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Related Experiment Videos

Using an RFP approach for hospital collection services.

R S Daniels

    Healthcare Financial Management : Journal of the Healthcare Financial Management Association
    |February 9, 1987
    PubMed
    Summary

    Hospitals can improve debt collection by using a detailed bidding process called a request for proposals (RFP). This method helps align third-party collectors with specific hospital financial goals for better results.

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    Area of Science:

    • Healthcare Administration
    • Financial Management
    • Operations Management

    Background:

    • Hospitals face challenges in collecting delinquent accounts.
    • Third-party debt collection services are often utilized.
    • Traditional bidding methods may not fully meet hospital needs.

    Purpose of the Study:

    • To evaluate the effectiveness of the request for proposals (RFP) approach for hospitals seeking third-party debt collection services.
    • To highlight the benefits of a structured bidding process in optimizing account recovery.

    Main Methods:

    • The study focuses on the request for proposals (RFP) method for selecting third-party debt collectors.
    • This approach involves outlining hospital goals and requiring detailed technical proposals from bidders.

    Main Results:

    • The RFP approach allows hospitals to clearly define their objectives for debt collection.
    • It necessitates that bidders present specific strategies tailored to the hospital's needs.
    • While more time-intensive, the RFP method is deemed more beneficial for hospitals.

    Conclusions:

    • Implementing a request for proposals (RFP) process is recommended for hospitals outsourcing debt collection.
    • The RFP method enhances the alignment between hospital financial goals and collector strategies.
    • This structured approach leads to more beneficial outcomes in managing delinquent accounts.

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