Bad business debts are a reality. It’s also a fact that many customers, especially those dealing with the medical profession, simply cannot pay their accounts in a timely manner and usually will continue to ignore any attempt for collection even though the medical facility may have bent over backwards seeking payments in a non-threatening way. That said if you’re spending valuable time trying to track down every person or company that owes you money on unpaid medical debts while ignoring your business in the process, you may soon find your business in trouble. Medical collections should be left to companies with experience who know most all of the ramifications and minefields inherent in the medical collections game.
Commercial debt collection services have been serving small and large businesses for decades taking over the responsibility of handling delinquent accounts and using various strategies to get payments using both emails and phone calls. The basic term for this maneuver in collection parlance, is called third party outsourcing. And since the task of collecting medical debts can be tedious and costly; ergo passing the ball to a medical collection company is the most sensible approach to solving the conundrum.
If you doubt the effectiveness in debt recovery several years ago if was determined that third party professional collection agencies were responsible for collecting, on the behalf of clients, nearly $4 billion (that’s a B) worth of payments. Taking it one step further, this simply means that instead of the way past due medical bills being written off, they got paid; maybe not 100 percent, but whatever the return, the business and the medical collection company were both satisfied with the results.
One caveat in hiring a third party medical collection team is avoiding any long-term strained personal customer relations. Using threat letters and ongoing phone calls to collect a medical debt can be inconvenient and time-consuming to say the least. Hiring a medical collection company that can operate as a third party, and keep your company from any unnecessary confrontation, the original relationship may still be able to be maintained.
Since it has been a proven fact, outsourcing debt repayments to professional debt collection services can benefit any business, not just the medical profession. Taking this approach a business can exponentially improve cash flow which, in turn, increases profitability. Although third party external collection agents are not part of any contract between the company and the debtor, still these professionals have the required know-how and hidden contacts plus resources to resolve transactions that are delinquent; eliminating stressful and panic situations with the business owner.
Blogger Timothy Reynolls has been sharing his experiences with his followers for years, and he continues to be active in his businesses as well. After talking to colleagues about the best medical collection companies around, they all agreed Pioneer Capital Solutions was top of the list. He recommends to his followers to stop by www.pioneercollects.com and be the judge for themselves!