Deciding to use a medical debt collection agency is a personal decision that will depend on a particular medical practice’s unique policies and the timeline of delinquent accounts. There really is no single right answer for the right time to use a medical debt collection agency. Still, Hospital Collection Services here in Reno can offer a few suggestions that might help.
Practice Policies
Your practice likely has its own policies regarding accounts receivable, and they may include a timeline for when a past-due patient is sent to collections. If that’s the case, your practice should simply follow its own policies. Odds are good that any accounts you decide to send to collections will fall within a reasonable window.
If your practice is lacking policy relating to collections, it may be time to remedy this oversight. Speaking with an attorney about incorporating language regarding past-due account policy into any contracts or agreements you use with your patients is a good first step.
A Helpful Guideline
In most cases, sending consumers to collections tends to be most successful somewhere between 60 and 120 days past due. While older accounts can still be sent, medical practices should understand that recovery rates begin dropping quite dramatically after 120 days in delinquency.
Of course, it’s also worth remembering that every patient is dealing with their own circumstances. In some cases, submitting an account isn’t the best course of action. This brings us back to individual practice policies. Consider how your practice might best handle unique cases, and incorporate these allowances in your practice policies. Maybe you’re willing to allow specific extensions in certain scenarios. Your practice is free to come up with whatever sounds most appropriate.
Be Proactive
Focusing on running your practice, including the day-to-day requirements this involves, can easily pull your attention away from past-due accounts. It’s very common to get distracted or occupied enough to overlook the issue, but remember what happens after 120 days past due. If recouping these losses is important to your practice — and it should be — Hospital Collection Services in Reno is here to help. Contact us today to learn how our team can help your practice with its overdue accounts.
