Fairway Capital Recovery Blog

Best Practices for Resolving Medical Accounts Receivable

Posted by Kelly Kramer on Mon, Sep 22, 2014

Debt collection for the medical industry is an area of specialization at Fairway Capital Recovery.  To ensure we are well informed, we are members of industry organizations including the Healthcare Financial Management Association (HFMA) and the Association of Credit and Collection Professionals (ACA).   

medical debt collectionThe HFMA and ACA International recently collaborated on a task force to develop medical account resolution best practices.  The intent of these best practices is to improve the medical account resolution process for patients and providers.  You can read the entire task force report by clicking the following link – Best Practices for Resolution of Medical Accounts

A highlight of the best practices includes:

  1. Lay the groundwork for successful account resolution by educating patients and following best practices for communication prior to the time of service.
  2. Make bills and all communications clear, concise, correct, and patient-friendly.
  3. Establish policies for account resolution and ensure that they are followed internally and by business affiliates.
  4. Be consistent in key aspects of account resolution—from billing disputes to payment application.
  5. Coordinate account resolution activities with business affiliates to avoid duplicative patient contacts.
  6. Exercise good judgment about the best ways to communicate with patients about bills.
  7. Start the account resolution clock when the first statement is sent to the patient.
  8. Report back to credit bureaus when an account is resolved (in the event that an account is reported to a credit bureau).
  9. Track all consumer complaints.
  10. Use best practices, principles, and guidelines to inform their organizational approach to medical account resolution.

Fairway Capital Recovery is committed to following best practices and obtaining results for our medical clients while enhancing the patient experience.

For more information visit - http://www.hfma.org/Content.aspx?id=21225

Topics: Hire a collection agency, medical collections, receivable management services, medical collection agencies