The Holy Grail for medical billing companies is and has been a 100% payment rate. We refer to it so because it really doesn’t exist. Every practice has to deal with non-payment at some time or another, but it’s how they deal with the problem that both defines and powers their physician practice. There are a variety of different ways to ensure that payments continue to flow in to your office, and these are the best ways that we’ve developed at Medical Billing Solutions, Inc.
Start off with an effective, clearly explained policy for what happens in case the payments are not made. Ensure that patients understand the consequences for ignoring their bills from you, and how much correspondence you will send them before legal action. Patients need to have the knowledge of what they can expect from you, and to know that you will follow through. Most offices set a policy near three calls and two letters, after which legal action can be required. Setting the rules helps clear up arguments later. However, using a collection agency can reduce your payment to pennies on the dollar, whereas using a medical billing company that does its own collections, such as Medical Billing Solutions, Inc. can be a gentler, more lucrative course of action. MBS does all of their collections in-house, ensuring higher rates.
There are also other payment options to consider. Setting up a payment plan for scofflaw patients can aid in recovering funds from them, if you can find the right balance of payments to make it worthwhile for both sides. This leads to reconciliation, and an effective way to retain patients to the practice. However, if patients refuse to finish payments and continue to avoid your attempts to collect, it becomes time to dismiss problem patients. While this is never a positive result, it can happen, and is a last resort for medical billing.
When Medical Billing Solutions, Inc. first opened in 1998, we knew that we did not want to be a “typical” billing company. So what sets us apart from the rest?
The main difference is our dedication and loyalty to our clients. We aim to please our clients in every aspect. We have always held to the standard of providing 100% customer satisfaction, not only to our physicians, but also their patients. Our second noticeable difference from “typical” billing companies is that we strive to give 110% in everything that we do. We look at every situation as an opportunity to increase your collections. . .we are NOT A DATA ENTRY ONLY billing company. We empower our employees to achieve quality work that provides affordability in today’s tough economy, while maintaining integrity with every action.
Most of our staff have experience working in medical offices, so not only do we understand the vast complexities of billing, but we also understand how a clinical office operates. This enables us to provide the best service to our clients. In addition, our president has worked in clinical medical practices and large hospital organizations for over 30 years.