Collecting money from your patients or customers can be challenging. No one wants to pick up the phone and bug someone about a payment that should have to come in two months ago.
But the bottom is this: the longer it takes to receive payment, the less your organization will ultimately collect on each account. Still, many companies are reluctant to hire a collection agency to manage their debt recovery. Here are five reasons to reconsider.
A revenue cycle partner can often get your money for you for less than improving your internal processes, which can come with a hefty price tag. When you outsource your accounts receivables you shift the responsibility for hiring, training, and ensuring the compliance of a collections team to your partner. Not only does this mean you can reallocate your teams’ time to other critical tasks, but you also have an entire company dedicated to helping you collect more of your outstanding receivables.
A trained team of collectors can improve your success rate, systematically managing your overdue accounts to bring in payment. With the right partner, you can even get access to a team of dedicated representatives specifically trained to collect on your accounts. Healthcare providers, for example, need a team of collection professionals who are trained in HIPAA, data security, and the importance of protecting both patient health and financial information in order to maintain compliance with the strict regulations within their industry.
And let’s not forget the access to millions of consumer credit files that comes with certain agencies’ affiliation with the nation’s credit bureaus. The ability to review consumer credit information helps trained agents to develop the clearest picture of how a particular consumer will respond to their outstanding debts.
Stay Up To Date
Federal regulations and laws surrounding collection are confusing and constantly changing. Our job is to make sure we know what we can legally and ethically do and what we cannot. We can avoid legal tangles that might tie up your staff and keep them from collecting.
Over the last several years, the scrutiny and enforcement by regulatory bodies has increased, with the potential for significant consequences to those organizations found non-compliant and unprepared. A true receivables partner will have in-house compliance and legal counsel to oversee the collections process and ensure you remain in compliance with the ever-changing landscape of collections and consumer protections.
Improve Customer Interactions
While collecting money owed for services rendered is a routine part of business operations, it can get contentious. But with the right team in place, you can reduce complaints, and even improve customer service. A dedicated team means having someone there at every stage to answer questions and provide guidance. Each member of our team has made a pledge to treat your patients and customers as partners in seeking a solution to resolving their debts and to enhance the goodwill of each of our clients in their communities.
Stay on the Cutting Edge
You may use different types of technology to help you collect on unpaid accounts. But some forms of technology aren’t financially viable for companies with only a handful of debtors. This is what we do, which means we invest in the best technology to effectively manage and reduce your outstanding A/R.
Still not sure if hiring a revenue cycle partner is best for your company? We get it and still want you to benefit from our experience. Sign up to receive updates from us and get valuable insights into collecting more on your outstanding accounts, delivered right to your inbox.