For many providers, staff limitations and workload demands in their billing department cause cash recoveries to be limited. It also takes valuable time away from follow-up on current and third party receivables. The time spent can cause these accounts to age and thereby reduce their collectibility. In fact, it creates a vicious cycle, which is nearly impossible for the provider to break. With limited time and resources, turnover in the department, and limited collection-based training it is easy to understand why cash flow lags for providers.
A typical healthcare provider obtains 75% to 90% of its dollar revenues from third party payers (i.e., Medicare, Medicaid, Commercial, the Blues, etc.). However, the remaining 10% to 25% comes from patients. A greater proportion of a provider's time and effort is spent on realizing dollars from this segment, with much less success. The success in collecting this segment usually determines profitability. Receivables from patients occur from the following self-pay categories:
- Uninsured patients
- Coinsurance requirements
- Procedures restricted by their coverage
- Rejected/Denied claims by insurance companies
- Insurance checks sent to patients instead of the provider
For Self-Pay receivables, the major concerns facing providers are:
- Improved productivity and efficiency in the billing department
- Improved cash recoveries
- Reduced expenses and agency costs
- Improved patient relations within the community
This is the area we at ProCor specialize in. By turning over these accounts to ProCor, your office staff will have more time to focus on working insurance claims, not delinquent self-pay accounts.
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"In 1999, Sylva Medical Center, PA began using ProCor, Inc. and two metropolitan collection agencies who had strong track records. For a twelve-month period, past due accounts were turned in equal amounts to the three agencies.
When the twelve-month period was completed and the results were in, ProCor showed a significantly greater collection percentage than either of the other agencies. Since 2000, we have used ProCor exclusively, and we continue to be impressed with their collection rate.
James L. Mount, FACMPE
Administrator
Sylva Medical Center
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