A report by InstaMed states that nearly one-fifth of American consumers have unpaid healthcare bills. The same study found that in 75 percent of cases, it requires more than one billing statement to collect on an outstanding debt.
With a high rate of indebted consumers and lackluster returns on traditional billing models, many health care facilities have looked to innovation as a solution to a clunky and inefficient collection system. The majority of respondents in the InstaMed survey said that it takes longer than one month to collect on a bill.
For busy accounts receivable offices, this protracted process can waste time and energy. When care facilities outsource receivables management, they’re able to reallocate those resources to achieve more meaningful objectives.