Feb 22, 2022 | Blogs

The Best Practices in Collections Strategies

Get paid sooner and collect more

As the industry changes due to updated technologies, patient preferences, higher costs, or any other number of factors, the focus on best practices in collections strategies needs to be more closely inspected. After all, debt recovery strategies that worked yesterday might not be the best collection techniques and strategies today. And 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 collection techniques and strategies for long-term growth and success? And if not, then how do you improve your collections process and debt recovery strategies?

Contingency fees, in-house and outsourcing collection techniques and 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 to improve your collections process. 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, lower costs on self-pay collections, and improve collection techniques and strategies overall.

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 overhead 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, and the more urgent it becomes to implement the best practices in collections strategies. Now is the time to improve your self-pay collections strategy and take a proactive approach to collecting more, faster.

Contact iVitaFi today to discuss self-pay collections options for your patient population.