The Role of Collection Agencies in Business Debt Recovery
The role of Medical Practice Manager carries with it myriad responsibilities. Depending on the size of the practice, their duties vary, but a survey of the landscape shows commonality in personality traits:
- High integrity
- Honest
- Reliable/dependable
- High emotional IQ
- Forthright, but caring
- Adaptive
The top 10 challenges they face . . .
- Revenue – Accounts receivable, insurance and driving new business
- Regulation compliance
- Staffing
- Benefits and payroll
- Policies and procedures
- Division of labor and financial duties
- Marketing
- Technology
- Vendor relations
- Doc’s projects
And . . . What collection agency secrets they needed to know to recover lost profit:
- Collection agencies remind patients to pay their outstanding debts so you don’t have to, which saves time and energy, allowing for focus on patient care.
- Via diplomatic collection calls and written demands, a sense of urgency is achieved, while customer satisfaction is not sacrificed.
- Collection agencies increase cash flow for your business . . . no more dead weight on the books.
- A good collection agency accelerates payment, before the account is past due.
- Collection agencies reduce internal costs, not just human resources but also related expenses, such as phone calls, paper and postage.
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