Effective Strategies for Collecting Past-Due Medical Claims

It can take time for healthcare providers to collect past-due medical claims, and it can often seem impossible. Fortunately, there are several strategies that healthcare providers can use to optimize the process of collecting past due claims, from understanding the laws surrounding payment deadlines to taking a proactive approach to minimization of delinquent balances. By learning and implementing these strategies today, healthcare providers can reclaim their valuable revenue in no time.

Review & Prioritize Accounts for Collection

One of the most important strategies to optimize collecting past-due medical claims is prioritizing accounts that need immediate attention. You can do this by reviewing all accounts and classifying them of urgency, such as high-priority, medium-priority, and low-priority. High-priority accounts should be acted on. First, medium-priority accounts can be addressed next, and low-priority accounts should be handled last. This will help ensure that you are making progress toward collecting those passed-due claims.

Educate Patients on Payment Options

Another strategy to collect past-due medical claims is to educate patients on the various payment options available. Many practices make it difficult for their patients to know precisely how they can make payments, why they owe money, and what services they are being charged for. Having a clear and concise patient billing policy will help patients understand their payment obligations and guide them in resolving any payments owed.

Contact Individually to Collect Historic Debt

To ensure payments are made on time, it is important to contact individuals regularly. This is especially true when collecting historic debt that has been passed due. Contacting individuals individually can help create a sense of urgency in the customer to pay medical claims before they become delinquent and boost your chances of recouping your payment. Ensure that you follow up with customers several times and within a certain period so as not to irritate or overwhelm them.

Renegotiate Reimbursement Rates with Insurers

To maximize collection efforts, review your reimbursement rates with insurers. Renegotiate your rates if they are not fair or advantageous to you. You can also reach out to insurers and ask whether they have an automated payment program in place that can be used to cover past-due medical claims. Sometimes, insurance companies are willing to help reduce the money owed on past-due medical claims for mutual benefits.

Utilize Automated Collection Attempts and Outsourcing

Automated collection attempts are an efficient way to manage past-due payments and help reclaim unpaid revenue. This type of collection strategy uses software to collect past-due payments through automated emails, phone calls, or text messages at intervals determined by the biller. Automated collection attempts can also be customized with unique messages that resonate with patients, helping to hasten payment resolution.

Outsourcing a patient outreach service can be a big weight off your shoulders by doing the hard work for you. It would be their responsibility to educate patients, reach out to delinquent accounts, organize accounts, and define a plan of action to prevent accounts from becoming delinquent. Account Receivable Professionals would be an advantage to your practice so you can focus on what matters, providing healthcare.