Hospitals' Self-Pay Receivables Increasing

A recent study conducted by Healthcare Financial Pulse reports an increase in self-pay receivables compared to the prior fiscal year.
The study reports more than one-third of hospitals who noted that they had seen an increase stated the increase was 10% or greater over the prior fiscal year. The study notes that small hospitals were the most likely to have the greatest percentage of increases.

To combat the changing payment environment, 72% of respondents report devoting moderate or substantial efforts toward point-of-service collections.

According to the report, respondents indicate the difficulty in estimating the cost of services to be received is the most significant barrier to more extensive point-of-service collections.

Source: 2009 study conducted by Healthcare Financial Pulse

A New Service of Outsource Receivables: FirstMed Contact

Is it time to review your self pay account follow up process?

Having trouble collecting the patient pay portion of your billing?

We have an answer.

FirstMed Contact. Your complete account follow up resource.
Motivating patients to pay sooner under your company's name.

As patient insurance coverage decreases and a larger portion of a bill is paid by the patient, medical providers must shift to a retail model for their credit and collections processes. Success in the new world of medical self pay collections lies largely in early and consistent contact with a patient.

This is where FirstMed Contact becomes an instrumental part of your revenue cycle.

Not a pre-collect program, FirstMed Contact is designed to intervene before a patient’s account becomes past due and difficult to collect.

The FirstMed Contact process:
15-30 days Statements are sent by provider

61 day Collection letter is sent under your company name
71 day First collection phone call made

81 days Second collection phone call made

91 days Goes to ORI 3rd Party Collections

Benefits of FirstMed Contact
• We catch past due billing in the early stage when full collection is most likely to occur.
• Letters and phone calls are done under your company name.
• This process is not pre-collect.
• FirstMed Contact has the ability to deal with large volumes of calls in a very short amount of time.
• Your staff resources are free to work on other projects.
• We continue contact with the patient keeping information current.
• The FirstMed Contact process takes less than one month to complete.
• Outsource Receivables is a complete medical billing and medical asset recovery company. We are experts in the medical revenue cycle.
• If necessary, 3rd Party Collections continues through Outsource Receivables 3rd Party Collections.

For more information, contact Outsource Receivables Inc.