The cost of healthcare is on the rise, which makes a significant number of individuals to have hospital debts. Healthcare facilities, therefore, need to have effective ways of cost collection from their clients. Controlling cost is the healthcare industry is a way for a healthcare facility to ensure their account receivable is under control. If effective collection strategies are not established, the facility will suffer miscommunication, disorganization, and complications in their accounts receivable departments. Some of these effective strategies include choosing the mode of communication with consumers, sending out invoices early and on a specific date, and following unanswered notices by making phone calls to the consumers.
Effective Cost Collection Strategies
The most effective cost collection strategies are those that engage the consumers to ensure they do not get overlooked. One effective cost collection strategy is to send out invoices early and at a specific time of the month where the customers get their invoices (Genesys, 2012). These firms ensure that the time is maintained throughout to ensure consumers are reminded on time of their obligation. The second effective strategy is determining the form of communication an organization will employ when reaching out to their consumers (Genesys, 2012). The firm chooses a common form of communication to maximize the chance of everyone receiving their collection notices. Another effective collection strategy used is the implementation of a system of following through unanswered collection notices (Genesys, 2012). Firms understand that some of the consumers might not have received the notice and may, therefore, not pay their debts. By following up on their unanswered notice, the consumer is made aware of the situation. This significantly reduces the number of average late days for the facility.
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Conclusion
Organizations run the risk of having their accounts receivable overlooked. Whenever a facility lacks an effective strategy for cost collecting, its accounts receivable department suffers while the average days late increase. Instituting the aforementioned strategies will ensure cost collection in the facility is enhanced.
Reference
Genesys. (2012). Collections strategies in a tight economy: Best practices from industry leaders. https://genbin.genesys.com/old/resources/brochures/collection-strategies-in-a-tight-economy.pdf
