According to the Consumer Financial Protection Bureau reported in early 2022, 20% of all U.S. households have medical debt. This means nearly 66 million people owe unpaid medical bills. Of all bills sent to collection agencies for collection, 58% involve medical debt.
A Kaiser Family Foundation analysis from 2022 showed that 23 million Americans have medical debt of at least $250. At a minimum, this equates to $5.75 billion dollars that remains unpaid. Eleven million Americans owe more than $2,000, and three million owe in excess of $10,000.
Whether a provider’s focus is general healthcare, behavioral health services, pediatrics, orthopedics, radiology or any other specialized medicine it’s becoming increasingly difficult for providers to manage.
The healthcare industry continues to rapidly change. Medical debt is a very sensitive issue for many people. As a healthcare provider a large part of revenue is generated from patients’ medical debt that is beyond their ability to pay. Implementing collection processes designed to help and encourage patients to pay their portion of their bill takes a lot of resources. Infrastructure, staffing, and effective processes. Making certain that all policies in the collection practice are HIPPA compliant is a critical part of the practice. Unpaid patient accounts will continue to accumulate and can be detrimental to the bottom line of the practice. Most providers opt to handle their medical collections on their own and up to a certain point it can provide some benefit but the reality is there is a lot of money that doesn’t get recovered.
As a recognized medical collection partner for over 20 years, Southwest Recovery Services has teams of experienced medical billing and collection agents who specialize in nothing but medical debt. Billing, insurance, appeals, and patient contact with compassion and respect are key components of our process. We will maintain your market reputation in everything we do. We are a full-service medical collection company that builds strategies and solutions that are tailored to a provider’s unique practice and philosophy.
We strictly adhere to the ACA’s HIPAA Implementation Guide. We are committed to constant education and improvement of our procedures as may be required under the HIPAA Business Associate Agreement. Our teams abide by the FDCPA (Fair Debt Collection Practices Act), the FCRA (Fair Credit Reporting Act) as well as all applicable state and local regulations.
Contact us today for more information.