Feb 22, 2022 | Blogs

Rethink Your Self-Pay Collections Strategy

Get paid sooner and collect more

As providers have become more dependent on patient payments because of increasing deductibles, out-of-pocket expenses, and other rising costs, many are choosing to manage self-pay collections in-house, through an early out vendor or by outsourcing patient-liability A/R for recovery. But are these the best strategies for long-term growth and success?

Contingency fee, in-house and outsourcing collection strategies do not eliminate the risks associated with self-pay patient accounts, nor do they provide a guarantee you will collect what you’ve earned.

Now there is a better way. iVitaFi’s non-recourse loan program gives providers the assurance of prompt payment for every patient who participates in the program. With our program providers can enhance patient satisfaction, improve profit margins, and lower costs on self-pay collections.

iVitaFi’s non-recourse loan program helps providers:

  • Increase acquisition, engagement, satisfaction, and retention by helping patients pay for out-of-pocket expenses.
  • Provide patients with a 0% interest line of credit with affordable payments over time, regardless of the patient’s account balance or credit history.
  • Give patients the convenience to pay how and when they want with our digital payment platform, resulting in a better patient experience.
  • Collect on patient balances immediately to eliminate financial risk and long collection cycles.
  • Guarantee payment, even if the patient defaults on the loan.
  • Easily define cash collected and net expected reimbursement.
  • Collect more faster and improve cash flow.
  • Reduce self-pay, A/R from their balance sheet.
  • Lower over-head cost to collect for self-pay collections.
  • Receive transparent quarterly business reviews of payment plans to improve performance.

As the cost to collect continues to rise and the longer self-pay balances go unpaid, the more you stand to lose. Now is the time to rethink your self-pay collections strategy and take a proactive approach to collecting more, faster.