenue cycle performance practices. That’s why TSI has partnered with MGMA to create our latest whitepaper: “Knowing When to Fold Them: Advice for Maximizing Revenue Cycle Performance.” In this whitepaper, you’ll find out how to consider all the variables of lucrative and unprofitable accounts and what you can do to improve your current practices with our collectability timeline. Know when to “fold” delinquent accounts and how to collect more and collect faster with our help.
As reported by the U.S. Department of Commerce, an account 60 days past due has only a 70% chance of recovery. After six months, it has only a 30% probability of being paid. There’s no time to waste.
Click here to download our paper and learn more about how to optimize your collections and cash flow practices.