Self-Pay Accounts- Difficulties in Collecting.
A July 2010 Healthcare Technology Online article reported that the prospect of increased self-pay medical debt is troubling because it presents some specific and significant challenges to healthcare providers.
A model where healthcare providers collect primarily from an insurance company is a fairly structured process. Providers deal with a handful of payers on multiple claims and, in many instances, data is exchanged between these parties via EDI (electronic data interchange).
Patient self-pay debt collection, on the other hand, is an extremely labor-intensive and expensive process. Outbound communications (i.e. invoices, letters, phone calls, etc.) need to be sent to each individual patient in effort to collect the debt. "As a result of these communications, collecting a self-pay debt costs an average of $17.50 per account. This is seven times the cost of collecting from insurance companies," says Tony Reisz, President and CEO of Ontario Systems. "Patients also pay more slowly than any other type of account except for Medicaid.”
How can Outsource Receivables help?
At ORI we provide the infrastructure and staff needed to diligently and effectively collect both insurance pay and self-pay accounts.
We save time and resources. It takes a great deal of time to hire, train, and maintain a revenue cycle management (RCM) staff. With the ever changing regulations and protocols in the healthcare industry, outsourcing relieves your business of these burdens and allows you to focus on the core mission of your medical practice.Central Business Office. We act as your Central Business Office. The cost complexities associated with implementing and running a CBO are very high.
A CBO administrator is required to hire, train, certify and carry out a compliance plan.
The average cost of recruiting, hiring and training a new employee is $3,500 (that does not include the decreased production caused by turnover).
The complexities of on-going personnel management require constant monitoring.
Infrastructure and Dedicated Professionals. ORI has 30+ professionals who are experts in variety of back office tasks.
ORI has a large business office that can handle any challenge.
Each staff member is responsible to achieve a high standard of production that is monitored and audited consistently by a member of the management team.Designated Team for Your Account. ORI will be your “Business Partner” by using dedicated personnel to handle your account almost as if they were your own employees.
Clerical reps, data entry reps, insurance aging reps, self pay reps, team leads, project manager are assigned to manage each area of expertise to ensure you have a strong infrastructure protecting your AR.Technology Management. End to End Management of IT – ORI will meet the ongoing demands for skilled IT personnel to fix issues. We have direct access to our hosting partner and software support line. The ORI Team will be responsible to maintain the Practice Management Software, Scheduling Software, assist with Electronic Medical Records (coding tools), HIPAA Security, offsite hardware and more related to the billing office.
Dedicated Follow Up. ORI will provide customized monthly reports and analytics that offer a deep look at key metrics, allowing the organization to make better strategic decisions. This could provide insight into provider productivity, coding improvements, better management, enhanced patient care and much more.
Knowledge and Implementation of Government Protocols. Because of the complex regulatory environment in the healthcare industry, the demand for knowledgeable and experienced billing professionals has become paramount for healthcare providers. Full service billing services are in demand because of their efficient administrative processes, HIPAA compliance, and ability to stay contemporary with regulations and requirements.
Trusting our professionals with your medical collections is a sound decision. To meet with us for your free account assessment, contact Dan Smits at 763-398-5209. www.outsourcereceivables.com.
