A written collection policy sets the tone for how you extend credit and collect outstanding balances. It should outline the company’s procedures on a variety of topics such as what information to collect from a patient upfront and how to set up a payment plan. Most importantly, you should publish, train to and abide by the rules that the collection policy sets.
You’ll also want to think about how often you will contact a patient who has an outstanding balance and when to write off if it remains unpaid. The policy should follow the collective culture of your organization and define the workflow of who will complete which tasks throughout the process.
1. Observe the “C’s” of Patient Collections: Clear and Compassionate
Treat every patient the same way – and most importantly, provide clear details so your team can focus on their health and well-being. The conversations can be more about details surrounding co-insurance and payment arrangements.
This isn’t to say that collections of these dollars should be ignored – our goal is to urge you to standardize the way you deal with each patient – and publish the rules. Our experience over the years has shown that these types of actions will both increase your internal team’s confidence in collections and the clarity with which patients work with the organization.
2. Understand the way that Patient AR affects Days Sales Outstanding
We all know that collecting ‘more’ equals greater collections, but all HME providers aren’t affected the same way by their policy. You need to evaluate the type of business you do and the effort involved with chasing down patient balances.
Continue reading 3 Steps to a Stronger Collection Policy
According to the organizers of Medtrade Spring, the industry outlook is moving from cautious optimism to optimism. As we were talking to attendees, we could hear the optimism in their voices.
We know the HME/DME industry is continuing to change. Today, HME/DME is a $46.5 billion industry. It is projected to grow to more than $60 billion by 2020 according to Harris Williams & Co. In 2010, one in ten companies only offered High Deductible Health Plans (HDHPs) to employees, Last year, one out of three only offered HDHP plans. This means private pay portion in the HME industry will continue to rise. By 2020, the industry expects to nearly 37% of the industry’s A/R to come through private pay. Business owners need to be prepared for this change. We were happy to demonstrate how technology and automation can help them incorporate best practices in their private pay collection process.
Medtrade provided many opportunities for attendees to learn about new products and ideas–the exhibits, the panels, the discussions. We heard both presenters and attendees enjoyed the new panel format for some of the educational sessions. The interaction of the panelists brought a new dimension to the session. Allegiance Group was proud to sponsor Andrea Stark, one of the panel presenters at two of the educational sessions.
We want to thank Medtrade for providing us the opportunity to meet with so many HME providers at this conference.
We look forward to Atlanta!
OVERLAND PARK, Kan. (September 23, 2016)—The team at Allegiance Group knew their clients were looking to create more sustainable business practices for the health of their patients and their organizations. The private-pay patient billing and collections company went to work to complete interviews, surveys and focus groups to take a look at their own practices. They believe their new branding effort paid off in their re-commitment to focus on purpose.
“We knew we needed to take a hard look at our self as well,” said Bruce Gehring, senior vice president, Allegiance Group. “Offering an all-in solution for collecting private pay revenue didn’t mean enough. We are unlike other private-pay billing and collection alternatives. Like our clients, it wasn’t just the bottom line we cared about. Our partners wanted to spend more of their time making a difference in the lives of the patients they serve. And we feel the same way.”
As a result, A/R Allegiance Group created an enhanced brand anthem and brand purpose. The branding is reflected in their new logo.
About the logo
Besides being the universal symbol for healthcare, the plus or cross symbol represents the abstract spark that ignites possibilities for our clients. It is the source of ignition, uniting the blue and red colors in the logo, and completing the shape of the lower case “a”. The gap in the lower case “a” provides the opening for the spark detailed in our brand anthem/purpose. It also represents our openness in helping our clients make a difference in the lives of their patients. Our colors are also significant. The blue is indicative of our position as a trusted, secure and dependable partner; red is indicative of excitement, boldness and warmth; these colors nod to our Brand Anthem and together represent the colors of an igniting spark! The cool calm shade of the blue complements the warm rich red in the remainder of the logo, making the logo appealing to the viewer’s eye.
Visit allegiance-group.com for more information.
Delivering a Comprehensive Patient Pay Solution for CPR+ Customers
LENEXA, KS, July 6, 2015 –Mediware Information Systems, Inc., a provider of comprehensive post-acute care healthcare software announces the immediate availability of an integrated patient pay solution for users of their CPR+ pharmacy software. By leveraging the strengths of two of their strategic business partners, Allegiance Group and Rock-Pond Solutions, the revenue cycle management features of CPR+ are extended to include the patient billing and collection services of Allegiance Group.
The integration is based on the Rock-Pond proprietary data transfer technology that defines,schedules, and automates secure data transfers between systems. “This allows Rock-Pond reports and CPR+ Analytics to work in conjunction with Allegiance Group’s private pay billing and collection process, and provides an efficient way to deal with the growing challenge of patient pay collections,” said Pete Tanguay, President of Rock-Pond Solutions. “The automated transfer of data provides an immediate solution to the patient pay challenge without any loss of visibility to patient responsibility activity while performing collections for patient insurance and other accounts receivable management functions,” Tanguay continued.