Patients, healthcare providers, and insurance companies often get caught in an entanglement between medical bills. Exhausted and confused, it takes all parties a lot of energy to understand the costs for different procedures – what is and is not covered by insurance. This presents a compounding issue if a patient has received medical care from multiple providers, causing overwhelming stress. With Synapse, when medical bills go to collections, everyone has complete control over their financial health and independence.

Understanding How Collections Work

Unexpected medical needs, out-of-pocket insurance costs, billing errors and coverage disputes, and unexpected out-of-network charges can cause unpaid medical bills. Most patients pay down by making regular payments, but it won’t guarantee they avoid collections. If it’s not paid off in an acceptable time frame, the bill will be sent to collections. As a result, it can be reported to credit bureaus and hurt one’s credit score, causing difficulty in getting loans, buying a house, or having a low-interest credit card.

An outsourced medical billing provider can help ensure that collections are done efficiently and accurately through appropriate measures. Instead of straining the patient-physician relationship with money issues, Synapse can relieve financial stress and assist with your profit margin. The increase in revenue occurs when we give patients a clear understanding of what will be owed.

Benefits of Outsourced Medical Collections

If your practice has to work as a debt collector, healthcare provider, and customer service all at once, it can be very overwhelming. Outsourcing a medical billing company is necessary if you wish to save time and money from following up on bills and collecting payments from overdue accounts. Below are the benefits of an outsourced medical billing collector such as Synapse.

Better relationship with patients:

Most patients treat debt collection services like a personal affront since money issues make them scared and frustrated. Despite having an empathetic approach, physicians still may find it hard to collect unpaid medical bills without complicating the patient-doctor relationship. Outsourcing debt collections on medical bills serves as the bridge between them, letting healthcare providers focus on the care and relationship with patients.

Maximized profits:

Having a reliable medical billing company will help set you up to get information about co-pays, deductibles, and out-of-pocket costs from your patient before services are rendered. As a result, your accounts receivables will increase and medical collections will be reduced. On top of that, you will have a more consistent stream of cash coming in, helping you make the cash flow of your practice much more predictable.

No compliance issues:

With healthcare’s ever-changing climate, it can be extremely difficult to keep track of new regulations, varieties of insurance, and more. Working with an outsourced medical billing company helps you submit clean claims that are up to date with all of the new compliance requirements.