5 Benefits to Using an Early-Out Notification Program
In addition to the billing services we offer, did you know we also offer an early-out program for self-pay patients?
Harsh economic conditions have hurt health care in the accounts receivable department. The practice of outsourcing patient-liability A/R to outside vendors for recovery has existed for some time and shown major benefits. One of our current clients has collected an additional 43% of Revenue in one year by utilizing this early out program!
How it works is, Centerprise uses a vendor for our early out program. This makes it possible to reach out to the patients on behalf of the provider to recover patient-pay balances. In order to make it transparent to the patient that a third party is involved, early out balances are generally worked in the healthcare provider’s name. The outsourcing process typically takes place after an acceptable statement cycle has been completed, usually 60 days from when the patient balance was identified. If still no payment is received, our client has the option to remove the balance from the early out program or send to collections.
- Dedicated staff members who are properly trained in debt, debt collecting, and dedicated solely to the early out program.
- Patients can set up payment plans.
- You have a business to run and it’s not a debt collection agency. If your collection practices are not optimal, your team may struggle to collect your consumer debts. By using a third party that is trusted and trained, the money that is rightly owed to you, for your services rendered will more likely get paid.
- In some cases, patients have insurance that they have neglected to provide to their provider. We can obtain that information to get proper coverage and a more affordable payment for the patient.
- Most importantly, increased revenue.
Contact our V.P. of Revenue Cycle Management Colleen Cochran for more Information!