You know as a practicing veterinarian that the longer one of your clients neglects their bill, the less likely they are to pay it off in full. By following some industry standards, you can help to avoid a situation where your services, which cost you money to perform, go unpaid.
According to experts in the industry, you have about a 75 percent chance of collecting debt that is 90 days late. When the debt jumps to 180 days late, your recovery chances fall to 30 percent. Most vets will write off debts once they hit the ninth month to one year of being delinquent.
Without an account collections professional on your side, you’re much more likely to see debts hit that year mark without any payment coming your way.
A solution that has worked time and time again is to outsource your account collections efforts to a professional who knows exactly how debtors need to be communicated with to extract some sort of payment. This relationship should be initiated around that 90-day mark. While not all situations are the same, this 90-day mark is simply an industry standard that seems to work in most situations; you’ll need to decide what works best for you.
What should you be looking for in account collections professional for your veterinary services? You need to consider a few things, beginning with how your prospective debt collection specialist relates with clients and provides customer service. When you make contact with the firm, consider how they answer the phone. Do they call you by name and are they courteous? Remember, this could be the company that is calling your clients to collect payment and you want them treated with respect so they’ll continue bringing their pets to you for treatment.
You need to ensure that your potential account collections company is on top of their compliance training. Ask them to verify that they are up on their compliance training and that industry regulations get frequent attention as they change quite often.
Ask how your account reports are conveyed and how often. You want full visibility into the process and you should have every opportunity to see where the collection company is on each account. Frequent and adequate reporting should be a consideration they offer.
How flexible is the account collections professional? Higher recovery rates are the result of collection practices that allow for some flexibility in their execution.
Omega RMS, llc., is a company that knows about flexibility, ethics, compliance and communication. These are the reasons the company has been accepted as a member of the Association of Credit Collection Professionals. Contact us today and find out how we can keep your accounts coming in on a regular basis.