From maintaining your dental equipment to training your staff, running your own dental office asks for you to manage various aspects at once. At the same time, you need to use modern dentistry approaches and offer an optimal level of care to your patients. If you face any shortcomings in even a single one of these aspects, it can shake the very foundation of your dental care operation.
That is why the need to recover your accounts receivable (AR) stands out as a crucial yet challenging requirement of managing your dental office. If you focus on running after unpaid invoices, it can affect the quality of service for your current patients. But in case you choose to let go of your unpaid accounts, you can start experiencing massive hits to your bottom line.
These are not great ways forward for your dental offices in St Louis.
At the same time, you do not want to turn to traditional collection agencies as you may want to take a different approach to the medical debt collection agency. It is best to ensure to work with a partner that understands fair debt collection practices and will work within the confines of the Fair Debt Collection Practices Act. Those compliant with debt collection practices will make the right collection calls and understand the telephone consumer protection act.
They will complete regulatory compliance and have the right collection strategies to be top tier in the collection industry. Whether you are worried about the credit report of your clients, delinquent accounts, full legal compliance, or more, remember that our team at HMS Collections is there for you.
Indeed, thankfully recovering the AR for your dental office is not impossible if you know what to do. To support you through this journey, here are 5 ways for collecting debt for your dental office.
One of the best ways to recover your AR is by outsourcing the difficult task to specialized professionals. Through their efficient processes, highly qualified staff, and usage of modern tools, these experts can retrieve your unpaid invoices in a timely manner.
This process doesn’t require you to stretch yourself thin with constant check-ins. Instead, you can simply provide your hired experts a list of your unpaid AR that are qualified to go to collections. From there, these professionals can take targeted steps to contact debtors and recover your invoices. If any debtors have made themselves unreachable, these debt recovery experts can use practices such as skip-tracing to locate them. For those patients who are genuinely short on cash, these providers can negotiate some payments to reduce your losses.
These specialized recovery solution providers will use the latest technology, focus on maintaining compliance, and understand how to deal with credit bureaus, navigate past due payments, and obtain requested information to be up to date on a collection account.
Whether trained collectors, auto-dialing systems, general telephone campaigns, or even HIPAA compliance, it is necessary to have the right call center representatives. They understand the required laws and the precedents affecting outbound calls and other relevant information.
For those patients who haven’t gone to collections yet, you can follow the practice of making reminders from the very start. For instance, you can make reminder calls on the due date of your invoices and request your patients to settle their bills.
If any patients remain unreachable, don’t hesitate to call them again for this gentle nudge. The key objective here is to establish contact and deliver the verbal reminder. This is enough motivation for many debtors to make their payments on time.
You should also keep in mind that not all patients may be willing to answer their phones, especially if they are aware that you are calling them. In these cases, keep making reminder calls every week. But if the process goes in vain, transfer these AR to collections or maximize your contact efforts through other mediums.
A phone call is perhaps the most effective medium to reach out to default debtors. But it is not the only way to establish contact. When you cannot get your message across through a phone call, it is time to do so through other mediums.
This includes texts, emails, and even the postal system. Using all of these avenues at once can ensure that you have tried your best to remind your debtors of the urgency to settle their invoices. In some cases, outlining the essential nature can encourage your patients to pay their bills.
With that being said, you need to maintain a fine line between outreach through multiple mediums and harassment from every side. As long as you keep this distinction in mind, you can increase your chances of recovering your AR.
In some cases, the patients of your dental practice may have run into genuine financial hardships. In these situations, they would be unable to make their full payments despite trying their best. This means that your calls to settle invoices in full may not return any results.
You should keep an open mind and offer payment plans to such debtors in these situations. These payment plans break the owed amount into different installments and make it easy for debtors to pay it off. While it may seem a less-than-ideal arrangement, it is still better than nothing.
You should also remember that even though payment plans may break a large payment into several smaller payments, you are still receiving your owed amount in full by the end of the outlined duration.
In contrast to those patients who genuinely cannot pay their invoice, there are those who willingly do not want to settle their undue medical bills. These patients may either have a bone to pick with your service or may have a game of contention going with their insurance provider. No matter the reason, these types of debtors can be hard to deal with. In such scenarios, you should be open to outlining your right to pursue legal steps and a simple plan of action.
This approach often gets many of such debtors to finally pay up while also allowing others to face legal consequences for their actions. While you should only use this practice as a last resort, you should still not refrain from executing it when the time calls for it.
Whether you need help with fair debt collections practices and want to work with an agency that optimizes the debt collection practices act, our medical debt firm is here for you.
We are dedicated to increasing our clients’ recovery rate professionally and ethically. Preserving our clients’ goodwill and reputation is paramount.
Hudson Management Services has successfully partnered with its clients for almost twenty years. Our founder and CEO, Vicky Hudson has firsthand experience in all aspects of the teleprospecting arena: appointment setting, customer surveys, market research, compiling, and evaluating the data collected.
As HMS has grown and the business world has evolved, our company has incorporated cutting-edge technology that has expanded our existing suite of services and allowed us to design successful lead generation programs that meet the increasing needs of our clients. We are proud to offer the following full suite of products and services and would like an opportunity to find out how we can assist in achieving your goals.
At HMS Collections, we specialize in offering timely, effective, and affordable solutions for you to recover your AR in stressful and challenging situations. To see how our solutions can help, don’t hesitate to reach out to us for a free consultation today.