No business is immune from late payments. And that includes dental and medical practices.
And yet, unlike other “traditional” types of businesses, when it comes to collecting what is owed to you medical practices face a unique situation that is different from other types of commercial collections.
That’s because the people you need to collect from are patients, and some may even be long-time patients of yours.
So what can you do?
Three keys for successful medical collections
Choosing the right collection agency for your practice is even more important that it is for other types of businesses. After all, you’ll want to balance the need to get paid with the desire to safeguard your reputation.
And the way to do that is by finding the right agency to handle this for you.
Even if you use a medical billing service that handles client billing on your behalf, you can still reach out and find a collection agency for your practice and then put them in touch with your billing department to ensure a seamless collections process.
So how can you know you’ve found the right agency?
1. Experience with medical collections
It almost goes without saying that the more experienced a company or service provider, the better they are at doing the job you are hiring them for. And when it comes to finding, and choosing, a collection agency that is certainly true.
But experience means much more than simply the number of years they have been doing business.
For collection agencies, you’ll want to know if they actually specialize in medical collections.
- how long have they been focused working with medical or dental practices like yours?
- do they currently work with other medical practices?
- how many?
- what methods will they use when collecting on your behalf?
Along with experience, you’ll want to make sure they are licensed to do business in your state as well as the state(s) where you current and/or former patients reside.
Compliance is more important now than ever before, especially with the creation of the the Bureau of Consumer Financial Protection (CFPB). In fact, one of the more important reasons for outsourcing your collection headaches is to reduce or remove any liability regarding any possible compliance issues with all State and Federal collection laws.
2. Willing to work with your patients
Let’s face facts, some patients aren’t paying your bill because, for the time being at least, they may not have the money on hand to pay the bill.
It does happen.
The good news, for you, is that changes in collections laws have pretty much done away with rude, obnoxious and threatening people calling on your behalf to threaten or bully people into paying their bill. Professional collection agencies these days are willing to work with the people who owe you money, offering terms and payment plans to help them pay your bill.
So when selecting a collection agency make sure that they are willing to offer payment plans and terms to your patients.
3. Proven track record of success
How do you (or will you) define success?
Will it be based on a percentage of collected revenue within a certain time frame of taking action? Will it be how successful they are in recovering lost revenue without any incoming complaints from your current or former patients.
It’s important to note that the longer you wait to take action regarding delinquent payments, the less money you are likely to collect.
So getting a collection agency involved early on in the process will go a long way to collecting what you are owed. But before hiring an outside agency you should ask them how successful they are in working with a medical or dental practice like yours. They should be able to provide you with some statistics, facts and figures that illustrates their track record of success.
It’s also a good ideas to ask for testimonials from other medical practices like yours who currently use their services. They don’t have to be from practices in your immediate area, but they should be fairly recent.
By following these tips you should feel confident that the agency selected will be the right one for you.
Find a medical debt collection agency today
To find a medical collections agency that specializes in medical practices like yours simply request more information from qualified and reputable companies.
Click the link and compare free medical collection agency quotes today.
This way you can save time, money and aggravation by hiring a professional who can help you start collecting on your outstanding bills.
After all, you really have two choices:
- you can keep doing what you’re doing (expecting a different result), or
- you can hire an outside company that can help you collect the money you rightfully deserve.
At the end of the day it’s your money…