What degree of improvement do healthcare providers seek when deciding to outsource payments to a third-party? Providers typically outsource the collection process to contain costs, improve efficiency and leverage the expertise of collection professionals. The best collection agencies invest in the latest technologies and specialize in healthcare collections. In addition, highly trained staff operate as an extension of the healthcare provider’s accounting department.
The level of success derived from outsourcing collection activities depends on the agency’s ability to:
- Comply with all applicable federal and state regulations
- Manage a robust quality assurance program
- Offer advanced technologies that streamline operations
- Staff and train the right personnel
- Produce useful data and reports
- Demonstrate qualifications, including financial stability, trade association credentials and certificates, errors and omissions insurance, state licenses and registrations, and codes of conduct
Today’s healthcare collection environment has become extremely complex and challenging. As a result, providers face mounting financial pressures. With growing co-pays and deductibles, an increasing number of patients find it difficult to pay their medical bills.
Collecting amounts due while treating patients fairly is an important balancing act for healthcare providers. Outsourcing to third-party collection agencies can improve the collection rates for healthcare organizations. It can also free-up a provider’s internal staff to focus on core initiatives, such as providing the highest level of patient care available.