Pivoting Hospital Medical Debt Collection For Today’s Healthcare Crisis
Categorised in: Our Blog
Few people appreciate receiving an invoice for the care they receive from their local hospital, but this bill is a crucial aspect of your care. Billing ensures the doctors, nurses, and emergency responders who treat patients can continue to do so, day in and day out.
If healthy cash flow is necessary for a hospital to provide care to its community, then anything that interferes with it has a direct negative impact on patients’ well-being. Unpaid invoices and medical bills cut the cash flow off from the source, making it harder for you to greenlight procedures, pay staff, and keep the lights on.
Uncollected bills can put a lot of sick people in harm’s way, which is why our medical revenue debt collection plays a critical role in your hospital’s accounting. Our debt specialists can work with your A/R department to streamline prompt payments that keep the cash flowing.
Medical debt collection is always an important billing strategy, but it becomes infinitely more crucial during a crisis. Our efforts to recover bad debt will help you provide critical care during a pandemic that’s putting your hospital through the wringer.
Hospitals Face the Perfect Storm
Like so many businesses across the country, hospitals are experiencing the COVID crunch as emergency expenses are at an all-time high. One estimate puts the net loss of one coronavirus case at $2,800. As we write this now, there have been more than 6 million confirmed cases in the U.S., which would put a $16.8 trillion burden on the health care system.
This is happening when many states have put a temporary hold on elective procedures, which are the primary moneymakers for many hospitals. Restricting these treatments erases millions of dollars from a budget that’s already facing unprecedented expenses.
To combat these new financial pressures, CNN reports some hospitals are postponing essential expenditures previously thought necessary while also laying off staff.
Meanwhile, data shows hospitals aren’t alone in the financial failings. Patients are under similar strain. One survey shows one-third of respondents lost 10 to 25 percent of their income, while 13 percent lost all of it. This is happening when deductibles are at an all-time high, putting a greater financial burden on patients earning less than ever before.
What’s worse, there’s no telling when this public health crisis will be over.
It’s the perfect storm for the country at large, and, more specifically, hospital administrators charged with the task of balancing the books during the crisis.
Government Funding Only Goes So Far
In an attempt to help the healthcare system, the Senate approved a stimulus package in April that provides $75 billion for hospitals and healthcare providers, as well $25 billion to facilitate and expand COVID-19 testing.
Unfortunately, this may not be enough to save struggling hospitals as the pandemic wages on. According to USA Today, up to 100 local hospitals across the country could close.
This is where our talented team of debt recovery specialists come in. With 24 years of experience and recovery rates that are twice the national average, Summit A*R can help hospitals, healthcare facilities, and individual practices rejuvenate their cash flow. We’re also more than ready to offer dental collection solutions for dentists and orthodontists returning to the office.
Our P.H.D. Philosophy Makes Us Uniquely Suited to This Crises
Here at Summit A*R, we believe medical debt demands a unique approach during these difficult times. We rely on our “P.H.D. Philosophy” (Preserve Human Dignity) to guide us through our medical debt collection services. It makes sure we bring humanity back to collections by treating patients with kindness, dignity, and respect.
Respect during medical debt collections can go a long way during a crisis. Unlike aggressive intimidation tactics, it shows your patients you have compassion for their situation. This helps you preserve goodwill for the future when they return to your hospital.
What to Expect with Summit A*R on Your Side
There’s likely no single reason why you’re dealing with unpaid invoices. Like the perfect storm from above, your delinquencies probably involve several factors all happening at once.
Debt can be a challenging process at the best of times, but it can be a delicate and difficult practice in the middle of a pandemic. That’s why it’s crucial you partner with collectors who have specific experience and expertise in the medical professional, along with effective medical debt collection strategies.
Don’t worry if you want to collect on old debt. We’re prepared to pursue any debt, even if you’ve surpassed the statute of limitations. Many of our medical collection clients ask us is there a statute of limitations, to which we answer yes — with a “but.” While old debt may pass its statute of limitations, it’s not necessarily lost. There may still be ways to get your money back.
Here at Summit A*R, we apply a unique approach depending on what issues you face. Our experienced team can negotiate with any kind of debtor — from down-on-their-luck patients to intentional bill skippers. We’ve spent hundreds of hours speaking with people, making it possible to achieve an outcome everyone is satisfied with — including your patient.
The patient experience is an important, yet often overlooked, aspect of collections. But not here at Summit A*R. We understand that just because your patient is down on their luck in a crisis doesn’t mean they’ll always be that way. They may come back as one of your most reliable patients you never have to worry about paying.
Our professional approach to medical debt collection preserves your relationships with patients and upholds your hospital’s reputation in the medical community.
Embrace the New Normal
The coronavirus won’t disappear today, tomorrow, or even the next day. All data suggests it’s here for the long haul. Keep this in mind if you’re simply waiting for patient billings to return to normal. Things won’t go back to the way they were for a long time yet.
Instead of feeling nostalgic for simpler times, consider what you can do to help patients pay for their bills under these new conditions. Until then, get in touch with us at Summit A*R. We can explain how our medical debt collection services may help you weather the storm as you provide the country critical care.