Early Out Services: What Should Be Included And Why?
According to studies, patients are now the third-largest payers in the healthcare industry, right behind Medicare and Medicaid. Because of this, clinic and hospital managers need to take steps to settle invoices with self-payers to receive what is owed on or before the deadline.
One of the solutions they can explore is early out services. This is offered by accounts receivable management companies like Keizer Solutions. They’re ideal for accounts that are more or less 60 days past due as well as those that are still nearing their due dates. These services help you collect patient payments and ensure positive cash flow, without destroying the relationship that you’ve built with your clients.
When hiring a firm that offers these solutions, take a close look at what’s included. For one thing, they should involve effective and polite communication with your clients to remind them of what they owe and encourage them to pay as soon as possible. Companies offering these services should be able to assist you with making courtesy telephone calls to your patients. They should also help you with mailing billing statements as well as payment reminders. The reminders can be done using your own letterhead or company’s letterhead.
Companies providing early out solutions assist patents in creating payment plans that are feasible based on their income. This allows your patients to pay their bills without losing their dignity. This also ensures that you’ll get paid without losing the loyalty of your clients.
Early out solutions aren’t just for self-payers; they can also greatly help with patients that are covered by health insurance. Your A/R management company can work with insurance companies and help you advise patients of the pre-authorizations. These, in turn, means you can satisfy the internal requirements of insurance providers and ensure you’ll get paid.
Of course, these services should come with reasonable and affordable fees. No need to spend a fortune on collecting debts that may or may not be paid. Get an A/R management firm that offers quality early out services to prevent patients accounts from reaching collections.