Are Your Medical Accounts Collecting Dust?
Do you have any idea how much money your medical collection agency recovered last year? If you don't, how can you evaluate their effectiveness or your return? How could you possibly be aware?
Although patient balances forwarded to a medical collection agency are often considered "lost causes," there would be little point in using such services if that were always the case. Logic dictates this much. Some of the reasons are as follows: Some patients simply do not respond to practice statements or internal collection letters. They will, however, respond when a collection agency states it will report their failure to pay to credit bureaus. Collection agencies have a number of resources on their hands. If reporting a debt to a credit bureau does not work, there are attorneys on hand that can assist you with problem consumers who refuse to pay.
Given that most medical practices acknowledge the need for collection agency services, they should evaluate and manage this collection method just like any other. Practices should have a full understanding of the terms of the agreement with their collection agency and the results of such arrangements; they must also understand how their own internal processes affect the agency's success. And internal processes do have an enormous effect on the amount of money that you can collect.
Here are six questions you should ask when evaluating your current collection agency.
What is the total dollar value of accounts placed with the collection agency last year?
What is the protocol for turning accounts to collection?
What is the average age of transferred accounts?
What percentage of transferred accounts had balances less than $50?
How much did the agency collect last year?
What fees does the collection agency charge?
What reports does the agency provide?
Rapid Recovery Solution is a medical debt collection agency.
Tags: internal collection letters, collection agency charge, recovery rates, collection agencies, amount of money, spanish collection company, financial servicesFiled under Bad Credit by 
Comments on Are Your Medical Accounts Collecting Dust?
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It is not at all uncommon the see collection agencies getting into legal hot water over the way they try to collect on past due accounts. Even though, because of past and particularly heinous abuse in the name of collection on a bill, laws have been passed to regulate certain unethical practices, many collection agencies [...]
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