Choosing the Right Medical Collections Agency
Medical debt collection is one of the overlooked cornerstones of the medical industry. Without proper medical collection services, many small offices would find their in house staff overworked and out of their core competencies. Even large hospitals and medical facilities prefer to outsource bill collections to an agency for accounting and administration purposes.
Partnering with the right medical collection agency can mean the difference between a growing medical practice and a stagnant one. Let’s take a look at some of the most important things to remember when you are considering a medical bill collections agency as a partner.
Believe it or not, total revenue is only one of the important monetary metrics in a business. The other metric that is vitally important is cash flow. Cash flow allows a business to grow consistently without a need for bridge loans and another expensive alternative financial vehicles.
Cash flow is contingent upon receiving the monies that you are owed on time. It is one thing for a medical collections agency to collect money for you – it is quite another for that agency to collect that money on time (or ahead of time). You need a partner company that consistently has the ability to collect for you within a timeframe that is advantageous for your cash flow metrics.
Darnel Quick Recovery has built a reputation for timely collections, not just collections. If you are looking to create a consistent cash flow, go with the company that knows how to get your medical office paid on time.
Whenever you give an outside medical collections agency access to your financial records, you should also require a streamlined administration of those records. It can easily become more difficult to collect your just due from patients and insurance companies.
Proper administration is especially important when you are dealing with large insurance companies. These organizations have the leverage to deny claims if your paperwork is even the slightest bit incorrect. Your collections agency must tread lightly and understand the difference between these kinds of accounts and individual patient accounts.
Darnel Quick Recovery has created proprietary software that helps its collections agents to differentiate between accounts. Its administration has been streamlined through years of experience, and its sales agents are trained to be familiar in the process. Rest assured that if you pick a company like this as your medical collections partner, you will never have to worry about dealing with large corporations holding your money.
As you increase revenues and cash flow, your business will naturally grow. It is always good for medical professionals to view their offices as businesses, but this can become difficult considering the day-to-day stress in a medical office.
As your administration and operations becomes more effective, you need a billing company that can scale with this new level of business. It is one thing to have a collections partner that can stay with you when your office is small, but a partner that can grow with you is far more cost-effective.
If you look at a company like Darnel Quick Recovery, you will see a company that is scaling along with its client base. Since 1974, DQR has consistently grown and now works with international clients. The Early Out program, for instance, is a proprietary technology that separates DQR from its competition and allows it to scale without any hiccups.
Consider the best practices above when you are picking your medical collections partner. You will need to pick a partner that understands your cash flow, has good administration and has the ability to scale with you. Keeping these tips in mind will help to ensure a strong business to undergird the service that you give your community as a medical professional.