How to Manage Outstanding Patient Receivables When Your Practice Closes
Closing a medical practice is a challenging process, with numerous logistical and financial hurdles to overcome. One of the most common concerns practitioners face is what to do with outstanding patient accounts receivable. How can you ensure your practice collects what’s owed while maintaining empathy and professionalism? At Beyond Green Solutions, we specialize in bridging […]
Part 3: How to Maximize Collections From Patient Services Billing Without Compromising Care
Streamlining Patient Collections: A Three-Step Guide to Managing Accounts ReceivablesThis three-part blog series explores how outsourcing patient responsibility collections to a collection agency equipped with advanced technology can optimize your practice. By leveraging technology to streamline account data, collection agencies can help improve your cash flow, reduce administrative burdens, and safeguard your practice’s financial health. […]
Part 2: Extracting Data for Effective Patient Collections
Streamlining Patient Collections: A Three-Step Guide to Managing Accounts Receivables This three-part blog series explores how outsourcing patient responsibility collections to a collection agency equipped with advanced technology can optimize your practice. By leveraging technology to streamline account data, collection agencies can help improve your cash flow, reduce administrative burdens, and safeguard your practice’s financial […]
Part 1: Uncovering Hidden Patient AR: Identifying Outstanding Accounts Receivable for Recovery
Streamlining Patient Collections: A Three-Step Guide to Managing Outstanding Accounts Receivables I’ve switched Medical Billing Software of Medical Billing Companies: What do I do with the Patient Account Receivables without Internal Resources to Assist? In today’s fast-evolving healthcare landscape, the process of billing and collections has grown increasingly complex. As practices and medical facilities face […]
What are Soft Collections in the Healthcare Revenue Cycle?
In the healthcare revenue cycle, during the patient collections stage, there are two patient collection strategies: soft collections and hard collections. Understanding, and using, both methods not only create a holistic, complete patient billing process, it can lead to optimal cash flow and customer service. What are Soft Collections?Soft Collections, occurs before the “bad debt” […]
When to Utilize a Healthcare Collection Agency
Large hospital systems rely on collection agencies to ensure their receivables are recovered and their revenue cycle is complete. But should other health and wellness businesses use collections? Will using collections have a positive impact on the bottom line without a negative impact on the public relations side? The best way to determine if you […]
Successful Debt Collection: How Nurses Improve Results Through Ethics and Empathy
Beyond Green Solutions is the ONLY nurse-owned Debt Collection agency in the United States. In an industry of finance, negotiations, and with the perception of harsh methods, why does this matter? Nurses are trained to be ethical and empathetic. In debt collection, especially medical collections, this can not only impact the brand integrity and customer […]
What is “Second Placement” in Medical Debt Collections and When Should I Use It?
Healthcare entities large and small have rising costs in today’s economy. All businesses are looking for opportunities to increase revenue and decrease costs through finding new suppliers and vendors. In healthcare, it’s time to put your receivables cycle under the microscope! By reviewing the effectiveness of your “in-house” collection team and “outsourced” third party debt […]
What should I include in late notices to my past due customers?
You sent an estimate. You have a signed agreement. You completed the work. You sent an invoice for payment. You haven’t been paid and it’s been weeks (or, yikes, months). Before you escalate this to outside help (debt collection agency or legal action), try sending late notices that have built in escalation and problem-solving options! […]
Outsource Debt Collection: How to Help Your Business Thrive During a Recession
Updated August 2024 In times of economic uncertainty, maintaining a steady cash flow is crucial for business survival. One effective strategy to ensure financial stability is outsourcing debt collection. By partnering with specialized agencies, businesses can efficiently recover outstanding debts, minimize financial stress, and focus on core operations. This approach not only aids in sustaining […]
