Despite more people being covered by health insurance than ever before, medical debt is still a significant factor facing our economy.
In fact, according to a recent study by the Federal CFPB (Consumer Financial Protection Bureau), 59% of people who answered the survey reported that unpaid medical services was the reason they were contacted by a collection agency.
What’s most interesting about this trend is the fact a study by the Urban Institute found that the percentage of families that had problems paying medical bills declined from 22% in 2013 to 17.3% in 2015. So while less families had trouble paying for their medical care, medical debt was still the single biggest reason for getting contacted by a collection agency.
One notable factor had to do with the type of insurance coverage that some families can afford. Typically, people covered by “high deductible” plans had a harder time paying for their medical bills.
All this means that the need for medical and dental practices to collect on unpaid medical bills is still very much a reality.
Find a medical collection agency today
Save time, money and aggravation by hiring an outside agency who can help your office or practice collect some (or all?) of your outstanding revenue.
Click the link and compare free collection agency quotes today.
After all, when you get down to it you really have two choices:
- keep doing what you’re doing (and hope for a different result), or
- find medical collection agencies that can help you recover what’s rightfully yours.
Either way it’s your money… you decide.