As medical collections continue to rise, many healthcare organizations are looking for ways to reduce or eliminate account receivables for co-pays, coinsurance payments, claim denials and other unpaid balances.
Preauthorized payment agreements set up at the time of service are replacing trying to collect from patients after services have been rendered.
At time of service medical providers simply have patients sign a form authorizing ACH payments. This allows the provider to direct debit the patient's bank account for any monies due after insurance payments.
Physicians or medical billing companies can also set up a recurring payment plan that will fit into the patient's budget. For example, if a patient owes $200, the patient could pay $50 per month for 4 months.
The entire process is automated. Once the payment plan is set up, funds are automatically debited from the patient's account.
Preauthorized direct debit ACH payments increase revenues and reduce the costs of trying to collect payments after the patient has received the service. Patients are comfortable with direct debits because many already pay monthly bills this way.
Want a faster and more efficient way to collect medical payments?
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