The Elements Required for Effective Billing and Collection Services
Your practice can run more efficiently with guidance from trusted billing and collection services providers. But oftentimes it can be difficult to find that ideal partner for managing the billing cycle within you practice. To guide you on the available options and on how to make the right decision for your firm, our team at ProMD highlights the elements required for effective billing and collection services, in this latest post.
Account Receivable Analysis
The collection services that your firm chooses should be able to offer comprehensive account receivable analysis. This analysis will be important in determining the financial standing of the organization and in looking at the current revenue streams for areas of improvement. During their analysis, the company will review sources of revenue and how long it takes for accounts to be paid by patients. The goal is to reduce payment times and ensure higher revenues over the long-term.
Billing and Collection Reporting
The collection services company should also be able to offer dynamic data on the billing and collections cycles. The data included should help your firm to learn more on the types of items being billed for and the trends within the billing cycle. The collection services company can then help your team to predict the schedule for billing and collection and build the ideal process to ensure a predictable, reliable revenue stream.
High Collection Rates
There’s little benefit of having an optimized collection service without then achieving higher collection rates from past patients and their insurance companies. So, it’s important to work with a collection services provider that has proven collection rates within the marketplace. The team at ProMD ensure clients achieve a collection rate of between 90 and 98%, which is among the highest within the industry today. This ensures that you’ll achieve the ideal return on investment in working with the company.

Finding that ideal collections services company can make a significant difference to your practice. To learn more on why so many are now outsourcing the collections process to specialists, contact our team today!