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Collection Agencies: Who They Are. How The Do It, and What To Expect

COLLECTION AGENCIES: WHO THEY ARE

When determining the profile of prospective collection agencies, consider the following criteria:

  • Number of years in business: You want to deal with an organization that’s stable and has a good reputation. Usually, if a company has been around awhile, you can expect it to be around a while longer. Anyone can go into business, but to stay in business, an entity must be effective and continually satisfy its clients. It’s nice to give upstarts a break, but it’s smart to put your receivables in the hands of professionals with a proven track record.
  • Verifiable clients as references: Success in one type of collection activity is not always a guarantee in another. Ask for and check out medical references within specific fields. If you are told that the client list is “confidential,” you’re looking at a bright-red warning flag. You have a right to ask a company’s references whether they’re satisfied with the agency’s results, and whether the agency is easy to deal with. Continue reading

Cool, Calm and Collected

Cool, Calm and Collected

businesspeopleJoel R. Marchiano*
Selecting a collection agency – or evaluating the one you have – can improve bottom line results while maintaining your professional image. This article provides criteria for choosing a prospective collection agency and evaluating the strategies a collection agency employs, and discusses what a client medical practice should expect in analysis and support.
Key words: Collections; accounts receivable; Fair Debt Collection Practices Act.
Properly insisting on amounts due after your billing efforts have failed enhances your practice’s profitability and keeps costs down for patients who routinely meet their responsibilities. The challenge, though, is finding a post-billing collection agency that reflects your professional profile. Here’s what to look for in a company so that you can balance effectiveness and image.