Hiring a Medical Collection Agency near you has no benefits.
A debt collector does not personally go to collect money from your patients, therefore it is immaterial if a patient receives Collection Calls or Letters that have originated from your city or somewhere from California or New Jersey.
In fact, if you are limiting your search to a Collection Agency located near you, most likely you are missing out on hiring a Collection Agency that could have recovered a lot more money from your patients.
When you need to hire a plumber or a cleaner, you go local. But do you know from which city your monthly Electric or Phone statements are generated? Do you know from which city in America you get a phone call regarding your Bank Account or regarding your upcoming Flight Status? Do you even care? Debt collection is one of the activities where the agency’s physical location does not matter.
Medical Collections is very tricky, the agency handling your accounts receivable should clearly understand the delicate nature of the doctor-patient relationship. Collections should be made in a diplomatic, systematic, and amicable manner in an attempt to preserve the doctor-patient relationship.
Important requirement – Your medical collection agency should be licensed to collect in your state, and apart from English-speaking collectors, they should have Spanish-speaking debt collectors as well.
If all direct collection efforts fail and a lawsuit is advisable, then nearly all Collection Agencies have a nationwide network of experienced lawyers in pretty much every city of America. It is a part of their standard collections process. The contingency fee is disclosed in advance, depending on the case’s complexity.
All medical collection agencies are required to follow all federal and state laws like the Fair Debt Collection Practices Act (FDCPA), Fair Credit Reporting Act (FCRA), Telephone Consumer Protection Act (TCPA) and Health Insurance Portability and Accountability Act (HIPAA) guidelines.
Apart from a higher recovery rate, ask if the collection agency has a secure online portal where you can submit new accounts, run reports, and stop the recovery process of an account where a payment has been received. Are their call centers located in USA or a foreign country? What steps do they take to protect your patients’ personal data and if they have any 3rd party security certificates to prove that?
Bottom line, if you are looking for a “Medical Collection Agency near me“, you will likely miss hiring the best debt collection agency in the medical field.
In Medical Collections, demand letters sent by a Collection Agency are extremely effective and low-cost. Ask your medical collection agency if they offer Collection Letters service or not. They cost roughly $15 an account. Best suited for accounts less than 120 days past due.
Medical collections are relatively more prone to legal action from aggravated patients. To protect your medical practice from these lawsuits, your Collection should perform a Litigious Patient check. If the patient has a history of suing Small Businesses or Medical Practices, the agency should advise you appropriately. Moreover, the agency should be fully insured to protect them-self and your practice in case a patient files a lawsuit.
Transferring an account to collections is advisable if a patient has not cleared their medical bill within 60 to 90 days and your staff has not successfully recovered money during this time frame. Due to various federal and state laws, most collection agencies will do intensive medical collections or report to credit bureaus only after 1 year.
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Additional reading: Artificial Intelligence in Debt Collection. Can AI make it smarter and easier?