Posts tagged cash collection
Fast Money - Improving Collections & Value For Consumers

The need for speed of money has taken over!

Instead of having to go to the bank and talk to a teller, you can now access your money anywhere with an internet connection or telephone.  It now can take only mere seconds to wire money transfers and make payments instantly using an online portal or mobile application. 

Read More
Are You Really Measuring Your Early Out Self-Pay Department?

Some organizations measure the value of a self-pay department exclusively on its ability to collect cash.  Cash collection is an important aspect of this department but fails to recognize the importance the of the self pay team in providing exceptional patient experiences.  To adequately measure your self pay department you should be looking at a variety of Key Performance Indicators (KPIs) on a regular basis.   These KPIs should have a balanced focus that includes measurement of staff performance, utilization of technology and patient experience.  Within your self pay department there are several simple KPIs with easy-to-monitor best practice metrics.

Read More
Maximizing Self-Pay Collections At Tax Time

The upcoming tax refund season is an ideal time to implement some strategies to increase collections.  As patients get their tax return refunds they are presented with an opportunity to review their current financial situation.  Historically, almost 50% of Americans pay down debt with their tax return refund.  In many cases medical expenses are not at the top of their list because other debtors charge higher interest rates or offer settlements for payments in full.  Now is a perfect time to give patients a compelling reason to pay their medical bill.  

Read More