Top 10 Areas of Focus to Improve Private Collections

Our experts have compiled a list of the top areas of focus to improve your private collections:

1. Admission discussions - Clear communications on admission will help private collections long term. Make sure families and residents know what to expect and when

2. Monitor payments - So you can know when to expect payments from whom

3. Collections follow up - Don't delay communications when payments are late

4. Maintain direct and close relationships with residents and families. Hand-deliver statements when appropriate

5. Watch your aging report - so you can quickly know when accounts start to go delinquent

6. Accept electronic payments (ACH/Credit Card/other) to provide convenient options

7. Use email and text to communicate as appropriate

8. Generate and send your statements timely every month

9. Make sure your statements are clear and easy to read

10. Form a small private collections team in the building to work on problem accounts directly.

You can use many different tools, from your EHR, to a hand-managed system. The key is consistency and clear communications. In addition, there are some innovative new software systems you can try that may boost your results.

LTC can help manage private collections or any business office challenges large or small.