The challenge to maximise cash flow while maintaining patient relationships requires full-time attention. The difficulty in collecting unpaid accounts in Medical Practice's has escalated dramatically since COVID where patients were forced to cancel their Medical Aid or change their plan cover resulting in more out-of-pocket patient liability.
Good business practice requires that collection of unpaid accounts be made promptly and without disrupting the doctor-patient relationship. iBridgemed understands the importance of this and works to retain the patient's goodwill while handling your accounts with appropriate consideration and professionalism.
iBridgemed collects patient liable accounts due to the practice by following defined processes.
Statements are uploaded via your desktop to iBridgemed. Requests for payment as per our letters of demand and SMSs follow.
iBridgemed starts the collection process as soon as your statements are uploaded onto the communication portal.
The Practice uploads their statements in PDF format onto it's desktop portal and sends it directly to iBridgemed.
iBridgemed sends communication requesting payment by letter and SMS to the patient for a period of 90 days.
After 90 days and our process complete, unpaid accounts are automatically handed over to our in-house debt collection team.
Collection of unpaid accounts should commence immediately to avoid bad debt.
The longer an account is past due, the less your chances are of collecting it. Studies indicate that you stand a 90% chance of collection within the first 60 days. This drops below 50% after 90 days.
An account that is handed-over to our Debt Collection Department will accrue any fees charged in accordance with the Debt Collection Act 114 of 1998 where the patient is liable.