Dental debt collection agencies are businesses that specialize in obtaining payments owed by people or organizations. Collection agencies can be a very useful and they can greatly improve the financial situation of your practice. Having many debts piling up can be damaging to a practice’s cashflow and difficult to overcome. Dental administrators know how frustrating this can be, especially when you also have to deal with other important activities.
Dental Debt Collection
Attempting to successfully balance both your patient’s care as well as collecting debts from them can seem almost impossible. This is why outsourcing a dental collection agency is a more efficient method.
There are a long list of reasons why dealing with unpaid accounts can be a most unpleasant task for dental office staff and everyone else involved. For example, some patients give incorrect information, which makes it difficult to track them down, they may move, their checks may bounce and your phone calls, emails and letter may go unanswered. You may feel like trying to obtain your own money is actually costing you additional fees.
Many failed efforts may have led you to understand that attempting to deal with patient debts internally, may not be the most efficient approach. Dental debt collection agencies know that one of the main reasons why dental bills have such high debt rates is because failure to pay does not usually result in immediate and harsh consequences. For example, not paying your utility bills can result in your electricity being shut off, your phone service being disconnected, water being shut off etc. Likewise failure to pay off car debts can result in repossession. However this is not the case with medical and dental bills. This means your patient may decide to take their chances and put off paying your fees and use their money to pay what they consider to be a “higher priority” bill.
Debt collection agencies can help you deal the struggle and frustrations of dealing with patients who use this logic. Allowing your patients to have credit and other payment options should not cause you financial strain, uncertainty or instability in your practice. It should never jeopardize all that you have worked for and achieved. This is why dental debt collection agencies aim to allow you to focus on your specialty without having to deal with the worry of collecting debts. It is good to know that simply having a medical debt collection agency on your side can motivate patients to pay on time. They know that you deserve to be paid on time, because unpaid bills can impact the lives of both you and your staff.
If you are apprehensive about going after your unpaid debts because you are afraid that in doing so you will lose your patients, then using a dental debt collection agency is definitely the way to solve this. All debts are collected professionally and respectfully. They are collected in such a way that you are able to keep your patients while still maximizing your profits. Since dent debt collection agencies operate as third parties, they can call and contact patients on your behalf without having you directly involved in the process. Your customers can be held accountable for their debts in a respectful and dignified manner, while still upholding them to legal standards. They can also be penalized for extremely late payments or overall non payments.
Dental Debt Collection
The cost of collecting debts may vary depending on many factors such as the amount of accounts that are submitted, the age and size of the to be collected. However fees are usually collected from a percentage of debts collected.
Dental debt ollection agencies are also skilled in skip tracing. This means they can locate previous patient debtors who have moved far away to avoid dealing with payments. They can also track down patients who initially provided incorrect information so as to avoid paying bills. This is useful for dealing with scammers with no intent to pay.
As long as you agree that you have the right to be paid in a timely manner, without stress and time consuming methods, then you should consider a dental debt collection agency. They are much more efficient and easier than anything that can be accomplished internally. Ease the financial strain of your business and request a dental collection agency quote as soon as possible.
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