Senior Living communities are under tremendous pressure to improve cash flow and collect money from unpaid invoices from patients or their guarantors. Covid-19 pandemic snow-balled the problem since many patients/signers experienced a loss of income and could not make payments on time. Additionally, senior living communities, in particular, were forced to follow one of the highest standards of Covid-19 compliance since many seniors lost their lives in nursing homes and senior living centers.
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Due to the industry’s very nature, the staff of senior living centers can apply only so much pressure, beyond which they risk the reputation of the center. Forwarding accounts to a collection agency after 90 days of delinquency is a great way to collect unpaid bills.
Collection agencies specializing in senior living debt collection know the very nature of business and use a friendly yet diplomatic approach to recover money cleverly.
Even though collection agency charges a percentage of what they collect, however without their intervention, the entire amount will have to be written off. As the account ages, the probability of successful recovery goes down; therefore it is highly advisable to transfer accounts to a collection agency before 180 days.