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Tips to Help Maximize Collections

The coronavirus pandemic has healthcare providers feeling like they are bailing water out of a leaking boat using nothing more than a drinking glass. They can’t put out old fires before new ones flare up. Just as things looked to be getting better as the summer turned into Fall, the pandemic has reared its ugly head again and providers are scrambling to stay afloat.

For providers, that means making sure that it is collecting all the revenue it can, both at the point-of-service and when going back and collecting on bad debt. But using the old methods of collecting on the front and back-end likely will not be a successful today, in the middle of a global pandemic that has left millions of Americans unemployed and facing severe financial strain.

If the old ways aren’t going to work, that means providers need new solutions to solve a familiar problem. Creative solutions that match the needs of individuals — who may need more time or may not be able to pay the full balance they owe for previous procedures and healthcare visits.

Offering payment plans that have lower monthly payments and longer terms is perhaps the most straightforward solution, even though it lengthens the timeframe under which the provider ultimately recovers its money. If a provider is not interested or capable of offering its own longer-term payment plans, it can partner with any number of financial providers that will offer low-cost or no-interest loans that can be repaid over time.

More providers are also offering steeper discounts on the unpaid balances owed by individuals, especially those who mention being affected by the pandemic when contacted about their unpaid bills. Not only do these moves show how much a provider is willing to work with its patients, but it also has the benefit of being good policy and great public relations.

Now that many providers are slowly restarting to allow elective procedures again, it is offering the opportunity to see patients and collect on older balances before they have another visit. Using the opportunity of an upcoming appointments as a means of clearing up debts from previous visit is an idea that more providers are putting into place.

The key for any provider is to look at the entire lifecycle of a relationship with its patients and identify ways that it can work with them to minimize the amount of money that goes uncollected.

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PPMS Certified

PPMS is a management system for recovery agencies based upon developing, implementing and adhering to a set of strict industry-specific professional practices and policies.

PPMS certification, much like a SAS-70 audit, requires independent CPA attestation that an agency has in place written policies, procedures, and work processes that ensure regulatory compliance and adherence to industry best practices. The agency must also demonstrate that it has procedures in place to identify and remediate any variance from these. PPMS certified agencies are subject to annual surveillance and must re-certify every five years.

An agency that has voluntarily undergone the PPMS application and certification process is, quite simply, a better business partner than one which has not. This rigorous process results in:

  • Greater productivity/better recoveries
  • Increased efficiency for better customer service
  • Improved data security and physical security
  • Improved solutions to compliance issues
  • Enhanced disaster recovery
  • More effectively trained staff
  • Continuous measurement of client satisfaction
  • Faster resolution of client services issues
  • Company-wide commitment to quality assurance
  • Documented procedures for consistent performance

This strict accreditation insures that you as HCI clients, receive the very best service.

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