You can INCREASE INCOME and IMPROVE REVENUE CYCLE MANAGEMENT
How can I increase income and improve revenue cycle management by optimizing recovery on delinquent A/R?
Collecting good patient/customer information on the front end will improve in-house collection recovery efforts, as well as assist in collection efforts, once the account has been turned to a third party collection agency.
Submitting accounts in a timely manner to a third party collection agency that is laser-focused on recovering delinquent accounts will increase the likelihood of recovery and will yield higher recovery rates on monies that are recovered and returned to you.
Open communication with a third party collection agency is vial to the business partnership and any new debtor information obtained should be shared with the agency. This can be a vital component to recovery efforts.
A new source of income is generated when monies on previously written-off accounts are turned over for collection, recovered, and returned.