Effectively working accounts in the Outpatient Self Pay financial class can only be done at the expense of properly handling larger dollar accounts.
As such, the prerequisite outbound calling efforts required to maximize self-pay collections is seldom part of any hospital’s strategic plan. Unfortunately, for most hospitals, this part of the receivable makes up the single largest portion of bad debt write-offs.
ROI’s Self Pay Conversion Program offers a solution.
ROI assumes full responsibility for all activities associated with Self Pay outpatient accounts, including high volume outbound calling efforts, printing and mailing initial itemized statements and other correspondence, verifying, billing and following up to payers when insurance information is uncovered, administering hospital approved payment plans, and assisting patients in applying for Medicaid or other available charity care programs.
While accounts remain “active”, all collection efforts are conducted in the name of the hospital. Patient correspondence is printed on hospital letterhead with a return phone number automatically forwarding to ROI – all transparent to the patient. ROI will also transfer accounts to bad debt and handle them as a collection agency. To ensure no conflict of interest, the fee will not change after accounts are moved to bad debt.
- Maximized recoveries for outpatient Self Pay accounts in the shortest period
- Improved productivity in other portions of the receivable
- Improved patient relations as ROI contacts patients in a positive, customer service oriented manner
- Most importantly, reduced bad debt expense