Senior Living communities are always under tremendous pressure to improve cash flow, this includes collecting unpaid invoices from patients or their guarantors.
Due to the industry’s very nature, the staff of senior living centers can apply only so much pressure, beyond which they risk the center’s reputation. Collection agencies specializing in senior living debt collection know the very nature of business. They use a friendly yet well-calculated tactical approach to maximize recovery while following all federal and state-mandated guidelines.
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The Covid-19 pandemic snow-balled the problem since many patients/signers experienced a loss of income and could not make payments on time. Since all senior living communities were forced to follow one of the highest standards of Covid-19 compliance a cost they had to bear.
Forwarding accounts to a collection agency after 90-120 days of delinquency is a great way to collect unpaid bills. Financial Circumstances and the health of your patient can deteriorate over time, therefore acting ASAP is important in the healthcare industry.
Even though the collection agency charges a percentage of what they collect, without their intervention, the entire amount will have to be written off. As the account ages, the probability of successful recovery decreases. Therefore, it is highly advisable to transfer accounts to a collection agency before 180 days.