Staying at the crown of best practices in accounts receivables can be very challenging in todays ever-changing healthcare landscape. The Healthcare Financial Management Association (HFMA) and ACA International-Association of Credit and Collections Professionals had to review and update the framework for Best Practices that had been established in 2014 due to the Covid-19 pandemic and the possibility of future public health emergencies. The following recommendations were made in 2020 based on their study.
Preservice/Discharge Patient Education And Engagement
Early communication is key in forming connections with patients and establishing a plan for payment of their accounts.
● When a non-emergency service is booked, the patient should, whenever feasible, be given a pricing estimate. The patient should be given an estimate for emergency services as soon as it is practicable to do so.
● Patients should be informed of the providers policies on account resolution as well as the account resolution procedure.
● In order to give insured patients a precise estimate of their financial responsibilities, providers must gather all the information required from them. Consideration should be given to all potential sources of insurance, including public assistance programs, workers compensation/work-related injury, and the process for enrolling uninsured individuals in coverage.
● There should be options for payment plans as well as access to financial counseling.
● A clear and understandable bill should be offered with information on how to file complaints and answer your questions.
● It is necessary to gain the patients consent to contact them, learn their preferred method of communication, and advise them on how to change their preferences.
Afintech debt collection companies in usais aware of the value of taking preventative measures while resolving patient accounts. Therefore, the Early Out Program was created to assist healthcare professionals in working with patients to promptly and easily complete their financial obligations.
Post-Discharge Resolution Process
Once the account is discharged, the following steps are recommended:
● Verify the patients account and that all potential sources of coverage have been taken into account.
● Send the patient their half of the bill clearly and clearly. There is no need for further action if the patient receives 100% financial aid or pays the whole amount owed.
● Other options for settling the account should be investigated if there is still a balance. Internal resolution of the account, sending the account to early-out business affiliates, or administrative write-off of the account are examples of possible solutions. The process ends here if the account has been completely satisfied.
It can take a lot of time and effort to screen accounts and ensure that all potential coverages:
have been considered. However, when it comes to collecting insurance payments that have already been denied, a healthcare debt collection agency may put in place a prompt insurance rejection management strategy and help healthcare providers save time and money.
Next Steps
A debt collection agency may be contacted if the account is not settled at this point and is deemed to pose a risk of bad debt. Their educated staff will try to obtain payment through procedures that will match the patient service ideals you uphold in your organization. A reputable debt collection firm helps patients pay their debts in full using a sympathetic approach, which not only gets their customers debts liquidated but also fosters a good patient-provider connection. To learn more about their services, contact a third-party healthcare debt collection firm in the USA immediately.
