CueSquared MobilePay is a patient payment solution that helps revenue cycle teams send a smaller percentage of self-pay to collections.Improve Self-Pay Collection
There is no application to download, no portal to log into, and no paper statement to reference; patients simply and securely receive text statements and make payments through a 1-Touch Payment button. The branded logo signifies the bill is coming from the patient’s healthcare provider, not a third-party company. Additionally, contact information within the CueSquared payment screen leverages existing call center infrastructure instead of replacing it.
Say goodbye to AR buckets of 30, 60, or 90 days. Because of the intuitive payment experience, revenue cycle teams collect approximately 80% of dollars within 14 days of the first text message, with day one payments accounting for 30% of dollars on average. Patients will quickly pay outstanding balances that are small copays, large bills, and even aging balances of 120 days+ that would typically go to collections from the moment they receive their first text message. All of this can be measured and tracked in our actionable payment dashboard.
By automating this first touch patient payment channel and reconciling outstanding balances within days, both printed paper statements and call center volume decreases. Additionally, patients with questions on their bills can easily contact the call center to settle bills with a live person or update their insurance information to properly adjudicate claims.
Today, it is important for hospital systems to make sure they collect money on the bills they send out. The healthcare system is under a significant amount of strain, and all hospital organizations struggle to collect money owed to them. As more bills get sent to collections, it is important to be familiar with medical bill collections laws 2021. Medical debt collection laws are changing quickly, and there are cases where a medical bill wrongfully sent to collections can be a problem. With medical debt forgiveness being a bigger issue, particularly in the medical debt relief act 2021, it is critical to be familiar with some of the changes that might be coming.
For example, a medical bill was recently introduced in the Senate which is intended to prevent healthcare providers from taking extraordinary actions to collect money on the bills owed to them during the pandemic. There are a number of changes that could be taking place with this law. For example, systems might not be allowed to sell an individual’s debt to another party, they may not be able to take actions that require a legal process, and they may not be allowed to report adverse information to credit bureaus.
For all of these reasons, it is critical for medical providers to be familiar with what is taking place in the legislative region. Medical systems need to collect money to cover the cost of equipment, but they also need to be familiar with what they can and cannot do. Sometimes, sending a bill to collections is not always the best option. In other cases, it may be helpful to simply remind patients that they have bills to pay by sending an SMS message.
It is also important to be familiar with medical bill collection laws 2020. The 2021 Debt Relief Act has led to a lot of changes, making it difficult for people to keep up with what is going on. And a lot of cases, these changes take place on a state-by-state basis. For example, Texas medical billing laws are very different from those that are located in other states. It is also important to be familiar with the Texas balance billing law 2020.
Balance billing laws have been put in place to prevent patients from going to an ER or an ancillary service and ending up with a massive bill they cannot pay. Even though the way balance billing laws are structured can vary from state to state, it is still important for medical providers to be familiar with how this works. They may have two ships and other expenses, and they may have to work hard to figure out how they can make ends meet if they cannot build for the entirety of a service provided by an emergency room. Furthermore, it is important for housing assistance to think carefully about how they collect money from their patients. Some people do not pay their bills simply because they do not know how to, so it is critical to make this process as easy as possible for patients.
There are plenty of organizations that help pay medical bills, and there are multiple medical debt forgiveness programs available. One recent change was the development of the Medical Debt Forgiveness Act. Medical debt can have a significant impact on someone’s credit score, and this act is designed to prevent that from happening. The biggest benefit is that it gives patients time to pay their medical bills. Someone has up to one year to pay their bills before the debt is sent to the collections department. Furthermore, they also cannot have this debt reflected on their credit history until that year is up. It is critical for people to work with their insurance company to figure out how to cover the bills during this time. There are also opportunities for financial assistance available.
Furthermore, this act requires that all medical bills that have been paid in full or settled to be removed from credit scores immediately. They are not going to remain on the credit history for 7 years, meaning that it will not be in the way of someone who’s looking to apply for a loan for a car or a house. It is possible that this medical debt shift could have a profound impact on someone’s ability to not only pay their bills but also successfully apply for other loans they could require.
It is also important to be familiar with the rules for sending medical bills to collections. Medical billing can work differently from organization to organization, but there are a few common themes that take place. Most healthcare organizations will send three physical paper statements to someone at home. Then, they may make two phone calls attempting to collect the payment. Overall, these are inadequate ways to collect payments from patients. That is why such a high percentage of them end up going to collections. Sometimes, a medical bill sent to collections without notice can have serious consequences.
Ultimately, it is important to be familiar with who qualifies for financial assistance for medical bills. Furthermore, there are better ways to reach patients, asking them to pay their bills. For example, a lot of people are used to receiving text messages. Far more people open all of their text messages than they do emails. That is why it is important for a medical system to find a way to communicate with patients using text messages. If patients know they have bills to pay, they will have an easier time remembering to pay them. Hospital systems may be surprised at just how many people pay their bills when they are simply reminded they have one outstanding. Using an SMS system to remind patients of medical bills they have to pay can make a significant difference in the ability of a hospital to balance its books.
There are a lot of people who are wondering what happens when a medical bill is sent to collections. Some people may be wondering about how to settle medical debt in collections, and they might be curious about the unpaid medical bills consequences.
Ultimately, if medical bills are not paid, they will end up going to collections. It is far easier to deal with a health system to set up a payment plan than it is to negotiate and settle with a collections agency. Furthermore, if someone does not pay their medical bills, this could lead to medical bankruptcy. This is a significant legal issue that could be an expensive process to resolve, particularly for someone who has already filed for bankruptcy. In addition, if someone does not pay their medical bills, it could hurt their credit score.
All of this could be completely avoided if someone would be willing to work with a healthcare system to set up a payment plan. That is why it is important for hospital systems to remind patients of the bills they have to pay instead of automatically sending them to collections.
For those who are wondering how to negotiate medical bills in collections, this can be a difficult process. Usually, hospital revenue cycle teams will take outstanding patient balances and sell them to the collections team. If they decide to use this method, they might only be collecting $0.30 out of every dollar they bill. This is simply not a viable way for hospital systems to stay afloat, which is why it is important to look for other options. That is why it is important for hospital systems to collect as much revenue as possible before they send them to collections. Furthermore, collections are not patient-friendly.
Fortunately, there are easier options out there. For example, hospital systems should try using an SMS messaging system, such as the one from CueSquared, to collect money from their patients. Even though not everyone can afford to pay their bills, there are situations where people do not pay them simply because they forget. An SMS messaging system is a convenient way to remind them that they still have bills to pay. This could result in a far lower percentage of bills going to collection.
Finally, there are some people who are wondering about the consequences of ignoring medical bills. Some people are wondering, can you go to jail for not paying medical bills? Fortunately, the answer is no. This is a civil matter, not a criminal one. This means that people do not need to worry about going to jail if they do not pay their medical bills.
Others are wondering, can you settle medical debt in collections? There are medical debt settlement companies out there that can help people settle their balances. There are serious consequences if someone is not able to pay their medical bills on time. For example, some people may end up facing medical bankruptcy. Other people may end up having a terrible credit score. For this reason, it is important for all patients to work with a financial planner who can help them negotiate a settlement price with a collection agency. That way, they can settle their debt in a way that will not lead to long-term consequences.
It is also important for hospital systems to do everything they can to make the payment system easy for their patients. Using an SMS payment system can do exactly that. That way, fewer bills end up getting sent to collections.