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Services
Accounts Receivable Billing - HFA efficiently bills high volumes of both third party and self-pay accounts. Our experience with insurance carriers and government programs ensures maximum recovery for you on the front-end.
Promissory Note Program - Our unique, flagship program is designed for accounts that are close to delinquency or for those patients who request or require an extended payment plan. We offer the patient sign a promissory note for the balance. The note typically has an interest rate of 10-12% per annum and every patient qualifies regardless of his or her credit history. HFA administers the entire arrangement and we retain only the interest as our fee. This program is extremely effective in reducing your collection agency commissions expense while maintaining your goodwill with patients.
Fee-for-Service Note Program - This program is similar to the Promissory Note Program, but is designed for entities that cannot charge interest on payment plans. Under this program, HFA establishes and administers payment plans for a reasonable fee. The fee is based on the length of the payment plan and level of telephone follow-up requested by our clients.
Contract Account Monitoring - HFA will administer your monthly payment plans. A reminder notice is sent 12 days prior to the due date. If payment is not received on the due date, a broken promise notice is sent after a 5-day grace period. If payment is still not received, the account defaults to a collector for telephone follow-up. A patient that fails to make their monthly payment for two months is given a final notice that typically includes language that their account will be assigned to a collection agency.
Insurance Follow-Up - HFA will perform the often time-consuming process of following up on rejected insurance claims. Our medical billing experts efficiently determine the nature of the rejections and resolve the exceptions. We will quickly cleanup your backlog of rejections and expedite collections.
Pre-Collect Program - HFA sends a letter series (typically 3 letters) on behalf of our clients prior to turning the accounts over for collections. The letters request payment in full and direct the patient to call HFA with any questions or disputes. Our experienced collectors handle all incoming calls. If requested, we also initiate calls with debtors to further expedite collections.
Temporary Staffing / Consulting - HFA has qualified medical billers and admit clerks that are available on a temporary basis. We can immediately help clean out large backlogs of data entry or billing work. Our people are very familiar with third party billings and have utilized many of the major software packages in the healthcare industry - HBO, PREMIS, Lanier, Reynolds & Reynolds, etc. We have also supplied temporary business office managers and consultants who can analyze and improve your internal admission, billing, and collection procedures based on our experience within the healthcare industry.
Collection Agency Program - HFA's sister company, Receivable Recovery Services, L.L.C. (RRS), performs comprehensive collection procedures on past due accounts. Our collection software efficiently coordinates our telephone, letter and skiptracing efforts. At your request, RRS can report past due accounts electronically to the three major credit bureaus - Experian, CBI / Equifax and TransUnion. This technique is effective at restricting delinquent debtors' ability to obtain future credit nationwide. RRS also can provide full litigation services through a nationwide network of over 2,000 collection attorneys.
We have the experience and capacity to handle projects of virtually any type or size. Companies that utilize a combination of our services experience the greatest benefit from our specialized skills and expertise. Each program is designed to offer you the highest level of professional service at significant savings of time and money.
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