Agencies are constantly looking to Increase market share and differentiate themselves from the competition. When comparing services, those who offer a full billing/collection suite to clients more frequently increase revenue and distinguish themselves by providing a complete solution for their clients.
For example, those collecting on behalf of healthcare providers have an inside track to growing their business from within. Because there is an existing relationship, additional revenue cycle management services can be offered as a value-added proposal. Offering to assist or assume first party and early out billing and payments could result in a huge revenue growth opportunity; while supplying a unique value proposition and an added level of customer service by the agency.
How do you Deliver first party and early out solutions to current collection clients?
- Set up a branded webpage (look and feel of your clients) to take payments online
- Set up an 800 inbound IVR for payments after-hours
- Collect 1st party payments with a lower credit card interest rate for your clients and deposit funds directly into their account
- Offer EBPP on behalf of the clients to lower costs and help the environment
- Educate on payment arrangements and consult how to capture funds at the point of sale or admission
A customized package can be delivered from the collection agency to their clients. In the healthcare example, most hospitals do not offer online payments or after-hours phone options to take payments. Agencies can help bring their hospital clients into the 21st century and manage their receivables and allow the hospital to take care of patients. In many cases all you need to do is offer to assist.
In recent years one of BillingTree’s collection clients began a 1st-Party\Early-out collection service for a large radiological healthcare organization. Working as a BPO (business process outsourcer), the agency utilized its agents for patient contact on behalf of the healthcare organization. The agency immediately engaged BillingTree to establish a merchant account for the healthcare provider. By doing this, the agency was able to benefit from the efficiencies of the existing BillingTree integration, as well as ensure greater compliance when processing payments on behalf of the healthcare organization. This initiative resulted in an average of a 20-day reduction in revenue cycle for the healthcare organization within 90 days of implementation and optimum profitability for the agency through agent efficiency gains and unattended payment channels, a true win-win!
These same principles apply across many other verticals serviced by the ARM industry. Don’t leave opportunity on the table, or worse yet sit complacent doing things the way they have “always been done” and potentially let the competition make a run at your business.
The proven leader in on-demand payment processing, BillingTree empowers customers with competitive advantage through a simplification of the billing and receivables process. By delivering the most innovative technology while making it as easy and inexpensive as possible to accept payments, BillingTree has revolutionized the payments landscape. Our software-as-a-service (SaaS) model delivers industry-leading payment solutions, proven integration, and point-and-click simplicity. BillingTree’s focus on innovation has allowed us to help more than 1,800 customers eliminate manual processes and automate their payment cycles. BillingTree – Growth is our Business. For more information, visit www.mybillingtree.com or call 877.4.BILLTREE.