Will Your Agency Stay in the Revenue Cycle Management Industry?

Shaking Ground Under Revenue Cycle Management

There has been a lot of turmoil in the revenue cycle management industry – specifically medical debt collections – regarding regulations. There are changes in how and when debts are reported to the credit reporting agencies (CRA’s), the $500 minimum for reporting, and now the new proposed rules from the Consumer Financial Protection Bureau (CFPB) that would have a major impact on medical care as we know it.

All this instability is taking its toll on the revenue cycle management industry. Smaller collection agencies are finding it difficult to stay on top of the changes and may decide to focus on other collection areas, venturing away from medical debt into different industries, leaving you when you need them the most. If your agency is looking to get out of medical debt collections, or you’re noticing the signs that it may happen, there is something you can do now to prepare.

How to Protect Your Revenue Cycle Management Practices

What do you do if this is happening to you, or you feel it could happen? It may be time to speak to a revenue cycle management agency that specializes in medical debt collections and early out and will partner with you through the good times and the difficult ones. A partner that will weather the storm and work with you to ensure they keep recovering the money you have worked hard for.

The Best Care for Your Patients

When you are asking yourself these questions, Americollect will help you navigate the twists and turns of the ever-changing revenue cycle management industry while also treating you and your patients Ridiculously Nice. Our teammates are dedicated to treating your patients with the care and compassion they deserve during the collection process. By treating patients with compassion, dignity, and respect all while aligning with the Mission, Vision, and Values of your organization, Americollect is focused on building strong relationships with your patients.

Healthcare Focused Revenue Cycle Management

One of the most important aspects of partnering with Americollect is that we are 100% healthcare focused in our revenue cycle management services. We ONLY collect for healthcare, which means when your patient speaks to one of our collection teammates, they’re speaking to someone that understands the complexities and nuances of the medical collections landscape. Patients can be faced with a multitude of statements and Explanation of Benefits (EOBs) for a single visit, making it hard to understand exactly how much is owed to what facility, doctor, or another medical professional. This is why we at Americollect pride ourselves on the fact that we only collect for healthcare organizations. We currently serve over 140 hospitals and health systems and over 7,000 physicians from 600 practices nationwide. In total, those healthcare organizations list close to $2.6 billion dollars annually with Americollect. We are more than capable of accepting and implementing any new facilities that want to onboard with us.

Advanced Technology in Revenue Cycle Management

We also utilize the best in collections technology. Our revenue recovery process utilizes bad debt collections software to safely store all consumers’ data, a predictive dialer which allows each team member to make an average of 108 outbound phone attempts per hour and software that stores call data, allowing us to improve efficiency in your revenue cycle. We use speech analytics software to verify compliance and our Ridiculously Nice score to ensure we are maintaining our promise to you that every single call truly is Ridiculously Nice.

Our true differentiator comes from our in-house data scientists. Our data scientists are dedicated to analyzing your data so that we can implement custom revenue recovery tactics that work for your patient demographics. Using our proprietary scoring analytics, we can more precisely tell who is more apt to pay, allowing our collections team to work more efficiently all while increasing your revenue recovery!

By being 100% healthcare focused, all 300+ of our employees receive extensive healthcare training. In addition, we are proud to say that 30+ staff members have been certified as Certified Revenue Cycle Specialists (CRCS’s) by the American Association of Healthcare Administration Management (AAHAM) in both early out and bad debt collections. Our CRCS’s are the ones that create our training materials, hold intimate knowledge of patient billing, and make sure our team of 300+ keeps working efficiently. Our CRCS staff can also take certain calls that are needing more attention, allowing their teammates to assist other patients.

Top Level Security Revenue Cycle Management

Finally, the security of your information and PHI is a real concern when it comes to revenue cycle management. Our 100% healthcare focus means we are experts in handling and securing PHI and understanding what it takes to comply with regulations like HIPAA, HITECH, and 501r. Every one of our teammates is trained from the start on these regulations and retrained continually throughout their career. It also means that our entire security and compliance process is built around protecting your data and complying with the regulations regarding that data, which is why we went above SOC II and achieved the HITRUST CSF Certification. Receiving the HITRUST CSF Certification status shows that our organization has met key regulations and industry-defined requirements while appropriately managing risk. This achievement places Americollect in an elite group of organizations worldwide that have earned this certification.

Solidify Your Revenue Cycle Management Partner

The changes in medical debt collection are real and already having an impact on your revenue recovery. As additional rules and regulations are introduced and possibly enacted, it’s important to partner with a revenue cycle management company like Americollect that is 100% healthcare focused, has the technology to stay ahead of changes, and has the certifications and security measures to not only understand your patients’ needs, but also keep your information secure. All while being Ridiculously Nice!

Find out how Americollect can make your early out and bad debt collections Ridiculously Nice by getting in contact with our sales representatives below!