What are patient billing and patient collection services?
Patient billing and patient collection services focus on collecting the remaining financial patient responsibility including co-pays, co-insurance, deductibles and non-covered charges.
What are the benefits of outsourcing patient billing and patient collections?
Outsourced medical billing and patient collections significantly reduces the number of calls to a practice related to billing and frees up the practice staff to focus on patient care. Outsourced services collect the open patient balances on behalf of the practice. Patients are directed to a toll-free number and speak to a dedicated representative about their statement. AssuranceMD’s representatives will answer questions about their billing and review the bill for inaccuracies. Patients can make a payment over the phone, set up a payment plan or pay on line during.
Another benefit to AssuranceMD’s solution is the reporting information that captures non-standardized addresses which allows the practice to notify the patient and obtain updated mailing information. A second report provided by the USPS captures a move file so that statements from USPS can be forwarded, the patient demographic record can be updated in the practice management application to reflect the new address and helps to ensure patients receive their statements in a timely manner.
What is the patient billing and collections process?
AssuranceMD has a cycled billing process that includes 3 monthly statements. Patient statements are sent on a 28 day cycle and are mailed every 30/60/90 days determined by the aging category. If balances have aged over 45 and 90 days, we deploy a friendly reminder call prompting the patient to call our toll free number regarding the outstanding balance. For patient balances in which three statements and 2 phone calls have gone out and remain unpaid, the balance is moved to the in-house collections module. This list of patients is given to the practice so that they can determine if further collection efforts are necessary or decide to send those patients to a collections agency.
Who should consider outsourcing patient billing and collection services?
Any practice struggling to collect open balances, manage the inbound calls related to billing, or are experiencing growing accounts receivable would benefit from a patient billing and patient collection service. This service is included with our revenue cycle management solution.