Like any business, medical practices need steady cash flow to be successful. By the time a claim goes to the insurance company and back, the patient might not even remember the services they received. Sometimes patients simply don’t consider paying their doctor as a priority. These issues result in the practice not having the money it needs to pay their staff’s salaries, their overhead charges, or for their supplies.
Most medical practices don’t have the resources to pursue payments persistently. Just taking the time to give patients a “gentle reminder” takes the staff away from other essential duties. When these efforts aren’t successful, it results in a greater loss for your practice. That’s why hiring a collection agency makes sense!
It’s problematic for any business to fail to get paid. If you aren’t receiving the bulk of your accounts receivable or it’s taking a long time, you have a problem. The longer your accounts go without getting paid, the more revenue you are losing.
This kind of new hire means a large transition in leadership for your business. It’s easier to hire a collection agency to handle unpaid bills when you’re already implementing other changes. It’s a good way to start bringing in more revenue than before without any added effort.
Some patients deny they owe money, or they ignore your attempts to collect. Others set up payment plans and then fail to follow through on them. Some patients have a history of financial irresponsibility. Their failure to pay is an old habit that they aren’t going to change. Any time a patient account reaches 60 days, you need to act to get a better response and get paid.
No one should have to go without pay for their time and services.
Contact us to learn more about your options for hiring a collection agency to get better results for your practice.