Optimizing health care self-pay receivables

Discover the quick, easy solution to the growing problem of self-pay receivables

 

If you carry self-pay receivables you have three problems:

  1. You are losing thousands to tens of thousands of dollars to self-pay write offs.
  2. You are losing patients from the practice when you send accounts to a collection agency.
  3. You are paying collection fees that average 20-50% of the account balance.

What would it mean to your practice if you could cut your cost of collections while at the same time you were able to:

  • Capture significant new revenue that is currently lost in self-pay write offs?
  • Automatically trigger payment from delinquent accounts PRIOR to write off enabling you to retain the patients in your practice?

Now there is an advanced service available for your internal receivables process that’s cheap, affordable and guarantees results.  It provides you with the one tool you must have access to in order to optimize your receivables process because it is the only tool that will trigger payment from delinquent accounts that ignore your current payment requests and bills.

Why your collection attempts, your letters and your bills are ignored.

Bills and collection letters from your practice, from your practice management software collection module, and from billing companies are all first party. They have little to no effect on delinquent patient accounts because these patients know there is NO consequence to ignoring them.

By contrast, letters from a licensed collection agency are third party, by law. They are so powerful and effective because patients know they will suffer very real consequences (a hit to their credit report) should they chose to ignore them. This is why patients that have ignored your repeated collection attempts will turn around and immediately respond when they hear from your collection agency.

Did you know that fully 80% of all accounts collection agencies recover are recovered by their third party collection letters alone? The third party collection letter is the single most power tool collection agencies have to obtain payment from assigned accounts.

Wouldn’t you rather get paid by these patients yourself, in house, BEFORE you write the account off, send them to a collection agency and lose the patient from the practice?

If so, you need a resource that enables you to incorporate the third party collection letter as part of your internal receivables process.  But the trick is how can you do this when the ONLY source for third party collection letters are collection agencies? That is where we can help you.

We will introduce you to a service where third party collection agency letters are customized specifically for use by practices as part of their internal collection process. The letters are sent by a licensed collection agency, as required by law, however they are customized for you so:

  1. The third party letters direct patients to send their payments directly to you, NOT the collection agency.
  2. Your contact information is included with directions to contact you directly to set up payment arrangements, if needed.
  3. All you do is report payments via a simple, easy to use, online account. You pay NO contingency or commission fees.

Complete Control

This service is part of your internal receivables process and as such you maintain complete control of your accounts at all times. With your simple, easy to use online account you have the flexibility you need to appropriately manage your accounts with a just a few clicks:

  • You can start and stop letters from being sent at any time.
  • You can pause accounts to ensure patient adherence to any payment plans.
  • You can cancel accounts at any time at no cost.

And if you want reports they are always at your fingertips and you can generate them any time you like.

Solve the self-pay receivables problem once and for all

Contact me for a free self-pay receivables analysis and I will show you how to streamline and optimize your process so, for the first time, you can be assured that:

  1. Your cash flow is as quick as possible for your particular practice.
  2. You are not leaving any money on the table from accounts that really could have been recovered prior to write off.
  3. Your staff’s efficiency is not degraded as a result of engaging in the unproductive, stressful work of chasing patient payments.

Guaranteed results

We provide a written guarantee on the results of our service. We can also guarantee that staying with the status quo and not adopting this service will ensure the continuation of your current results – losing thousands to tens of thousands of dollars to bad debt write offs, ongoing and unnecessary erosion of your patient base due to patients lost to collections, and payment of needlessly high collection costs.

For your free analysis of your self-pay receivables and to learn what you can expect for your practice contact:

Call Mark Loebig at 412-330-0321 or MarkLoebig@gmail.com

Mark Loebig is a healthcare receivables consultant that specializes in self-pay receivables. Through his relationship with a national collection agency he is able to provide healthcare practices a seamless, easy method for incorporating the power and effectiveness of third party letters into a practice’s internal receivables process.  Mr. Loebig is a graduate from the United States Naval Academy and a veteran of the United States Navy.

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