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November 27, 2012

How to Choose the Best Medical Collection Agency

Do you need to collect on over-due bills?

If you own or run a business… or medical practice… you already know that collecting on past due accounts comes with the territory. Despite your best efforts to handle everything “in house” there are still customers or patients who owe you money.

And seem unwilling to pay.

So what can you do?

Perhaps it’s time to get some professional help.

How to Choose the Right Collection Agency

Deciding to contact a professional collection agency is only the first step.

After all, the nature of medical practices make it different from other businesses — meaning that you need to find the right agency with the necessary expertise, tact and track record in order to be successful.

What’s more, there are literally hundreds of medical collection agencies to choose from. And if you hire the wrong company you could damage your hard earned reputation, not to mention the money you are trying to collect in the first place. For this reason it’s important to consider some critical factors to help yo decide on the right medical collection agency for your situation.

First, make sure they are licensed for your state, as well as all the states where your patients reside.

This is important because you have to abide by all applicable collection laws, both state and federal. And it’s quite possible that some people who owe you money may have moved away.

Second, you’ll want to ask about their track record.

For example, any reputable collection agency should be able to give you some figures with respect to how successful they have been in the past. Make sure they work with medical practices like yours. Ask about the approximate percentage of total outstanding revenue they should collect on your behalf.

Next, ask about their collection methods.

This includes two factors: HOW will they communicate with patients who owe you money (i.e. letters, calls, etc.), the frequency of contact, and the language used when contacting your patients.

Finally, ask about their fee structure.

Most companies do not charge any up-front fees, and only charge you a percentage of collected revenues.

The good news?

You don’t pay if they don’t collect. Period. Just be sure that you understand their fee structure and what their percentage will be. Also, ask about any other services they may be able to provide, such as skip tracing (tracking down patients who have moved away with no forwarding address).

By asking these questions you should be well on your way to selecting the right company.

Find a Medical Collections Company

Let an expert help you recover lost revenue, starting today.

To find a collections agency that specializes in medical practices like yours simply request a free services quote from qualified and reputable companies.

Click the link and compare free medical collection agency quotes today.

Or follow the link to our directory of medical collections companies and review them one by one for yourself in order to find the right one for your State or Metro area.

Either way the choice is yours…

Filed Under: Hire a Collection Agency, Medical Collection Services, Medical Collections

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