At some point, most practices in the medical industry will deal with unpaid invoices. And while it’s common to debate whether or not to turn over this debt to a collection agency, the truth is that it’s the most efficient option you have. One of the most common questions involves timing — when should your medical practice hire a collection agency?
A General Rule of Thumb
While every medical practice is different, the general rule is to submit collections on past-due accounts between one and three months of delinquency. Recovery success is tied to the speed with which you partner with an experienced collection agency, so sooner tends to be better. However, factors including the amount of outstanding debt and how a particular practice is managed will also play a role in timing. For these reasons, it’s a good idea to consult a professional for advice. In Reno, Hospital Collection Services can offer guidance, recommendations, and suggestions for any businesses in the medical industry that might be debating how best to manage overdue accounts.
A Common Pattern
Many medical practices find themselves repeating an unsuccessful pattern — sending multiple invoices, following up with phone calls or letters, and getting no response. A letter from a professional collection agency like HCS is a clear sign to your patients that your practice intends to collect on money owed. And in many instances, this correspondence alone is enough to motivate patients to pay what they owe. If it isn’t, we’ll put our tools, training, and experience to work so that we can maximize your return without alienating your patients. And that’s important. Agencies specializing in medical collections understand how to contact your patients in a manner that is both professional and compliant. Whatever the reasons preventing your patients from paying, turning over that unpaid debt to collections means a greater chance of recovery and more time and resources you can devote to your practice.
Contact HCS today to learn more about what you can expect with a professional medical collection agency working on your behalf.
