Medical practices frequently struggle to handle their accounts receivables(AR) successfully. This problem results in lengthy AR days, a lack of cash flow, and high rates of bad debt, which all can negatively impact their business. Despite the time and investment required to keep up with rapidly changing reimbursement regulations, many organizations still attempt to manage accounts receivable by themselves. In such cases, the ideal solution would be to hire a specialized firm to help with AR. Medical accounts receivables outsourcing, commonly known as Extended Business Office or EBO, has become a popular solution for many practices due to the multiple benefits they offer.
Reasons Why Accounts Receivables Outsourcing is Beneficial for Your Medical Practice
Accounts receivables outsourcing aids the rapid collection of payments from both the payer and patients. The right firm can streamline workflows, provide accurate coding that will improve the speed and consistency of reimbursements, and increase revenue.
At First Credit Services, we offer AR solutions tailored to the specific needs of medical practices, helping them achieve more success in patient balance notifications, collections, and reimbursement efforts. With our skilled team of accounts managers and revenue cycle specialists, we ensure hospitals and medical practices that their accounts receivables will always be cared for promptly and accurately.
Better Provider-Patient Relationships
The AR team is a crucial point of contact between practice and patients. The experience a patient has with an AR team can negatively impact the relationship. One wrong interaction can lead to loss of business not only from the patient but also from negative word of mouth as a result of the unpleasant interaction.
Outsourcing accounts receivables to a team of experts trained in empathy skills to sensibly address all engagements can help improve patient interactions. Through early notifications and helping set up payment plans, these teams will not only improve patient relationships but increase cash flow and reduce the number of patients that go into bad debt.
Other ways to achieve healthy relations with patients can be done by customizing invoices, thank-you notes, and other client communications. Online portals for patients with 24/7 access to their account information and enabling them to perform any task at their convenience also helps.
At First Credit Services, we understand the importance of quality client-customer relationships and work diligently to provide the best service to your patients through our quality accounts managers.
Access to innovative technology
EBO providers always introduce new and innovative technologies that continuously help them improve their solutions. As a result, hospitals and medical practices directly gain from their access to these technologies like the latest automation tools that can help them reach more patients, send frequent balance reminders and collect more payments. Hospitals and practices that do not have access to the right technology and tools often collect less and have more patients go to bad debt.
At First Credit Services, with our revolutionary OmniXP, we provide consumers with the freedom to choose how they interact with us. We thrive on making our services more accessible, efficient, with remarkable and personalized experiences. We make sure to provide the best service for your patients and ensure that your receivables are processed quickly and accurately.
Also read: 6 Healthcare Industry Trends to Watch in 2022
Accounts Receivables Outsourcing – The Future of Medical Receivables
Many medical practices have started to embrace accounts receivables outsourcing as the future of medical receivables. By choosing a specialized firm to handle accounts receivables, organizations will always have up-to-date and streamlined processes available, leading to higher reimbursement rates and improved cash flow.
At First Credit Services, we offer accounts receivables outsourcing or EBO services that are best suited to the specific needs of medical practices. With our team of skilled accounts managers and experts who specialize in patient balance notification and collections, you can trust that your accounts receivables will always be cared for efficiently, accurately, and confidentially.