A successful dental debt collection agency has technology, processes, and procedures in place that can ensure that every patient is treated with respect. These techniques also help the collection firm keep up with changes in the regulatory environment. The right technology and compliance rules can monitor the activities of a collection firm. A collection agency for dental bills should train its staff on the latest rules and regulations. A good relationship between a dentist and patient can help improve the chance of recovering revenue from patients and minimizing the risk of non-payment.
For example, a dentist may give out an invoice to each patient at every appointment. The practice must follow up with the patient to ensure that the payment was received. The dentist should not keep a record of each collection notice in the patient's file; instead, he should send it to a separate folder so that the debtor can see that the collection notice was sent. This way, the agency can track which patients are late.
Using a debt collection agency will allow the practice to maximize its recovery rate. The triad of the dentist, debt collector, and patient can work in an efficient manner without any hassle. The debt collection agency must also be compliant with local and federal laws. This enables the practice to focus on running and expanding the practice, rather than collecting past-due bills. Once the patient has paid the bill, the collection agency will mail the bill to the patient.
The debt collector will provide several options to settle the account. These options range from negotiation to filing a legal suit. Not all accounts qualify for this option, but it's an option for a patient if all other methods fail. Moreover, a dental debt collection agency's services are contingency-based, which means they get paid only if they collect money. They can also do collection calls, which may result in a higher probability of getting paid by a patient.
While hiring a debt collection agency, it is imperative to make sure that they follow government laws. For example, they should have an expiration period that suits their business. This ensures that the dental debt collection agency is not simply interested in collecting money for themselves. In addition to following these laws, a debt collection agency should be professional in their approach. It should also have a proven track record. It should have the software to transfer funds from a patient's account.
In addition to being HIPAA compliant, a collection agency for medical bills should follow the rules of the CFPB to ensure that all patient information is kept confidential. The CFPB has strict rules governing the process of collecting unpaid debt, and the right collection agency should not interfere with HIPAA compliance. This is an important part of selecting the best debt collection firm. This service can also help the dentist collect unpaid fees and even establish payment plans for patients. Here is a link that has expounded more on the topic: https://www.encyclopedia.com/entrepreneurs/encyclopedias-almanacs-transcripts-and-maps/debt-collection.
