4 Ways Collections Outsourcing Can Transform Your Dwindling Profits

4 Ways Collections Outsourcing Can Transform Your Dwindling Profits

Healthcare organizations are saddled with increasing levels of competition so the struggle to remain viable is more complex than ever before. If you ask any hospital manager what worries them when it comes to struggling cash flows, poor billing and collection practices are likely to top the list. Investing in expensive resources to handle these non-core practices can significantly impact the bottom line of healthcare organizations which is why outsourcing has emerged as a smart alternative solution. Here are some ways collections outsourcing can transform the dwindling profits of your healthcare business.

Ability to Improve Satisfaction with Existing Patients

Billing and collection mistakes can stress out patients who don’t need the added burden on their shoulders. This can put you in a tough position because unhappy patients are unlikely to come back for your services. Using an outsourcing partner will help eliminate the mistakes that come with overworked staff trying to do more than they are capable of within a limited amount of time. Accurate bills and collections are hugely satisfying to clients who don’t have to worry about the additional burden. In an era where competition is at its height, maintaining patient satisfaction will help to build loyalty and efficacy.

Clear Visibility into Payment Behavior of Patients

One of the biggest benefits of billing and collections outsourcing is your ability to gain clear visibility into the payment behavior of your patients. This will allow you to create specialized payment plans and processes that will encourage more patients to use your services. Receiving payment activity reports from your outsourcing partner will help you gain a tremendous amount of perspective, enabling you to adapt your billing systems to make them more patient-friendly. Your outsourcing partner can provide you with valuable insights to help you make more informed decisions regarding billing practices at your company.

Enhanced Productivity of Existing Staff

When you take away the responsibility of these non-core functions like printing, mailing and stamping healthcare billing statements from your already overworked staff, you’ll find them spending more time being productive in their core specialties. For instance, doctors or nurses within your organization could spend more time helping patients recover instead of preparing bills when patients are released. This will help you improve staff productivity by helping them focus on more specific and profitable functions.

Offer Alternative Payment Platforms for Customers and Patients

Outsourcing your billing and collections needs to a third party will save you a lot of administrative work especially when it comes to incorporating alternative payment platforms for customers and patients. This works out in favor of different patients because they have their own preferences when it comes to making payments. For instance, some patients prefer cash, online or check payments while others prefer to pay via credit or debit cards. Managing a variety of payment platforms is cumbersome for existing staff who are already busy tackling a variety of other issues so outsourcing this will make the payments platforms more flexible for your customers and patients.

Collective Solution (CS) is a full-service healthcare outsourcing services provider with a key focus on billing and collections. We also offer a myriad of other outsourcing services to healthcare organizations, helping them get the best possible return on investment when they utilize our services. Our professionals are extensively trained to meet the needs of healthcare organizations by ensuring that your customers and patients remain satisfied with your services without overburdening your employees. Give CS a call to find out how we can add value to your healthcare business.

 

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