Are you struggling to get paid by patients? You’re not alone. Over 31% of healthcare providers find it difficult to collect payments from patients.
Patients often don’t pay their bills on time, if at all, which can cause significant financial issues for your business. This is where medical collection agencies come in.
An excellent medical collection agency in Houston can recover money that’s owed to you, often within a few months. They have the experience and expertise necessary to get your money back quickly and efficiently.
Below are eight reasons why working with a medical collection agency is a wise decision.
1. Save You Time and Resources
The medical collection agency will work on your behalf to collect the money owed to you. This means that you will not have to waste your time trying to track down patients who owe you money.
Additionally, the agency will have access to resources that you may not have. This includes a database of medical billing information and a team of medical billing experts.
By using a medical collection agency, you can focus on your patients and leave the collections to the professionals.
2. Increase Your Cash Flow
Is your medical practice suffering from cash flow issues due to unpaid medical bills? Unfortunately, over 29% of small businesses fail due to cash flow problems.
One of the best ways to improve your cash flow is to hire a medical collection agency. The sooner you get paid, the better off your business will be.
When you use an outside agency to collect unpaid medical bills, you can receive payment much faster than if you tried to collect the debt yourself. In some cases, you may even get paid within a few weeks.
Additionally, collection agencies typically work on a contingency basis. That means you don’t have to pay anything upfront for their services. Instead, the agency will collect a percentage of what they successfully collect from your patients.
So, if you’re struggling to get paid by your patients, working with a medical collection agency is definitely worth considering.
3. Improve Your Patient Relationships
If you constantly have to chase down your patients for payment, it can put a strain on your relationship with them. After all, nobody likes being hounded for money.
But when you hire a medical collection agency, they’ll handle all of the collections for you so that you can focus on providing quality patient care. This will help you keep a good relationship with your patients, which is essential for any medical practice.
4. Take the Financial Pressure Off of You and Your Practice
If you’re constantly worrying about how you’re going to make ends meet because of unpaid medical bills, it can take a toll on your mental health and well-being.
But when you hire a medical collection agency, you can hand off all of your unpaid bills to them and let them do their job. This will take a massive weight off of your shoulders and allow you to focus on running your practice.
5. Improve Your Accounts Receivable
If you’re consistently having trouble collecting medical bills, it’s time to consider hiring a medical collection agency. A good collection agency will work with you to develop a plan to improve your accounts receivable.
They’ll also help you implement new policies and procedures to make it easier for patients to pay their bills. This will help you get your money faster and improve your cash flow.
6. Boost Your Bottom Line
Think about it this way – if you could increase your bottom line by 30%, would you do it? Of course, you would! Well, that’s exactly what a medical collection agency in Houston can do for you.
By hiring a reputable agency, you can expect to see a significant boost in your bottom line. Collection agencies have the experience and expertise to get the job done right. They know how to work with insurance companies and patients to ensure that all outstanding bills are paid on time.
Additionally, they have a proven track record of success. In other words, you can rest assured that your medical collection agency will get the job done right.
By hiring a medical collection agency, you can free up your staff to focus on more important things—like providing excellent patient care. This will go a long way in improving your bottom line.
7. Improve Your Organization’s Reputation
Your organization’s reputation is vital. It can be the difference between getting new patients and losing them to another practice.
Too many outstanding medical bills can negatively impact your reputation. Hiring a medical collection agency can help improve your organization’s reputation by getting those bills paid.
Your organization will be seen as more professional and responsible, which can attract new patients. Plus, your current patients will be more likely to recommend you to others if they know you are good at collecting payments.
All this can lead to a better reputation for your organization, which is vital for its success.
8. The Agency Understands Debt Collection Laws
Most medical collection agencies in Houston are up-to-date on debt collection laws. Therefore, they will be able to collect your outstanding medical bills without violating any laws.
Additionally, a reputable collection agency will also be familiar with the Fair Debt Collection Practices Act, which protects consumers from being harassed by debt collectors.
Most medical practices don’t understand these debt collection rules. Failure to comply with them could result in legal action against your medical practice.
Hire a Medical Collection Agency in Houston
Debts can be a major distraction for any medical practice. They can take up valuable time and resources.
Hiring a medical collection agency in Houston is the best way to get those debts under control. A good agency will take all of the collections off of your hands so that you can focus on what you do best.
At FFCC, we’re a great choice for businesses that need help collecting past-due balances and debt from their customers. We have a proven track record of success, and our team of experts knows how to get the job done.
Contact us today to see how we can help your organization.
First Federal Credit Control
24700 Chagrin Blvd #205
Beachwood, OH 44122