Medical debt is a sensitive topic for many individuals. As any healthcare provider (or patient) knows, it’s a big source of stress when managed incorrectly. A big portion of your revenue as healthcare providers comes from your patients’ medical debt that extends beyond their present capacity to pay. This necessitates follow-ups and putting collection processes in place so that your patients can pay their debt in full and on a timeline that aligns with their ability to pay.
You may be tempted to handle your collections yourself. But here are 3 reasons why you should hire a collection company to collect your patients’ debt for you:
Experienced healthcare collection agencies will maximize your collection.
There’s no simpler way to state this, experienced healthcare collection agencies have years of expertise in collections and managing the collection process with empathy, honesty, and respect. It’s much better to let the professionals trained in collecting for healthcare providers to do the necessary follow-ups and accommodate your patients’ needs and requests while they pay off their debt. Unless you have the time, money, and capacity to hire experienced healthcare collection professionals specifically for your business, it’s much cheaper and more effective to outsource your outstanding debt collection to a collection company.
Your positive patient-provider relationships will be preserved.
Collection is a very sensitive topic for many patients. It must be handled with the same amount of care and compassion that your healthcare services are provided. One misstep can ruin a patient-provider relationship. Those relationships are integral to keeping your patients coming back to you for their healthcare services. Outsourcing to a collection agency that specializes in healthcare collections puts trained representatives on the job of listening to your patients with understanding. This allows them to share insight and work out custom payment plans that will inspire them to regard your healthcare services in an even higher light.
Your employees will have more time to do the work that matters most.
There aren’t enough hours in a day or employees to do all your outstanding work to begin with, so it goes without saying that you probably don’t have the capacity to have your healthcare workers making debt collection calls. Your workers should be tending to your patients and ensuring that your hospital or healthcare services are running smoothly because that’s what they excel at! These are the services that matter the most in the long run. You shouldn’t have to worry about collection if you can just pass it off to an agency for better long-term results.
Are you looking for a healthcare collection agency that makes sure your outstanding medical debt gets paid while preserving your patient-provider relationships? Look no further than Frost Arnett. We have over 125 years collecting with compassion, honesty, and empathy for the healthcare industry, and we’d be honored to work with you. Contact us at 1 (855) 287-7043 to work with us today.