Any business that deals with customers and extends any sort of billing or credit options eventually needs debt collection services. But businesses are not the only ones that utilize debt collection services. A healthcare practice also needs to utilize debt collection services from time to time.
Healthcare’s patient-dependent revenue cycle is forcing hospitals and other healthcare providers to change their collections strategies. As out-of-pocket costs and patient liabilities rise, medical practices struggle to get paid for their services. It’s far more difficult to collect from patients than payers. Therefore, it is important for providers to adjust their workflows to collect at the time of service and enable easier, more immediate payment processes for patients. If weeks and months pass without payment, providers lose money due to rising administrative costs.
But, as someone who manages a healthcare practice, your primary concern is patient care, not collections. You probably have a lot of questions about how debt collection works and where to start.
Start with CINCB
When you’re a client with CINCB, you receive our complete attention. We will ensure you have the right service for your needs, onboard with ease, and start sending accounts into collections in no time. Our consumer-friendly collection practices and proven strategies will recover your past-due accounts, while also maintaining your consumer relationships critical to the success of your practice.
As a provider in a health system, physician group, or private practice, it’s a challenge to find a revenue recovery partner that understands the intricacies of healthcare. You need a collection agency that can speak intelligently to your patients about healthcare billing collections. CINCB cares about the customer/patient experience and delivers superior service, performance, and sense of security to improve the financial outcomes of both you and your consumers.
If improving your patient payment collections isn’t a top priority in your financial plan this year, you’re in trouble.
When patients don’t pay you, your practice is at risk. That’s especially true for smaller, niche healthcare practices. Did you know that estimates show providers only collect 1/3 of patient balances larger than $200? Patients are increasingly facing bigger medical bills — ones they aren’t always prepared to pay.
CINCB is a collection agency that is devoted to improving your revenue cycle. We understand your challenges and will help you overcome financial pressures. We have a dedicated, expert staff ready to assist.
Billing and Collections
When should you consider using a collection agency? Typically, you’ll want to at least set a dollar amount and time limit for referring past-due bills to a collection agency. For example, if you find yourself at the 90-day mark and the patient still hasn’t paid, it’s time to consider using a collection service. At that point, it’s unlikely that your staff is going to get anywhere.
CINCB offers recovery plans to meet the needs of any size practice. Do you have an accounts receivable that is over 90 days old? Is your revenue dropping as a result? CINCB collection services will recover your debt. With optional tools like credit monitoring to notify us of important changes in the patient’s credit status that may indicate an ability to pay, we supply innovative solutions and higher recovery rates. We streamline your accounts receivable processes and allow you to focus on the work you do best.
Commitment to Quality Service
Your patients will receive positive, empathetic service. Your collection partner needs to understand the complex healthcare industry to succeed. Our highly trained expert staff specialize in supplying a positive experience to help your patients to navigate the complex world of medical billing and healthcare collections. Boost your revenue and help provide patients with more personalized, compassionate financial options.
Let us help you reduce bad debt write-offs—in compliance with industry regulations–to minimize risk while improving the patient financial experience. Contact CINCB today to get started.