Today’s organizations are constantly looking for new ways to differentiate themselves from the competition. Marketing and expanding your collections electronic payments services is certainly no exception.
When comparing services, those who offer a full billing collection suite to clients tend to increase revenue and distinguish themselves again and again by providing a complete solution.
For example, those organizations collecting on behalf of healthcare providers have an inside track to growing their business from within. Why? One reason is because there is already an existing relationship, and additional revenue cycle management services can be offered as a value-added proposal. Offering to assist or assume first party and early out billing and payments can potentially result in a major revenue growth opportunity while supplying a unique value proposition and an added level of customer service by the organization.
So how do you deliver first party and early out solutions to current collection clients?
- Develop a unique website to accept online payments;
- Set up an inbound 800-IVR for payments after-hours;
- Collect first party payments with a lower credit card interest rate for your clients and deposit funds directly into their account; and,
- Offer awareness, training and education on payment arrangements and how customers can capture funds at the point of sale or admission.
In many cases, a customized package can be delivered from the collection agency to the clients. For instance, in a healthcare scenario, a majority of hospitals do not offer online payments or after-hours phone options to take payments. However, agencies can help bring their hospital clients into the modern era, managing their receivables and allowing the hospital to take care of patients.
Keep in mind: These same principles apply across many other verticals serviced by the ARM industry.
Don’t leave opportunity on the table, or worse yet sit smugly doing things the way they have “always been done.” This approach could potentially let the competition get ahead. Instead, contact BillingTree to assist you in your collections electronic payment processes.