Businesses in the medical field dealing with overdue accounts often struggle to find the best approach for collecting on money owed. While strategies will vary, there are a few best practices that should be established from the beginning. Here are three ways medical practices can streamline payments on overdue accounts.

Collect the Right Patient Information

The right patient information is critical to your medical practice, whether you’re chasing down money owed or not. But if your practice comes to the conclusion that you’re better off using the services of an experienced medical debt collection agency instead of diverting your own resources, that information becomes even more important.

That’s why it should be a practice policy to gather detailed patient information. That should include contact information, a social security number if possible, place of employment, and a driver’s license copy.

Create & Communicate a Plan for Delinquent Payments

Patients miss payments for any number of reasons. By anticipating some of the most common reasons for payment delays, your practice can create a plan that includes specific responses and courses of action to help expedite the payment process. This approach also helps to clarify expectations for both your practice and your patients.

Your practice policy regarding missed payments should be clear to your patients from the beginning. This is also an important step if you end up turning over unpaid debt to a medical collection agency like Hospital Collection Services.

Monitor Patient Accounts & Stay in Contact

Ensuring that your patient accounts are regularly reviewed means you can move quickly once a patient has an overdue account. Not only does this make you more flexible for compromising, it’s a good way to work with your patient — not against them.

Takeaway

For many medical practices dealing with overdue accounts is simply part of doing business. But by following these tips, you can improve your chances of being paid for your services. Remember, a professional and experienced medical collection agency offers its own benefits if you’re facing overdue accounts and finding no success on your own. Learn more about our services — contact HCS today.