Outsourcing RCM (Early Out and Bad Debt Collections)

There are many challenges that face health systems and hospitals internally, including staffing, income flow and the cost of patient care. Outside influences such as inflation and interest rates have an impact not only on the care you provide, but also the margins you operate within.

Despite these roadblocks to success, a recent report published by the Healthcare Financial Management Association (HFMA) and Eliciting Insights, find that nearly half of health system executives that participated in the study are planning to either automate, purchase revenue cycle management (RCM) solutions or plan to outsource some portion of their process.

Automation ranked high in the report, with more than one-third of executives planning to automate two or more RCM or finance functions in 2024, and nearly half who planned to make RCM purchases intended to buy five or more RCM solutions.

Outsourcing RCM is also a high priority, with the top three areas being bad debt, aged accounts receivable and patient collections/early out. Are you a health care executive who is looking for a way to outsource your early out or bad debt collections? Americollect is here to help.

Outsourcing RCM: Early Out

According to the report, 16% of respondents were looking to outsource RCM, specifically their early out. When you partner with Americollect for your early out solutions, our highly trained, Ridiculously Nice Customer Service Reps work with your patients to find payment options that will help maximize your revenue recovery. We utilize multiple channels like email, voice, text and chat with your patients to communicate with them in a timely manner. We also partner with a patient-friendly statement provider to send out regular statements, relieving your staff of yet another burden. And because we are 100% healthcare focused, we can quickly and easily understand your patients’ unique needs. Our early out solutions bring in more money, more quickly, for your facility.

Outsourcing RCM: Bad Debt Collections

When it comes to bad debt collections, slightly more (17%) were looking to outsource RCM, specifically their bad debt collections. There is a wide selection of agencies that can promise they will recover money for you, but few are able to claim they are 100% healthcare focused like us and deliver the care and compassion your patients deserve during the collections process. At Americollect, our Ridiculously Nice process allows us to talk to the right people at the right time. By treating patients Ridiculously Nice, we can improve patient satisfaction while recovering more money for you.

Benefits of Outsourcing RCM with Americollect

When you choose to outsource RCM in any capacity, the concern is if the benefits outweigh the risks. Americollect is able to show you the benefits on several fronts.

• Financial Performance Improvements – You need revenue to continue to provide the quality care your patients expect. By outsourcing RCM (such as early out and bad debt collections), you have access to the expertise and technology needed to streamline the process, minimize errors and increase revenue.
• Expertise and Technology – Your staff already has enough work to do every day. Outsourcing provides access to our Ridiculously Nice team of experts, as well as the technology we use for early out and bad debt collections. Being 100% healthcare focused gives us a high level of industry expertise. Plus, our advanced technology allows us to stay on top of the latest trends.
• Compliance – Healthcare finance regulations are complex and always changing. Americollect can help reduce compliance risk and potential legal problems, leaving your team with the time to care for your patients.
• Patient Experience – The patient’s experience begins the moment they schedule their appointment. The care and compassion your team shows will make them happy when they leave, but their experience is not over. A positive experience can mean the difference between getting paid and getting ignored. Americollect shares the same values and beliefs as your organization, and we ensure your patients have a seamless experience by being involved early with a knowledgeable team that shows compassion when dealing with a sensitive subject.

Partnering with Americollect

When you partner with Americollect to outsource RCM (specifically your early out solutions and bad debt collections) you have a partner with the expertise, technology and reputation that seamlessly fits into your culture to provide your patients with the best possible experience.

If you are interested in learning more about partnering with Americollect, read “Your Guide to Early Out and Bad Debt Collections” or contact us today to learn how you can outsource your early out or bad debt collections with Americollect!