Collectability Scoring or Patient Account Scoring is a process different from the well-known FICO scores used by credit bureaus. It is a collectability score specific to healthcare to help hospitals and medical providers predict a patient’s propensity to pay – or “likelihood of paying” – a medical bill. A patient’s collectability score is determined using 80 different attributes determined by credit-reporting agency Experian. Some attributes include if the patient has had medical debt in the past, had they paid that debt, and do they pay other debts that they promise to pay.
How your organization can benefit from collectability scoring:
- Make informed collection decisions throughout recovery process
- Better understand how to arrange payment negotiation and settlements with patients
- Organize debt collection priorities by identifying patients most likely to pay based on their payment history
- Perform analyses to quickly determine patients who need financial assistance, such as Charity Care
Feel free to read our blog entry “Patient Account Scoring and Its Benefit to Your Organization.”