Nationwide A/R Services
Get your money, keep your customer!Jun 19, 2009, By Michael D. Brown, CHBC, Medical Economics*
Q: In recent months, collecting payment for bills, co-pays, and non-covered services has become increasingly difficult. Should I look to a collection agency?
A: Not necessarily, and only as a last resort. Once you release an account to collections, it is no longer yours to manage, meaning that you lose contact with the patient and perhaps even lose the patient from your practice… you usually give-up about one-third on the account balances, plus upfront fees.
*Reprinted from http://medicaleconomics.modernmedicine.com/memag/ by Nationwide-Solutions, LLC under “fair use” provisions.
A Better Way to Collect
At Nationwide-Solutions we understand that you want a low-cost, hands-free A/R Service that recovers more of your money without alienating your customers. We are not a collection agency.
Collection agencies give the impression to debtors that they’ve been “turned in.” On the other hand, practices love our service because we collect without alienating customers. Calculate additional revenue
Payments are made directly to you
The Profit Recovery Service from Nationwide-Solutions, LLC is hands-free with nothing for you to manage. Don’t settle for a collection agency that recovers less and charges more The payments go to you. Our clients have observed the following:
Overall Recovery rate to date is over 40%
Cost of Recovery is about 5%
How does Nationwide A/R Services work?
1. A fully-outsourced, structured system for communicating with late payers by mail.
2. Effective, proven collection letters sent on the doctor’s letterhead.
3. A series of increasingly emphatic collection demands sent on your letterhead explaining the effect of nonpayment which may lead to consequences including reporting to credit bureaus or possible action by an Attorney.
4. Coordination of collection efforts with an Attorney.
5. If the account is still unpaid two weeks after the fourth contact, you have the option to transmit it to a retained Attorney at no cost. The Attorney will mail a series of stronger, increasingly demanding contacts on their Attorney letterhead and make a series of courteous, but effective, phone calls on balances of $100 or more. If you desire, the Attorney will proceed with litigation if feasible.
6. Web-based status and progress reports available to you 24/7.
Collect the money you were prepared to write-off
Collect your money at a much lower cost than traditional collection services. Whether you have hundreds of past due accounts, or only a few, Nationwide A/R Services will accelerate your cash flow and virtually eliminate the need to turn accounts over to a collection agency. Calculate additional revenue.
Nationwide A/R Services
Get your money, keep your customer!Contact us today and learn about a free Practice Analysis.