Did you know that the market for debt collection agencies in the United States alone is expected to be worth more than $18.8 billion in 2022? That just goes to show how much demand there is for this valuable service. This makes a lot of sense when you stop to consider that without debt collection agencies, people and institutions would be a lot less likely to provide loans to people who need them.
Of course, an industry of this size has a lot of variety in it. Unfortunately, that means that some people end up hiring medical collection agencies that do not do as good a job as they would like. On the other hand, you can avoid this problem by identifying the most common mistakes that people make when they hire a medical collection agency.
So what exactly should you be focusing on when you are choosing a medical collection agency in Florida? Read on to learn all about the most important mistakes to avoid making when hiring a medical collection agency!
1. Focusing Too Much on Cost for a Florida Medical Collection Agency
This advice may sound counterintuitive. Isn’t cost one of the most important things to pay attention to when you are choosing a medical debt collection service?
It absolutely is, and yet, it is not the most important consideration. If you want to know how to hire collection agencies, it is important to distinguish between initial costs and net costs.
Imagine you have the option to hire two debt collection agencies. One might cost only $1000 and the other might cost $5000.
But now consider the differences in the results that they provide. The first company might help you collect on $10,000 worth of debt, while the other company might help you collect on $20,000 worth of debt.
In this case, the return on investment for hiring the first company is only $9000. Your return on investment could’ve been $15,000 if you hired the more expensive agency.
In other words, it is extremely important to focus on initial costs, but only if you remember to compare them to return on investment. The better the results a medical debt collection agency can get you, the more it is worth paying extra for them. As in many other industries, you get what you pay for, so it is important to understand the differences in quality that different agencies will provide.
2. Hiring a Service Without Checking for Proper Licensing
Most debt collection agencies out there have the proper licensing. However, there is the occasional outlier. If you think you have found the right company to work with, make sure to check on their licensing before you pull the trigger.
In most cases, all you have to do is ask the agency to provide you with documentation demonstrating that they have the correct license for medical debt collection.
3. Hiring a Service Without Getting Clear on Cost Structure
In many industries, you have to watch out for hidden fees. Some agencies will pretend like the only thing you need to pay attention to is their upfront cost. That leaves some clients surprised when they discover there are all kinds of complications that increase the total price of working with a medical debt collection agency.
Make sure to ask any debt collection agency you work with for a comprehensive list of the things they might charge you for.
4. Choosing to Hire a Medical Collection Agency Without Examining Customer Service
Some companies are a lot more complicated than others. The more complicated a company or institution is, the more it requires custom service that is tailored to their specific needs.
If you have a lot of complicated debts to outsource to an agency, it is important that the agency be prepared to respond to updates you might provide. In other words, you need a company that provides excellent customer service. If a company is unpleasant to call up and provide an update to, then it will make working with them miserable if you need to do that often.
Alternatively, if a company is hard to get a hold of or does not respond quickly, you can waste a lot of time waiting for them to adapt to your updates.
No matter what your situation is, customer service is essential. Before you decide which medical collection agency to hire, make sure to pay careful attention to how responsive and friendly they are to work with.
5. Hiring Medical Debt Collection Services Without Knowing Their Track Record
Nothing indicates a likelihood of future success like past success. Before you decide which agency to work with, ask for indications of their track record. In some cases, you can find online reviews to help you access each agency.
Make sure to read the written reviews as well as consider overall ratings. The written reviews provide extra context that will help you understand each agency and the overall industry better.
However, you might also be able to get each agency to provide you with testimonials from past clients. If you are lucky, they may even provide you with specific numbers detailing their rate of success and average results. The more information they can provide you with, the better you will understand if they are the right choice for you or not.
Avoid the Most Common Mistakes When Hiring a Medical Collection Agency
We hope that some of the ideas in this brief article about the most important mistakes to avoid when you are choosing a medical collection agency have been helpful for you. Many people get excited about the prospect of enjoying the benefits that come with working with a quality medical collection agency in Florida. However, that excitement can lead them to rush the process of choosing the right agency to work with.
Working with the right medical collection agency is enough of a priority that it deserves a certain amount of time and effort to make sure that you do it right. To learn more about mistakes to avoid when choosing an agency to work with or to speak with medical collection experts, feel free to reach out and get in touch with us here at any time!
First Federal Credit Control
1761 W Hillsboro Blvd #320
Deerfield Beach, FL 33442