How Not Paying Your Outstanding Provider/Hospital Bills Can Affect You? Table of contents • Introduction• The Grappling Consequences of Unpaid Medical Bills• How Can Wenour Assist You?• Maximizing Revenue while Minimizing Risks• Conclusion Introduction Let’s talk about the elephant in the room – unpaid medical bills. According to a study published in the Journal of
How Not Paying Your Outstanding Provider/Hospital Bills Can Affect You?
Table of contents
• The Grappling Consequences of Unpaid Medical Bills
• How Can Wenour Assist You?
• Maximizing Revenue while Minimizing Risks
Let’s talk about the elephant in the room – unpaid medical bills. According to a study published in the Journal of General Internal Medicine in 2019, 137.1 million Americans dealt with “medical financial difficulty” in the previous year. If you’re one of those grappling with unpaid medical bills, know that you’re not alone. The burden of significant hospital debt can be overwhelming, and the penalties of not paying your medical bills on time are severe.
Ignoring the issue won’t make it go away; on the contrary, it’ll make it worse. After a set time period, usually 90 days or more, healthcare providers will send your account to a collection agency. These agencies are notorious for their persistence, which means you can’t dodge their phone calls and letters. Moreover, your credit record is affected, and additional charges are added over time in the form of late fees and interest charges.
It’s best to tackle the situation head-on and seek the guidance of experts like Wenour, a medical billing service provider that streamlines your billing process, optimizes practice efficiency, and reduces billing errors. Don’t let unpaid medical bills control your life; choose Wenour to maximize your revenue while minimizing risks.
The Grappling Consequences of Unpaid Medical Bills
Statistics on Medical Financial Difficulty, The Burden of Significant Hospital Debt, Penalties of Not Paying Medical Bills on Time. We’ve talked about all these issues in the previous sections, and by now, you must have grasped how severe the consequences of not paying off your medical bills can be. In this section, we’ll dive deeper into the implications of not paying medical bills on time.
If you fail to pay your medical bills on time, your healthcare provider is most likely to submit your account to a collection agency after a set period, usually around 90 days. At that point, you should be prepared to receive numerous phone calls and letters from the debt collector. The best course of action is to try to pay off the debt or negotiate a payment plan with the collector. However, keep in mind that debt collectors are notorious for their persistence. So, if you’re looking for a new best friend, you might have just found one.
Interest and Late Fees
To encourage you to settle your medical debt, your healthcare provider may start adding interest charges and/or late penalties to your balance. These extra charges could add up over time and lead to a significant increase in the amount you owe. So, make sure you review the paperwork you signed before receiving medical treatment to understand how much you could be charged in interest and fees.
Unpaid medical debt will get reported to the credit bureaus by the collection agency. You must wait 180 days for your medical debt to appear on your credit history. Once it does, your credit score will decline. Unfortunately, a poor credit score can have far-reaching effects. You may find it hard to get a credit card or line of credit, and you won’t be eligible for the best rates.
If the collection agency is unable to persuade you to pay, a lawsuit will be filed against you. The provider’s ultimate goal in suing you is to get a court judgment. Afterward, the provider may use more aggressive collection measures like liens, wage garnishments, and bank account levies.
Liens, Wage Garnishments, and Levies
A lien is a claim that a creditor has on your property. Creditors will frequently file liens against your home. This allows the creditor the right to get paid back from the sale proceeds of your home. If you have a lien on your property, you may find it hard to refinance. On the other hand, a wage garnishment is the lawful withholding of a portion of your earnings to pay off a debt that has not been paid. Although federal law limits wage garnishments to 25% of your after-tax income, even that amount can put a significant dent in your household budget.
To avoid all the above consequences of unpaid medical bills, we recommend Wenour’s medical billing services. Wenour can help you streamline your medical billing, decrease accounts receivable days, optimize practice efficiency, reduce billing errors, and ensure compliance. Choosing Wenour means maximizing revenue while minimizing risks. With Wenour by your side, you won’t have to worry about unpaid medical bills anymore.
Don’t let unpaid medical bills control your life. Choose Wenour today!
How Can Wenour Assist You?
Let’s face it, managing medical billing and collections can be overwhelming. It can be a challenge to keep track of your outstanding bills while simultaneously managing your practice. The solution? Wenour! We offer an extensive range of services that will streamline your billing process, decrease your accounts receivable days, and maximize your practice efficiencies. Let’s take a closer look at what we can do for you.
We understand that billing errors can be costly and frustrating. That’s why we make it our priority to reduce your billing errors – so you can focus on other aspects of your practice. Our skilled team ensures accurate coding and documentation, which works wonders for your cash flow management. Additionally, we adhere to strict compliance guidelines to avoid any legal repercussions.
One of our primary objectives is to optimize your practice’s efficiency. We work with you to understand your unique needs and goals, and offer customized solutions to meet them. By partnering with us, you can boost your overall productivity and reduce administrative and overhead costs. Moreover, our technology ensures your invoices are submitted accurately and in a timely manner, granted you the much-needed peace of mind.
Another vital aspect of our service is account receivable management. We take control of your account receivables and ensure there aren’t any delays or unclarities that could affect your revenues. This way, you can focus on providing high-quality care to your patients.
In conclusion, we can help you diminish daily challenges that arise with managing your medical billing. By outsourcing your billing services to us, we help you decrease your workload, save time, finances, and in turn help you maximize your productivity. With Wenour, you can be sure of maintaining great partnership and enhanced profitability. Contact us today to learn more about our services!
Maximizing Revenue while Minimizing Risks
We get it. Medical billing is a headache. But NOT paying your medical bills on time? That’s a migraine waiting to happen. The consequences of unpaid bills can be detrimental to your credit score and financial stability.
Say goodbye to reduced administrative and overhead costs if your medical bills are left unpaid. Adding insult to injury, you may face elevated interest rates and late fees as added incentives to pay up. But if you still don’t, you risk damaging your credit score which can make it difficult to get approved for loans or even find housing.
The cherry on top? Your healthcare provider may sue you and seek liens, wage garnishments, and account levies. Bottom line: failing to pay medical bills will leave you in an even worse position. Don’t let it get out of hand! Turn to Wenour for medical billing services that can optimize your revenue while minimizing risks. With a proven track record of results, Wenour can help streamline your medical billing and decrease accounts receivable days. Choose Wenour to protect your financial stability.
Don’t let unpaid medical bills control your life. Choose Wenour for reliable and cost-effective medical billing services. Our proven record of results, reduced administrative and overhead costs, and improved collection process will help maximize your revenue while minimizing risks. Let us streamline your medical billing, decrease accounts receivable days, optimize practice efficiency, reduce billing errors, and ensure compliance. Say goodbye to the burden of medical debt and say hello to financial stability. Contact us today and focus on what really matters – your health.
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