Take Control of Your Patient Receivables
By Lisa Bargmann, President, Bargmann Management LLC dba Homecare Collection Service
Situation: A home infusion company struggling with patient receivables requires assistance to bring their A/R in-line with industry standards.
Problem: The home infusion billing software utilized does not adequately provide information on the patient invoices and statements to provide a clear picture of the insurance transaction, as well as the patient’s responsibility. In addition, valuable information is missing that would allow a patient to expedite the return of their payment.
Impact: Patient receivables aged greater than 90 days from document date have skyrocketed to over 50% of their total patient A/R. Billing representatives are spending 20% of their time answering patient phone calls, trying to explain to patients the details of their accounts that are not listed on patient statements. DSO increases as staff is not spending as much time working insurance A/R.
Solution: Began using Home Infusion Reports with their current billing software to generate customized invoices and statements that are used in conjunction with their extensive call center processes. Client-specific details that help drive in patient A/R include: customized HCS toll-free phone number, specific payment due date, finance charge/late fee detail, credit card and check-by-phone payment information field, primary/secondary insurance provider listing, change of address/insurance information field, A/R aging buckets, and custom note field based on age of account with specific messages to the patient. Several additional reporting features are available, including patient A/R and recovery rate analysis, as well as several patient billing productivity reports.