Use A Single Vendor for both Outsourced Statements and Collections

By Frank Nuck

Why outsource patient statements? Generally because the process is labor intensive which reduces ROI per receivables dollar…AND it’s a pain in the butt! You should get an even greater benefit if your vendor is also a collection agency, since you will maximize the management of BOTH current and past-due A/R.

Every month, you fight to prepare, mail and monitor – often by random personnel – patient statements.
Then when accounts are to go to collections, the return-on-labor-dollar is even less, and you must still (1) identify delinquent accounts, (2) have those accounts approved for collection then, (3) prepare and submit the accounts to another vendor who will act as your collection agency. Sometimes your billing software facilitates the process, but more often than not, you must run multiple reports to manage both the submission of patient statements and the submission of accounts for collections. When cash is tight, you need the money! But is there an easier way??

YES! Use a single vendor with proper reporting to mail patient statements and provide a simple report specifically identifying collection accounts! You should not have to guess whether a patient received a statement, nor should you have to reconcile multiple reports to determine who goes to collection. Your vendor must be a clearinghouse for statements, while also being properly licensed as an agency… a combination which can be hard to find.

If you visit our web site, you will discover that EZ Statements provides simple verification of who received statements along with simple identification of accounts headed for collection. We allow you to make better use of your personnel while keeping you informed throughout the collection cycle. You would also discover that we are a cost-effective alternative to the monthly headaches surrounding patient statements.

For more information about outsourcing your billing statements and debt collections with one vendor contact Financial Control Solutions.