How to Help Collect More Healthcare Debt
Healthcare is one of the leading sources of consumer debt. With patients shouldering more of the financial burden due to larger deductibles and co-pays, the healthcare provider can no longer rely on an assured payment from the insurance company. Collecting on past due balances post-care becomes a problem for a healthcare provider and they will often turn to collection agencies for help in recovering delinquent funds.
As an agency you want to expand your billing and payment footprint with your hospital and physician accounts. This can be done by having a wide variety of re-payment methods that you can offer to the consumer. Through this you will be able to offer your healthcare client the best service and most prompt collection possible. By demonstrating the benefits and value of allowing your agency to process healthcare-related payments, you will be able to tap into the large amount of consumer debt.
When adding to your payment offerings, look for a healthcare payment solution that is HIPAA compliant, and offers different methods for payment that meet the specific needs of agencies collecting on healthcare debt, including:
- Medical Savings and Spending Account payment acceptance
- Payment plans for large balance payoffs
- Web portal, Interactive Voice Response (IVR) and agent-assisted solutions for accepting payments where the consumer prefers interaction.
- Credit cards debit cards, Health Savings Accounts (HSA), Flexible Spending Account (FSA), and Automated Clearing House (ACH) payment acceptance.
As consumer debt grows for healthcare providers, they will be searching for a means to collect more. Through the ability to accept payments through a variety of methods you will be able to reach more of these healthcare providers.
BillingTree has a complete suite of healthcare payment solutions, including our HealthPAS (Payment Ambassador Service) for both healthcare providers and collection agencies. To learn more, contact BillingTree or call us at 877-424-5587.