|DOWNLOAD OUR INFOGRAPHIC|
Statistics show it no longer makes sense to use in-house resources to follow up on past-due patient accounts. If you aren’t collecting before or during the visit, your likelihood of collecting the balance at all decreases significantly.
Relying on sending statements every month, making periodic phone calls and hoping balances will be paid is a strategy that's no longer effective. Now that your patients are one of your top payers, you need to be proactive and rethink your collection process to ensure success.
It’s much more effective to automate these efforts so you can use your valuable in-house resources on more productive tasks.
Is your physician practice experiencing the 10-10-10 Rule?
This phrase refers to the ever-diminishing chances practices have of collecting on patient debt by manually calling homes and individuals. According to our findings:
- Just 10 percent of calls made actually connect with a person.
- Of those connected calls, only 10 percent reach the intended recipient.
- And of those calls that are answered by the right person, just 10 percent are able or willing to pay.
Today, patients are the third-leading payer in the country behind Medicare and Medicaid. If practices continue to chase after collections with manual phone calls, patient debt will continue to pile up. Practices are businesses in the end, and now they're dealing with consumers, not just patients. In order to survive, let alone thrive, they must confront the new realities of healthcare.