Over the last year or so, we have observed a growing number of providers successfully increasing overall average collection rates by more than 10%, and routinely exceeding 95%, by implementing effective autopay or credit card on file programs. Most impressive of all, they are doing so with less staff time and opportunity cost than required previously to get lesser results.
The point of this article, however, is not to itemize a plan for implementing such a process; we will do that later. Instead, we first want to talk about the prerequisite obstacle that, without its defeat, there is no chance for success with even the most well-crafted policy.
The “all or nothing” paradox.