Atlas Financial Medical Collection Services:
In Washington State, hospitals are dealing with an increased problem collecting on patient medical bills. Receiving payments from patients is a lot more important than finding new ones. When hospitals recognize this issue, they start to outsource their accounts receivables to third-party collection agencies.
Main Reason Patients Can’t Pay Their Medical Bills:
- Healthcare costs are rising.
- Unexpected medical issues or emergency room visits with high costs.
- Insurance no longer covers specific procedures in their plans making the patient cover the cost.
- Patients with underlying illness or need multiple procedures on one issue.
- They have other debts they need to pay.
As a Hospital or Clinic, how soon should I place accounts with a Collection Agency?
The first thing any hospital or clinic should do is ensure that the insurance covers its supposed amounts. After the insurance has been established, you can send the remaining balance to collections if needed.
You should place accounts based on your patient’s agreement. If it is not indicated on a patient agreement, you can technically place it anytime. You should send out a letter letting them know they are delinquent and that they will be placed in collections after 30-60 days if you do not receive a payment. Typically anything over 30-60 days should be a fair amount of time to use a collection agency to collect on an account.
5 Step Guide to Start Medical Collections with Atlas Financial Services:
- On your “Patient-Doctor Agreement,” you can add that they will pay all medical costs and collection costs if the agreement is subject to a collection proceeding, even though no suit or action is filed. This will help recover 100% of the principal; ensure you review this with an attorney.
- To get started with Atlas Financial Services, all you need to do is sign our contingency agreement. If you are someone that doesn’t place accounts often, our standard agreement starts at 40%. If you place frequently, our contingency rate can be negotiated. If you are a client who has implemented step one, this step really shouldn’t matter; you would be getting 100% of the principal balance if we collect.
- Sign our HIPPA Compliance Form; This ensures our clients are Hippa Compliant and that Atlas Financial Services secure all patient information.
- Login to our Client Portal and Start Placing Accounts! Our Client Portal is extremely user-friendly, making it easy to place accounts and access reports on each account.
- Atlas Financial Medical Debt Collection Services helps patients prioritize their debt by making YOU their Priority.