Health Care Organizations especially benefit from our Early Out Program that is designed to identify additional insurance billing and to prompt patients to pay, thereby eliminating the need for extensive collection activity. Southwest Recovery Services (SRS) uses letters to notify the patient that their account has been placed with SRS and of their responsibility for the outstanding balance. Our letter demands payment in full for the balance owed or that the responsible party contact our office immediately to set up a payment arrangement.
The patients contacting our office will speak with a trained agent who will determine, given the information available, the appropriate action needed for resolution of the debt. We have designed our Early Out Program to be flexible and it can be augmented to fit your organization's specific requirements. The benefit to you, our client, is the third party participation in the liquidation of your accounts receivable. Payment notices from an outside resource like SRS prompts quicker action from your customers.
The Early Out Program Objectives include:
- Identifying lost opportunities of revenues within days of the clinical services being rendered.
- Working with insurance companies that require additional information or other documents that the patient is required to provide thus assuring the internal requirements are being met so payment can be received.
- Working with patients who have no insurance who are classified as self pay accounts to setup payment plans and make sure any and all payments are made in a timely manner.
- Benchmark the performance against initial conditions of account status.
- Extensive ongoing reporting that keeps all key
management up-to-date.
By implementing our early out program, fewer accounts go to collections which yield measurable returns as early in the collection process as possible. |
Why EARLY OUT programs work
Early-Out Programs are very flexible. Management has the ability to make changes quickly to free-up key employees to concentrate on more important areas of your business, and increase cash flow, while
simultaneously reducing overhead.
Timely and efficient collection action is the key to keeping receivables in check and avoiding the unnecessary aging of accounts. Too often, receivables are left sitting, waiting to be called and followed up on, because the in-house staff is overwhelmed. This is the worst situation possible since receivables become more uncollectible in proportion to their age.
An Early-Out Program will "penetrate" a list of accounts much faster and more efficiently than in-house staff.
Higher penetration means going through a list of accounts from beginning to end, several times, to actually reach more patients, and request payment. This is done through the use of predictive telephone dialing equipment that eliminated no answers and busy signals allowing collectors to spend up to 400% more time talking to debtors. Add to this the ability to work evenings and weekends to ensure a higher contact rate. Timely and efficient list penetration is of utmost importance to good collection efforts.
Increased '"inbound" telephone contact directed to your office, due to the high number of messages that will be left with debtors should also be considered. You must have sufficient staff to handle the increased inbound calls, or we can handle it for you at a small additional cost. It is always more desirable to have a professional answering these calls to ensure maximumresults.
Good follow-up is essential after a patient has been contacted. It is not enough to have us send notices and make phone calls since good credit policies are dependent on good follow-up procedures. This comes into play when payment arrangements are made and follow-up with the patient is necessary because the patient did not make their payment as promised. We will separate, keep track of, and follow-up on these accounts for you if desired.
The costs of an Early-Out Program are dependent on the services required to accommodate your special needs. |
