How to Select a Debt Collection Agency – Healthcare Edition

Find the right healthcare debt collection partner with this free report from insidePatientFinance

Selecting a debt collection agency can be a daunting task. There are about 5,000 of them in the United States alone. They range from individuals working out of their homes to large corporations with more than 20,000 employees. You hear lots of negative things about the collection of medical debt in the news and certainly don’t want your hospital or clinic to be on the wrong end of one of those reports, nationally or even locally.

Yet your cash flow is at stake. You have legitimate patient receivables to collect, and a professional debt collection agency is trained to do it properly. How can you find a specialized healthcare collection agency, and more importantly, how do you identify the best service provider to be your business partner as opposed to just the biggest, or most aggressive, or cheapest?

How do you find the right collection agency for your healthcare organization?

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How to Generate a List of Collection Agencies to Evaluate

We’ve compiled the tactical steps you need to take in order to select the agency that is right for your organization. The first step is simple – generate a list. But where do you begin? Check out the free infobrief and you’ll get the whole list of steps that will help you get the right agency for the job.

Ready to get started? Use these resources to find your collection agency:

For all types of accounts, check out the national collection industry associations, such as ACA International and the National Association of Retail Collection Attorneys. Your industry groups, such as HFMA, AHA, or ADA will also have collection agency affiliate members.

Download the paper for the rest of the steps to generate a list.

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Learn How to Select a Good, Reputable Collection Agency

Now you have a list of potential agencies, but how do you choose the one that’s right for you?

Your collection agency should represent your healthcare organization in a responsible and professional manner, and provide a satisfactory rate of recovery while maintaining your public image. As with any service, you’d like to get the highest return for the lowest cost possible. However in the case of debt collection, this decision involves more than just giving your business to the lowest bidder – it requires careful consideration. “You get what you pay for” is often overlooked when hiring collectors and this can lead to lack of results (best case) or significant damage to reputation (worst case).

There are many criteria to consider. For large hospital chains, the process can (and should) be extensive. For the majority of smaller hospitals, physicians’ offices, dental practices, and other medical specialists, we’ve compiled a “Top 10″ list of the most important criteria. Please download the paper and get the whole list of must-know things to check for when selecting a good, reputable debt collection agency.

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