Your relationship with your healthcare collection partner is like a marriage, and it is not unusual for a healthcare provider and collection partner to have been together for years.
But there will come a time when you will need to find a new collection partner or need to add another. Before you sign on the dotted line, here are five factors your new agency should be willing to provide or able to demonstrate.
Your selected agency should be:
- Fully licensed in all the states where you operate (each state has its own laws and regulations), bonded and insured. They should be able to provide you with evidence.
- Experienced in your specific industry, be it a hospital, physicians’ office, or dental practice. Ask for multiple references in your industry.
- Experienced in the type/age of debt you need collected (15 days past due is a different animal than 180 days past due), as well as the average balance size.
- Willing to provide reviewed or audited financials. Some agencies have been known to use clients as a source of capital; this is not what you want.
- Willing to provide detailed information on the collections process and conformance to local, state, and federal laws. Exactly how will your customers be contacted, how often, and in what manner? What is their strategy for working all of the accounts (even the smaller balances vs. simply cherry picking the most attractive files)? Are calls monitored on a regular basis to ensure compliance with laws as well as the overall quality of client interaction? Can the agency demonstrate knowledge of HIPAA, HITECH, and other relevant laws and regulations?
For more information about finding a new collection partner, download our free white paper, “How to Select a Debt Collection Agency — Healthcare Edition.”