Healthcare is a rewarding field, but anyone who owns and maintains a healthcare practice understands the challenges that come with billing. Patients who lack insurance or avoid paying the balance due make it difficult for practices to maintain their cash flow and often diverts resources. For many medical practices, a medical collection agency is often the best option. Here are three benefits of partnering with a medical collection agency.
It Protects Your Practice
Just as the medical industry is subject to comprehensive laws that must be followed to the letter, so does the debt collection industry. Collection agencies must be well versed in legal practices to ensure everything they do on your behalf is compliant with all state and federal laws. That includes observing the Health Insurance Portability and Accountability Act (HIPAA), the Fair Debt Collection Practices Act (FDCPA) and statutes of limitations that vary from state to state.
Your choice of a debt collection agency matters, because your practice can be held liable in the event that agency breaks any laws. Choosing a firm you can trust and one that shares the same standards as your practice is a good first step.
It Increases Your Chances of Debt Recovery
The reason that the debt collection industry exists is simple — these professionals can collect money that a business or practice cannot. Niche collection agencies, like Hospital Collection Services here in Reno, offer specialized services unique to various industries. HCS has many years of experience and stays current on the best, most effective and most advanced methods and procedures for medical debt recovery.
Bill collection can be a tedious process, and your practice may not have the resources necessary to chase down what’s owed to you. An experienced medical collection agency will put all its energy, tools, and resources into maximizing your return. HCS is efficient and strategic in our efforts, and we can streamline the collection process. Plus, we understand how important it is to handle all consumer interactions with professionalism and respect. After all, patient care doesn’t end when your patient leaves. That’s why HCS is committed to maintaining positive relationships that reflect well on us and on your practice.
It’s a More Efficient Strategy
Making the decision to turn over debt to a medical collection agency isn’t easy. Healthcare service providers must choose between burning through their own resources or paying a collection agency a percentage of what’s owed to them. The question is whether you believe your practice can effectively recover delinquent payments solo, or whether you’ll be able to recover money if you use an agency.
Generally, it’s a more efficient strategy to partner with an experienced and proven medical debt collection firm.
In Reno and Sparks, HCS serves a wide range of healthcare service providers. If you’re interested in learning more about how HCS can help your practice, contact us today.
