leannehuao35
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Joined 05-24-16, id: 7881827, Profile Updated: 05-24-16

If your practice is already struggling with increasing accounts receivable, the bad news is that it is just bound to get worse. The reason being, it is projected in the medical community that the patient portion for most medical bill will soon grow to as much as 30% of the total balance. This will put the patient or guarantor in equal footing with the other payers in a multi-payer setting. So if you are already struggling today, imagine how much worse this will be for your practice.
Medical Billing and Collection Services
This whole trend is mainly influenced by the diminishing purchasing power of the consumers. With the increase in insurance coverage, more and more consumers are now leaning toward lower monthly payments and consequently, higher deductibles. In many cases, consumers are now self-insuring for the first $2,000 to $3,000 of their bills. For these consumers, the cost of a lower monthly premium outweighs the benefits of a lower deductible and coinsurance. Essentially, what the consumers are doing is that they are throwing the dice hoping that they will not need medical services anytime soon.

If the consumer is not properly educated with this new trend, the lack of preparation means no money to pay the unexpected increase in out of pocket expenses. And the party that takes the biggest hit are the practices.

Practices are already struggling with their built-in expenses (e.g.: Office space rental, staffing, equipment, office furniture, marketing and advertising expenses, etc…). The last thing they need is a diminished cash flow. But with the increase in patient out of pocket expenses, it is truly a tough road ahead for all.

Given these challenges that face all practices, the options available is not a lot. We've all heard the recommendation from some of the best financial consultants, engage the services of the “specialists” (i.e.: collections agencies, collection attorneys, financial consultants, third party billing and collection companies, etc…). Do we choose just one? Or should we engage all of these to ensure we cover all of our bases? That would have been a very expensive proposition and something that not a lot of practice can afford. This last statement would have been true a few months ago.

Aware of the increasing challenges facing many practices, one vendor came up with a service that is truly unique and very practical. This vendor is composed of a group of innovators who's been serving the medical industry for a number of years now and have decided to offer a unique package that will cover every practice's patient accounts receivable needs from start to finish.

Their billing package includes the entire medical billing and collection of all your patient and insurance accounts receivable. The delinquent patient accounts receivable will then undergo an initial skip-tracing process to correct patient demographics. A formal notice to the debtor about their delinquent account will be sent. The letters will escalate until a final notice is sent out. Simultaneously, the company will place these accounts in a predictive dialer for daily calls until a resolution is obtained. If both communications proved unsuccessful, the next process will determine if the account will qualify for possible litigation (i.e.: qualifying amount, availability of assets, no bankruptcy, no valid dispute, guarantor has not expired, no prior judgments, no prior earnings withholding order, within statute of limitation, approved by the practice to proceed with litigation, etc…) Utilizing the court system in the recovery process is crucial to the overall success of the complete management of your accounts receivable. This is because the majority of bad debts that has gone beyond the 90-day delinquency period can only be recovered expeditiously, by judicial means. Once a money judgment is obtained, the most difficult task then follows. The recovery of money judgment. The company will then utilize the various available means of recovery (i.e.: wage garnishment, property lien and abstract of judgment for assets, till tap for most businesses, keeper levy in other cases, bank account lien, debtor exam if no asset is found, private investigator for large balance money judgments, etc…).

The company will even assist you if the judgment debtor is out of state or even out of the country, assist in the trial's continuance, help in the amendment of the case, review the service of process, assist in the domestication of a judgment, and many more. Until now, the cost would have been unthinkable if you get all of these services from multi-vendors. But now, you will be able to tackle the challenges of patient and insurance accounts receivable and shorten the recovery period by more than half the time it would normally take you, and even lessen your current expense. If you want to future-proof your practice, the best time to act is now. Contact RCMGroup4u.com via email at info@RCMgroup4u.com or call them at 844.320.0500.