If you run a medical facility, hospital, lab, physicians’ group, or clinic, you may find unpaid patients’ bills are piling up. This is a problem that is only going to worsen, as insurance costs escalate, and providers cover fewer expenses. Often many patients give up, hoping the problem will go away, rather than working on a payment plan. Hiring a medical collections agency can help to bring in the money that your company is owed, all while maintaining a respectful relationship with the debtor.
Now that you’ve decided it’s time to call in a competent medical collections agency, you may be wondering how to find the best one. First, you should hire a competent one that has experience in the medical field. It’s also important to find out their experience. You’ll also want one that focuses on consumer debt, rather than collecting debt from a medical facility.
You may discover that there are hundreds of medical collections agencies operating in the USA. You need to narrow it down by state, so you’re not paying for long-distance or other costs and fees. You may even wish to focus on medical collections agencies that are in the same city as your facility.
Find out what other types of collections services they provide. Do they also do billing, accounting, or business administration? This includes all knowledge in the medical field, insurance requirements, medical terms, and laws such as HIPAA.
Ask to see track record reports of their successes. This will give you an idea of whether they are right for your healthcare business. They should also be familiar with federal or state rules and regulations that have been set forth in your region.
Don’t be afraid to ask for referrals when you’re searching for a collections agency. They should provide you a list that you can contact. You’ll want to find out why they recommend the agency and what was their success rate is.
You may wish to search the ACA directory to find a list of qualified medical collections agencies in your region. This is the Association of Credit and Collections Professionals. This is a nonprofit agency that has set in place certain ethical standards for the industry, and helps their members to focus on them.
You should also check the BBB. First, see if there is a membership, and second, how many complaints there are. Don’t worry if there are one or two, but if there are several on the same issue it can be a red flag.
Medical collections agencies may also need to have state licences or be bonded, or both. Also find out where the agency is licensed. You should also check to see if the company is insured. This can cover any liabilities.
If you’re planning on working longterm with medical collections, you should sit down with them at a meeting to learn more. This offers a great opportunity where you can learn more about them. You may wish to ask to see proof of results. How long have they been in business, and what are some recent results they’ve achieved?
Part of finding a good collections agency will also involve your instincts. If something is wrong, or you don’t like the collectors, then move onto the next one on your list.
Try not to worry about the size. A large national firm may not provide better services than your local collector. It can also depend on the size of your company and your needs.
RAB, Inc. has a high level of respect and trust in the industry. If you are seeking the best medical collections agency, please contact RAB, Inc. today to see how we can help you.