As a medical or dental professional, we know your priority is offering excellent patient care. However, if you own a private practice, you also prioritize increasing your bottom line, paying your employees, and reinvesting in your practice. Balancing the role of practitioner and proprietor can be challenging, especially if you do not have an effective accounts receivable strategy in place.
Rebuilding Your Practice In the Wake of COVID-19?
Coming out of 2020 and the COVID-19 pandemic, many small and medium-sized businesses are working to rebuild their client base, dental and medical practices included. For dental and medical practitioners, rebuilding their bottom line isn’t as simple as getting new and existing patients to come through the door since patients often do not pay for services upfront, like when visiting a store or restaurant.
If you are looking to improve your practice’s bottom line and accounts receivable strategy, it may be time to work with a collection agency. In this article, we’ll discuss five benefits to working with a collection agency like Kinum and how we can help you as you work to return your practice to normal patient volumes.
1. Preserve Your Relationship With Patients
One of the biggest misconceptions about working with a medical collection agency is that it will drive your patients away. In reality, your collection agency will work with you to strengthen your relationship with your patients while encouraging them to pay off any outstanding bills and invoices.
Here at Kinum, Inc., a vital part of our Connect and Collect process helps you determine why your patients are paying late and then developing techniques and strategies to help close past due accounts. We take a positive, proactive approach to communication with and collecting from your clients.
2. Work With Trained Experts
Your staff may be well-versed in how deductibles, health savings accounts, and insurance payments affect a patient’s invoice, but that doesn’t mean they are well-versed in how to collect on past due or delinquent accounts. Working with a collection agency means your patients communicate with a professional who understands U.S. debt collection laws. Furthermore, they are trained to handle disgruntled or angry clients, while also encouraging prompt payments or establishing a payment plan.
3. Improve Efficiency in Your Practice
Tracking and following up on past due accounts can be time-consuming and frustrating for your staff, especially if they are a better fit to helping other areas of your practice. By working with a debt collection agency, you can free up time spent sending collection letters, making phone calls, and sending emails related to past-due accounts. These tasks are delegated to your collection agency, so you can focus on patient care and running your practice.
4. Encourage Faster Payments
Working with a collection agency can help improve your accounts receivable system by reducing past due invoices and allowing you to develop more proactive A/R strategies for your practice. Your debt collection team can help you better identify why accounts are falling into non-payment, such as confusing invoices, unclear payment terms, and so on.
5. Provides Needed Documentation
If you decide to sue a patient for past due accounts, working with a collection agency will ensure you have documentation outlining the efforts to collect the debt and communicate with your patient. This information is presented to the court to illustrate extensive effort was put forth to recover the debt.
Additionally, this documentation is important for tax purposes. If you write off bad debt as a tax deduction, records from your collection agency can provide the appropriate documentation to the IRS.
Have Questions? Contact Kinum, Inc. Today
Kinum, Inc. offers comprehensive, cost-efficient debt collection services to medical and dental offices across the United States. Our team believes in providing clients with the solutions they need to keep what they earn and maintain strong patient relationships.