The Value of a Dedicated Team of Collections Specialist Team For Your Company

Just like any other industry, uncollected debt and outstanding payments can result in cash flow problems and later on, financial losses for medical providers. Healthcare business consultant agency, Sage Growth Partners, conducted a survey among 100 hospital executives in 2018 and found that about 36% of responding executives said their health systems faced more than $10 million in bad debt.

When it comes to patients, a 2016 survey by Kaiser Family Foundation and New York Times showed that one out of five insured working-age Americans faced problems when it comes to paying their medical bills in the past year and among those without insurance, 53% dealt with the same problems. With all these findings, medical providers should really consider investing in a good collections team that is experienced in the laborious process of debt collection.

Training your in-house staff for this task can be an option, but it is best to outsource your collections specialists so you can steer away from spending extra resources and time and ensure that your staff remains focused on taking care of patients rather than paperwork and phone calls. An outsourced team of collections specialists will thoroughly review and process billing information, debt, and unpaid insurance claims to yield the best results for your company.

Here are 4 more reasons why you should choose to outsource your collections team:

Save 95% on Resources and Time

As mentioned above, hiring an in-house collections team can be taxing on the budget. Since recovering delinquent funds is no easy task, and the laws and regulations when it comes to debt collection are ever-evolving, the staff will need constant training and monitoring, which you will not need to handle when you partner with a reputable outsourcing company.

Moreover, by outsourcing your collection specialists, you free your staff from unnecessary stress and they can focus more on their tasks and taking care of patients, resulting in better employee morale and patient satisfaction.

Access to Specialists and Professional Tools

Outsourcing gives you access to a talent pool of experienced collections specialists who are not only knowledgeable about billing procedures, collection techniques, laws related to debt collection, and other related topics, but are also well-versed when it comes to dealing with patients and their concerns when it comes to medical debts They exhibit compassion and courtesy while still being transparent and professional to patients so they can help them settle their balances through payment plans that fit with their budgets.

At the same time, they also have professional tools and third-party sources at their disposal that can be used to contact clients who do not pick up the phone or those who left town in an attempt to escape payment.

Collect Debts from Delinquent Clients

Equipped with ample knowledge on collections law and years of experience on the job, collections specialists are more assertive when it comes to delinquent clients or those who failed to make a required payment or action in a given period of time. They are consistent and patient in following up to these kinds of clients so that delinquent accounts can be resolved as quickly as possible and be avoided from occurring again moving forward.

Improved Cash Flow

Effective debt collection is important in revenue cycle management (RCM). With your outsourced collections team working round the clock to make sure that accounts are up-to-date and the collections cycle is shorter, it will ultimately improve your cash flow and increase your bottom line.

Look for a trusted outsourcing company that can help you build a dedicated collections team who has:

Access to world-class talent
A+ recruitment process that can hire and on-board new teams within 30-45 days
Most specially, a high Net Promoter Score of at least 60. Why?

High Net Promoter Score

Net Promoter Score helps businesses gauge the quality of the customer service offered by outsourcing companies. Organisations can use NPS to assess which outsourcing service is best to partner with because this score shows loyalty trends and growth revenue outputs.

In a way, NPS represents the primary way customers survey their experience because it means that their clients are happy which results in customer loyalty and retention, making this a critical trait an outsourcing company should have. When used correctly, NPS (of at least 60%) can tell you how well the BPO is performing, how often they resolve issues, and if their clients are satisfied with their experience.

With the right partner, you are guaranteed with:

Operational excellence
Build a dedicated team of collection specialists and RCM team that can help you properly manage claim denials
Operational cost savings of up to 70%
95% coding, billing and documentation accuracy
90% ROI in correct claims processing
Improved denial management rate
ISO 27001 and 9001 certified, GDPR, HIPAA compliant
Net Promoter Score: Sense of security and peace of mind

Connect to a world-class pool of talent all the while saving up to 70% operational cost without compromising quality of work and maintaining operational excellence by finding the right partner. The right partner also has an established Information Security in place to ensure patient data confidentiality regardless if working on site or remotely.

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.