Healthcare organizations need to be efficient in how they collect money owed on medical debt. In a perfect world, the exact amount that is owed would be paid back to the organization, but the reality is that many people never fully pay off their medical debt, with an article last year stating that more than 50% of all Americans now carry some sort of medical debt.
There’s a cost associated with the efforts to collect this debt, and it’s defined by the Healthcare Financial Management Association (HFMA), as the total revenue cycle—everything associated with that medical cost—divided by the total cash that is collected.
As that cost to collect increases, it makes it harder for these organizations to generate enough revenue to offset those costs. Voicemail campaigns can help the healthcare industry maximize its revenue by driving down the cost of collection. Here’s how voicemail maximizes revenue by driving down the cost to collect:
The software can drive down employee-related costs
Voicemail drops are considerably faster than any human response model. The services save by delivering more messages faster, the cost is a fraction of the cost to dial, so by the nature of using these campaigns, you’re lowering an expense, which helps you increase your revenue.
Better Resolutions = Greater ROI
People appreciate not being interrupted by a call to collect. Nobody likes to get a phone call that interrupts their day, especially from a collections agent, but people typically do want to resolve their debts. Voicemail drops give consumers clear instructions on what they need to do to make that collection easier for your agents.
Voicemail drops require less work from employees, and you can manage these campaigns without needing to hire any new call agents. You can immediately save on your operating expenses, and those savings can be huge for your business and help drive down the burden of that increase in the cost to collect.
The savings associated with a voicemail campaign can help you find the sweet spot of optimizing your organization’s revenue and keeping your cost to collect low. If you want to learn more about how voicemails can be used for your healthcare business, reach out to us, and we can get your voicemail campaign started.