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 collections with empathy and technology to help healthcare providers manage these transitions seamlessly. In this post, Katie from Beyond Green Solutions speaks to a frequently asked question: “My practice has closed or it’s getting ready to close and how can Beyond Green Solutions help me with outstanding patient accounts receivable?”
Watch the Full Video: How to Manage Outstanding Patient Receivables When Your Practice Closes
Video Transcript:
Hi everybody! It’s Katie from Beyond Green Solutions where we unite collections with empathy and technology.
And today I want to talk about a question that I get asked often. ‘My practice has closed or it’s getting ready to close and how can Beyond Green Solutions help me with outstanding patient accounts receivable?’ And we get asked this question in various stages of preparing for closure and after closure and the questions and the research that we do are are always the same. So let’s talk about that.
The first thing that we’re going to do is take a look at your aging patients accounts receivable reports. And we’re looking for the age of the data service (the receivable), we’re looking for the size of that receivable and then we’re looking at the last communication and level of communication for that patient receivable. And we’re going to use those three items to determine what steps that we’re going to take and what stage of patient collections that we’re going to work in. And we’re going to choose one of three stages most likely.
The first stage is our pre-collection stage and it is sending statements. If a statement has not been sent to the patient recently or perhaps not at all, that might be the best stage to get started.
The second stage is also in the pre-collect and it’s what we call our courtesy calls. Maybe the patient was sent a statement but you’re not sure that they got it because you haven’t heard back from them. You’re not ready to send them off to true debt collection, we just want to make some courtesy calls and make them aware of that balance, ensure that we have all the right information for communicating to them and help them resolve that in a pre-collect or a soft collection stage.
And then our third stage is going to be true bad debt or debt collection with Beyond Green Solutions. And this is only going to be the best stage if all of those other things have occurred:
- that the patient has received a statement
- we’ve maybe made some phone calls to them to see if we can resolve it in a soft collections courtesy call way
And then if we feel confident and you feel confident that we’ve done everything possible to help the patient resolve this balance amicably, then we are going to move them into the third stage of debt collection.
So if you’re looking to learn more or wanting to have a discussion you can always reach out to us. We are happy to help you find ways to recover patient receivables using empathy and technology. Contact Us here.
