If your hospital or clinic is experiencing an influx in accounts receivable claims, then it’s time to turn the accounting tides.

There are a number of ways to increase the transaction completion rate within your medical facility and make sure your patients pay on time.

With medical finances in mind, here just a few ways to cure the accounts receivable problem in your hospital:

 

Stay Ahead of the Claims Curve

When it comes to accounts receivable claims, the last thing you want is a snowball effect to take place.

One way to avoid this is to stay ahead of the claims and payments curve. This may seem easier said than done, especially when a number of patients are behind on payments, so take it one claim at a time.

By tracking late payments by date, you will have an easier time finding out which patients to contact first. The later the payment, the sooner you should reach out. The snowball will grow faster if you let receivable claims rollover into a second or third payment cycle.

 

Send Friendly Reminders

Sending friendly payment reminders is a wise billing practice for hospitals and clinics. Medical bills likely aren’t a regular part of your patients’ monthly bills, so balances are sometimes easy to overlook.

Whether your patients are making their payments on time or they’re a few days behind, sending email reminders will ensure everyone is up to speed with their payments.

Sending out email reminders a few days before payments are due will really help your hospital avoid accounts receivable claims.

 

Adjust Payment Plans

As the following article shows, if you’re wondering how to decrease hospital accounts receivable days then payment flexibility might just be the answer.

By allowing your patients to make payments in reasonable installments instead of large sums, they’ll be more likely to make their payments on time.

You should base the installment plan on the amount owed. If it’s a large sum, smaller payments over longer periods of time make the costs more manageable for your patients.

Although having a set installment plan is an easy approach, customizing payment plans for each patient will help your hospital avoid more claims in the long run.

 

Give Some Incentive

Your hospital probably has penalties for late payments, right?

Well, why not take the reverse approach and give incentives for patients who make their payments on time.

For example, you can provide small discounts for patients who keep up with their monthly balances.

 

Likewise, you can also start a rewards program for patients who make early payments.

Whichever route you take, just remember that positive reinforcement usually has a greater affect than payment penalties.

 

Obtain Outside Help

If nothing is working and your hospital’s accounts receivable claims keep rising, then it probably time to enlist some outside help. Contacting collections agencies and debt collection lawyers will take the burden off your billing department.

In addition, reporting the delinquent payments to the credit bureau will show your patients you mean business.

Moving forward with outside collections practices is an aggressive approach, so give your patients every opportunity to pay before going this route.

 

When you’re ready to take care of the accounts receivable claims issue in your hospital or clinic, keep in mind the payment pointers above.

 

About the Author: Adam Groff is a freelance writer and creator of content. He writes on a variety of topics including debt collection and billing.

Pinoy Bisnes Ideas