Are you in the dentistry field? Perhaps your account receivables have accumulated and are fouling up your cashflows. If so, then working with dental collection agencies is invaluable.
Whether for private practices, dental groups, or dental service organizations, the right debt collection agency can help you recover debts. But you don’t want to soil your brand reputation during the debt recovery process, do you?
This is why you must work with a reputable and skilled dental collection agency. The right debt collection services provider understands the ins and outs of dental billing to help your practice recover more and get paid faster.
However, the wrong choice only adds salt to the injury. Imagine picking a rogue agency that gets involved in injury claims, patients file complaints with the Consumer Financial Protection Bureau, and your practice gets hefty fines. No, this is not what you want, is it?
To shun this, pick the best agency to hire. But with more than 7000 debt collection agencies in the US, how do you pick the right agency? Worry no more; here are 5 keys to choosing the best dental collection agency.
1. Check Customer Service
Again, you don’t want to work with an agency that will put your practice on the line. Gone are days when debt collectors would threaten to break delinquents’ limbs. When picking a dental collection agency, find a professional service provider.
A reputable agency focuses on offering incentives to owing clients to pay their debts. They develop favorable payment plans, payment through multiple channels, and early intervention. This ensures the practice/patient relationship is maintained.
You want to find an agency that is known for its professionalism in the industry, without damaging its clients’ damage. Furthermore, it’s of no point recovering debts, but hurting your practice reputation.
Before hiring any dental collection agency, ask how they collect debts. What method do they use? Are you comfortable with similar methods being used with your clients?
2. Check Reputation of Dental Collection Agencies
What’s the experience of other dental practices working with the agency? To avoid the dire consequences of hiring the wrong agency, check on what past clients are saying about them.
To determine this, read online reviews and feedback from previous customers. You want to read testimonials on their websites to learn more about them. However, for more unbiased feedback and reviews, check for this info in third-party review websites such as Yelp.
Keep in mind the praise or criticism you come across reflects the actual experience of dealing with the agency. If a debt collection agency has multiple negative reviews, move to the next.
Also, check if there is any complaint filed against the collection agency on Better Business Bureau.
3. Consider Total ROI, Not Just Initial Price
When hiring a debt collection agency for your dental practice, the price charged is likely to be your major consideration. You will compare different agencies, and you will likely select the one charging lower fees, right? Well, this is not the way to go.
The most important consideration should not be the percentage charged by the agency, but how much they bring back in your cash kitty. Most debt collection agencies charge clients based on a percentage of the amount they collect. While an agency may have a lower percentage, they may prioritize more on the easy to collect debts, leaving out high account receivables.
When making your choice, check for previous results achieved by the firm. How much have they collected for past clients? Determining the amount they have helped other clients recover can give you crucial insights on whether to work with them or not.
When picking a dental collection agency, don’t base your decision solely on the expense of hiring a firm; check if they can give good returns.
4. Consider Their Experience
For how long has the agency been in operation? When making your choice, look for an agency that has been around for years to help dental practices recover debts.
A well-established dental debt recovery agency has dealt with numerous debtors and has learned the field’s best practices. They possess in-depth knowledge about effective debt collection strategies to use. Also, they have solutions for the most common problems they are likely to encounter with some debtors.
In addition, an experienced medical collection agency knows the compliance regulations in the debt collection process. You will have peace of mind knowing your business won’t end up suffering hefty fines due to incompliance.
You can be guaranteed professional and quality services as such firms have built a solid reputation over the years. They are not willing to damage their reputation by offering poor services.
For the best returns, choose an experienced dental collection agency.
5. Ask for References
You want to speak with previous clients and ask about their experience. You want to get crucial insights right from the horse’s mouth. Before hiring them, ask an agency to provide you with the names and contacts of their recent customers.
Reach out to them and inquire about their experience. Did they get the intended result? What was the percentage of the debts recovered? Also, inquire if they can work with the same debt collector again if need be.
The answers you get from them can help you evaluate whether the same agency is what you are looking for. If several practices had a negative experience with the agency, avoid working with them.
Avoid them if the debt collection agency is hesitant or refuses to give you their customers’ contacts and names without any valid reason. They might be concealing something they don’t want you to find out.
Hire a Dental Collection Agency Today
The right dental collection agencies can do wonders for your practice’s cash flow. To find the right agency and get the best results, carry out first-hand research and do proper legwork.
Are you looking for a debt collection agency? At First Federal Credit Control, we are here to help. We deliver top-quality service to every client with over 50 years of experience, flexible, talented, and professional debt recovery specialists.
Contact us today for a free consultation.