Medical Debt Collections
Most healthcare providers continue to see an increase in overall patient bad debt write-offs each year. With more financial responsibility falling to the patient through higher co-pays and deductibles, it is easy to understand why sophisticated collection programs remain a hot topic of discussion within the healthcare industry. Enrollment in high deductible health plans (HDHPs) has soared in recent years because more employers and health insurers have adopted these plans. HDHPs typically have annual family deductibles of between $5,000 and $10,000. This trend has led to increased patient responsibility, and ultimately increased bad debt for healthcare providers, especially high volume laboratories and pathology groups.
After a healthcare organization completes the internal billing process. FCS can initiate our late stage collection program and reach out to patients. It is our philosophy here at FCS to offer a solution that combines a customer service driven approach with a consistent workflow standard guaranteed to achieve unparalleled financial results and patient satisfaction. In today’s ever-changing culture it is important to consider partnering with companies that follow the rules of the land and always adheres to the highest Compliance Standards set forth by all state and federal government agencies. Protecting PHI (Protected Health Information) and following HIPAA (Health Insurance Portability and Accountability Act) are standards that are important for any organization handling secure patient data, but for a collection agency, additional compliance standards continue to evolve, and it is important for an agency to remain diligent and proactive to achieve the highest standards possible. First Credit Services has developed a Fully Compliant Collection Process which adheres to all federal and state lawmakers.