Using a collection agency may seem like a good idea. If your practice is struggling to get debt paid, handing it off to the so-called professionals seems like a no-brainer. However, using collection agencies is often less successful and not as profitable.
According to The Association of Credit and Collection Professionals:
“On average a practice recovers just $13.80 for every $100 owed once a patient’s bad debt
is turned over to a third-party collection agency.”
Instead, by implementing simple procedural changes for collecting bad debt, making patients aware of them, and enforcing them, your practice can easily increase the chances of collecting.
Here are some actions you can take to help improve the financial process and make patients’ bills easier to pay and understand.
What does this mean for your practice?
Patients are taking longer to pay their medical bills. Implementing simple steps can help increase your chances of being paid sooner, and collecting more of the debt.
To help your practice maintain financial stability during this period, talk to Provider Web today and see how we can help.