Strategic Early Out Self-Pay Services to Accelerate Your Cash Flow
At Revco, we make payment easy and efficient. Our experienced healthcare agents connect with patients via call, text, email, or live chat to help them understand their bill and make timely payment in full.
Our Culture Is Our Superpower
On average, medical collectors have a tenure of less than a year — at Revco, it’s 4.1. During our typical representative’s first four years, they drive an increase in collections of more than 61%.
Through their loyalty, our healthcare agents build the expertise needed to secure payments while improving the patient experience. The result? Increased financial strength and an enhanced reputation for your organization.
Industry Leaders Trust Revco
Our Patient-First Approach
Guided by our propensity-to-pay tool, we initiate a custom outreach strategy that helps patients understand why they owe what they do and take care of bills while they’re still fresh on their minds. In our process, we:
Clean up patient accounts.
- Identify accounts that are unlikely to pay (due to bankruptcy, death, etc.)
- Help your organization move those accounts to the “bad debt” phase of the revenue cycle
- Update demographic and contact information across all accounts, making it easier to connect with patients and their insurance providers
Reach out strategically.
- Assign a “propensity-to-pay” score based on the patient’s ability to resolve their bill
- Devise efficient workflow strategies for patient outreach
- Contact all patients in pursuit of payment
Secure payment with empathy.
- Explain the patient’s financial responsibility in a friendly manner
- Collaborate with the patient to ensure timely repayment
- Preserve patient trust while fueling your organization’s financial health
Driving Success in Early Out Collections
Revco’s Early Out program settles more accounts, faster — all while maintaining strong patient relationships. Here’s a look at our multifaceted strategy.
Account Optimization
During our audit, we’ll silo accounts that are unlikely to pay. Then, we’ll use our proprietary scoring system (which draws from over 200 million consumer credit files) to highlight accounts that are best positioned to make payment.
Patient-Centric Outreach
Our goal is to reduce the stress of repayment to make it easier for your patients to pay on time. To fine-tune our process, we survey customers on their overall satisfaction instead of simply asking about their financial experience.
Payment Collection
Acting as an extension of your business office, we’ll encourage payment via your own online payment portal. Our team will arrange payment in a way that aligns with your organization’s policies and procedures to streamline the process.
Transforming Your Revenue Cycle
Revco’s Early Out strategy will inject new life into your revenue cycle. Our approach creates:
Expedited Cash Flow
Get paid faster by prioritizing accounts with the highest likelihood of resolution. Improve projections for future cash flow with accurate data that stops the pursuit of unrecoverable debt.
Operational Efficiency
Leave the paperwork behind and build an actionable database with up-to-the-minute data on your patients, facilitating collection efforts now and in the future.
Valuable Insights
Propensity scoring spotlights your low-hanging fruit: the accounts that are almost guaranteed to pay based on a systematic analysis of key factors such as income, debt, and past payment history.
Opportunity For Better Care
We’ll deliver revenue you can count on right now — not next month or next quarter. With extra cash in hand, you can invest in the people and equipment you need to deliver the best possible care.
Hear From Our Early Out Clients
“In 2016, Western Maryland Health Systems selected Revco Solutions following a comprehensive RFP process. Revco Solutions has become a great partner, exceeding many of our expectations, and assisting us through a complex conversion. With our prior vendor, we were very dissatisfied with their customer service. Revco Solutions has definitely improved our patient relationships. Their management team and representatives are strong. They are attentive to details and extremely responsive.”
Director, CBO Patient Financial Services Western Maryland Health System
Let’s Optimize Your Revenue Cycle
Ready to build your cash flow and strengthen your reputation? Fill out our form and we’ll connect you with a Revco team member who can walk you through the next steps.
Get In Touch
Learn More About Early Out & Self Pay Collection
Advanced Self-Pay Strategies
Learn More
Healthcare Revenue Cycle Solutions
Learn More