Healthcare businesses and organizations often deal with patients who run into financial distress. When you hire a debt collector for medical debt collections, you are hiring a professional bearer of bad news. Find out why you should not be the one who harasses clients for past due medical bills.
Business owners, especially small businesses, need to be paid for services rendered, or else, how will they stay in business? Let’s review five obvious signs of when it’s time for your medical organization to hire commercial debt collectors for consumer debt recovery.
Medical Debt Collections
- Staying Protected
Sometimes when medical organizations decide to take care of business debt collection on their own, they do not go about it properly. When finances are involved in business relationships is, many times the relationship takes a turn for the worse. Emotions can get the best of people. Experienced debt collection agencies know the proper information to bring up in the right order in the right tone.
In addition, every licensed commercial collection agency is required to abide by the Fair Debt Collection Practices Act (FDCPA). This ensures a collection agency association is not using harassment or other threatening tactics to collect your customers’ money. Instead, skip tracing and other regulated methods are used to track down debtors
- Debtor’s Timeline has Expired
Do you have customers with overdue bills of more than 90 days? What about just 60 days? Don’t sell your business short of what it is owed. Normal turnaround time for bill pay is between 14-30 days. This is when it’s time to contact a commercial debt collection agency for help. It is proven that the longer times accrues, the less chance a business has of recovering past due customer debt. Although, medical debt collection agencies have a proven higher success rate of debt collections than when businesses take care of delinquent accounts on their own.
- Legal Documents
Do you need to send debt reminders and other legal debt documentation, but don’t have proper letterhead or professional formatting? Maybe no one on your staff is a strong writer? Commercial collection agencies have a plethora of different professional and notarized forms and letters for certified debt collection services. Customers who receive a debt notice from a B2B collection agency have a higher chance of paying because it is from a third-party source.
Hiring a Debt Collection Agency
- Lack of Professional Debt Advice
A great advantage of working with commercial business debt collection is they can set you up for future success. For example, commercial collections have years of experience creating debt recovery plans for struggling businesses. It is important to remember that businesses have credit history too. It is crucial to protect your company’s credit and reputation because this can affect business loans and much more. Hire a debt collector so you can do things the right way.
- Business Owner Burnout
Are you trying to save money by taking care of customer debt and other business aspects yourself? Instead of saving money, are you finding yourself overworked and tired? Is customer service and your products unintentionally being put on the backburner? You’re a business owner, but you are not expected to be a financial advisor, a debt counselor, and money expert. Stop killing yourself slowly.
Debt Collection Agencies Near Me
Without a doubt, Capital Recovery Corporation has medical debt experts that will give you the debt help you need to stay afloat. Hire a debt collector with over 30 years of experience in the medical debt collection services field. Our experience and proven results will immediately help you get back on track so you can focus on what’s most important, your business and the quality service you provide.
Contact CRC today to finish your debt recovery process once and for all.