A prescription for turning self-pay accounts into revenue.

Abstract

The antidote for a healthy bottom line is a streamlined payment recovery process from self-pay patients. Due to the current high unemployment rate and a resulting spike in self-pay patients, CFOs must be proactive and identify self-pay debt recovery solutions to stay in the black. It is vital to design an effective and efficient process that works for the specific needs of the hospital or practice. Utilizing metrics, reconditioning patients to pay at point-of-service, training associates to appropriately request payment, and understanding the limitations of the business office are key elements to financial health. Identifying an accounts receivable management partner could significantly reduce headaches and strain on staff and time.