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Model Program
A note from Alliance Collection Service, Inc.
Any model program of this type requires a few fundamental cornerstones. The items in this document are intended to be used as a guide in setting up your internal process. We feel these bullet points provide an outline of the basics that should be included in any successful program. However, each business model is different. Therefore, we have left room for a great deal of discretion, as you put your individual plan in place. Feel free to make changes and adjustments to this outline. The foundations of a good plan share a lot of common steps. The exact procedures should be unique to your individual office. This approach will ensure the best possible outcomes.
The Fundamentals
Having an established payment agreement procedure in place is the first step. (See Payment Arrangement Program Basic Procedures). Following these concise steps will improve your chances of increasing recovery.
A contiguous line of communication with the patient/client is critical to the success of this program. This begins at the first point of contact. Making sure all staff members are aware of your payment policy is a very important first step. This helps to establish an expectation of timely payments from you patients, clients and customers. Once the policy has been established, make every effort to inform the entire office. They will then be best equipped to communicate these policies to the patient/client.
Utilize a standard script when speaking with the patient/client. (See ACSI Payment Program Initial Script). By using a set of standard talking points, you maximize your recovery chances. The suggested ACSI script has been created to offer you a template for efficiency, directness and professionalism. It uses proven techniques to ensure the patient/client is fully engaged in the establishment of the payment plan. It is simple, but to the point. Feel free to modify this language to best suit your needs.
Once the patient/client has been contacted, either in person or over the phone, the next step is to get the agreement in writing. (See ACSI Payment Arrangement Agreement). The importance of getting these payment plan agreements in writing cannot be overstated. Having a signed agreement helps ensure a full and complete understanding on the part of the patient/client. All terms are clear and concise. It is also a valuable tool for your office, as you work to keep a written record of all existing payment plans. Again, the exact language can be modified to fit your needs, as long as the basics are covered.
Establish a monthly payment amount that makes sense. The monthly payment should be based on a percentage of the total bill. The higher the balance owed, the higher the percentage of the monthly payment. (For example: $1,000 balance might have a 20% monthly payment of $200.00. This means it would be paid off in 5 months. A $5,000 balance might go up to 25% or $1250.00 per month.) The point is to set up something that keeps the amount of time for payment in full reasonably low, while giving the patient/client the opportunity to make reasonable payments. As long as you adhere to these basic components of the formula, it is completely acceptable to establish a percentage that fits your established policies.
Create your own method of monitoring the established plans. It will be impossible to make this program work, if you dont create a policy for making sure patients/clients are holding up their end of the agreement. Our suggestion is to task a particular staff member with the duties of tracking payments as they come in. Make sure when a payment comes in it is timely and that it matches the amount listed in the written agreement. All too often, this is a step that is ignored. Failure to put a monitoring program in place will decrease the likelihood of future payments, as well as unnecessarily age the account.
Focus on what to do when a payment is missed or a lower than expected amount is paid. Too often payments are missed and nothing happens to the account. (See ACSI Notice of Past Due Payment Letter) ACSI recommends a 15-day grace period. If a promised payment is missed or comes in lower than the agreed upon amount, take action immediately. ACSI suggests a follow up letter or phone call which states that the agreed upon payment is due within 15 days, or the account will go to collections. Strict enforcement of this policy a key to making this program work. Remember, the expectation of payment has already been established with the patient/client. They know what to expect if they dont follow through with their end of the agreement. If the grace period ends without payment, the file should go out to collections within 48 hours.
Understand that this program is indented to increase internal recovery, limit the artificial aging of accounts and promote efficiency within your office. It should be seen as an ongoing and evolving plan. The key to making it work is follow through and diligence.
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