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Medical Collections in a Time of Financial Hardship

Posted by admin on Jan 24, 2012 11:34:16 AM

Collecting on delinquent payments never falls at the top of office staff’s list of favorite tasks. It’s intimidating, emotional and very time consuming. Without personnel regularly making A/R collections calls, the financial health of a practice can easily slip into the red. Contracting a third-party medical collections service aids the maximization of revenue and redistributes office manpower back to focusing on the patients.

A recent survey published on Kaiser Health News showed that 1 in 5 Americans struggle with medical debt. Considering the amount of people who lost their jobs in this time of recession, this should be no surprise. According to the survey, those with the most medical debt owe an average of $6,500 and are in the low-to-middle income bracket. As much as we’ve all come to a collective understanding and empathy for those struggling financially, doctors’ offices still need to trudge forward and cover operating costs to continue treating patients.

Utilizing a medical collections services take the burden off the physician and their staff by employing debt collectors specifically trained in FDCPA (Fair Debt Collection Practices Act) and HIPAA, promising to liquidate 100% more medical debt than industry standards. Patients with delinquent remittances are called on a regular schedule in an attempt to collect payment. Unlike in-house practice staff, trained medical billing collectors are able to devote their entire day to counseling patients on bill management and offering various options for making payments.

This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Although we attempt to provide up-to-date information, laws and regulations often change. We make no claims, promises, or guarantees about the accuracy or completeness of this document. For legal advice, please consult an attorney.

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