Moon Twp, PA (PressExposure) August 11, 2009 -- Medical debt collection agencies are often the avenue of last resort for some medical practices experiencing delinquencies from slow paying patients and insurance companies. Positive cash flow is the âlife bloodâ of your medical office, clinic, lab or hospital.
An important question to ask is âWhen should I hire a medical debt collection agency?â Here are some considerations that may impact that decision:
* The ever-rising costs of healthcare, with increasing patient co-pays, deductibles and higher premiums places greater strains on consumerâs ability to pay for healthcare services. This increases the liklihood that many accounts will default and become delinquent. * With the largest amount of consumer debt in U.S. history, consumers are struggling with car payments, mortgage and credit card bills. Unpaid medical bills often become a lesser priority after services are rendered when strapped with other bills. * Some patients donât take internal collection letters or statements from your medical practice all that seriously. They do tend to respond to medical debt collection agencies that communicate they will report the failure to pay to the credit bureaus.
Many medical practices admit the need for outside third party collection agencies, but some are reluctant because of the doctor-patient relationship, and the possible negative public relations issue. In this case, its important when researching collection agencies, to stress the importance of diplomatic communications with your patients. This can be remedied by asking to see sample debt collection letters, called a demand letter. If youâre interested and fell that we National Asset Management, can be of any help to you, contact us.
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