Are you leaving your collection on the table uncollected? Cheer up! You can collect all of those dollars back to your accounts with reliable old AR recovery services. In this article, I have provided a quick guide so can easily stay on top of those accounts on a regular basis. All you need is some insights and information to acquire the right account receivable recovery services to maintain and improve the financial stability of your medical business. But before adopting the following strategies, I recommend you to learn more information about the standards of professional AR recovery services.
Account receivable recovery is more about a systematic approach than persuading a customer to pay. Of course, making a collection call to the payer is an art in its own terms. However, recovering your uncollected revenue doesn’t rely only upon a single call. Medical practitioners should implement the following strategies before making those calls to smoothly process their old AR recovery services.
Here are the 7 proven tips to recover your medical account receivable collections.
1. Well Manged AR Recovery Services
To excel at accounts receivable management, you have to be diligent in each step of the account receivable recovery services. Start by creating a professional credit application that allows you to easily access the information of patients. It will help you decide which patients are eligible to be considered for extended credit.
You should also make sure that this information is kept secure from unauthorized access. After complete satisfaction, make sure to have a contract where the terms are stated clearly. In addition to this, also make your customers aware about this option.
2. Take Advantage Of Credit Limit
You should clearly monitor payment method of each patient individually. After analysis, start extending credit with a set of specific limit to your patients. Also, let them know that can get more feasibility of they continue their good payment behavior. These incentives brings a good change in the payment method of your overall customer base. It also allows you to learn about the payer’s payment habits before you offer bigger credit. It helps you to ensure that your patients will practice improved payment behaviour for the future.
3. Impact Your Customers
CRM is the most important factor that impacts accounts receivable management. Therefore, providers should hire dedicated resources that help them to create strong and healthy relationship with patients and payers to up your chance of getting paid. Do not disturb your relationship with your customers over an unpaid invoice. Make sure to encourage your team to align old AR recovery services to help you maintain your financial stability.
You must improve your relationship with your customers rather business perspective. Try to engage them through online patient portals, where they can access the electronic medical records and realize their financial responsibilities. They can find answer to their queries directly from their doctors. In this way, you can better collaborate and communicate with your patients. It also allows you to pay attention to your customers and encourage your customers to assume that you will be as diligent about your payment.
4. Follow The Timelines
Create a a system to send a reminder to the customer when they have a payment around the corner. You can use the alarm system or simple reminder mail stating the due date and payment modes a week prior to the due date would suffice.
5. Take Actions On Late Payment
Go straight after late payments soon after the due date has passed. The longer you wait to collect, the harder it will get for you to follow-up with the collection. It will slow down the speed of revenue collection process and drive negative results.
6. Stay Connected
If some of your customer may simply forgot to pay your dues in a timely manner., then you can get paid by simply sending them a reminder email as soon as the payment is past due date. Although, you should aggressively follow up with these payments in order to optimize old AR recovery services for profitable results. However, instead of sending generic reminder, use comprehensive terms in the reminder email that helps patients to easily understand their financial responsibilities.
7. Make Collection Calls
After sending reminder email, still not getting response from the payers? Then it is the right time to get on the phone with the customers. Keep your aggression under check and prepare for the follow up call with payer. Try to make this conversation go in your favor but also listen to the payer’s stance. Be ready to hear most common excuses and prepare yourself in advance to respond each one.
Are you struggling with account receivables aging more than 120 days? Consult with Medcare MSO, we provide the most reliable, profitable and optimized old ar recovery services. Contact us to schedule a free business consultation.
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Originally posted 2020-09-26 12:39:26. Republished by Blog Post Promoter