Unicoll
Medical Collections
At some point or another, your medical practice could probably use the help of a Financial Recovery Firm.
Most medical practices have never hired a financial recoveries firm, especially not one who specializes in Medical Collections. However, a need will arise to hire a recoveries firm at one point or another. Although, many practices don’t take the leap to hire a collection agency, and they attempt to handle all outstanding debt internally. It may be that many practices fear that outsourcing their debt collections would result in exorbitant costs being charged for little or no return. MediColl prides itself on working with a strict NO RECOVERY – NO FEE basis.
WHAT ARE THE BENEFITS TO YOUR PRACTICE BY HIRING A RECOVERY FIRM?
Your patients are ignoring your demands for outstanding accounts and/or your patient relocates and fails to update their details with your practice. This leaves your practice with unpaid accounts. MediColl will address the issue by utilizing various tested and tried services to accelerate your recoveries. The advantage to you utilizing MediColl’s services and expertise is we will be able to locate your patients and contact them in respect of outstanding accounts. We will provide you with all the correct details and information for your records enhancing your internal risk.
Many practices prefer to send statements to their patients rather than having to ask for payment in person to avoid the awkwardness involved in treating a patient and demanding payment. Collecting upfront — while your patients are still in your office — is the most effective way to handle billing and collections in your practice. However, when a medical aid rejects a portion of the patients claims, which now becomes due and liable by the patient. This is where the nightmare for the practice to recover the money begins.
Unpaid bills are affecting your bottom line.
If unpaid and unrecovered debt is starting to affect your revenue and affecting your bottom line and profit margins, then its time outsource your bad debtors to MediColl. Regardless of whether it’s because your patients have moved, your patients are unresponsive or you can’t collect payments upfront for any reason, if your revenue is suffering, your business will too at some point or another, and that’s not a risk that’s worth taking.
Find the solution to your collection needs with MediColl's Collection Agency.
If you think that it’s time to consider appointing a recoveries firm agency, you are on the right track and come to the right place.
MediColl have the experience in the collections field and have assisted many Practices and companies in avoiding costly mistakes within their Revenue Cycle.
Medicoll is able to adapt its processes and systems to accommodate any practices needs. Our software systems are able to generate reporting at the push of a button and its flexibility is able to assist all practice business models.
Business Practice vs Medical Practice
In this day and age, Medical Practitioners have to keep up with the trends and know a lot about everything, and not just about how to take the best possible care of their patients. In order to run a successful practice, doctors must also be businessmen and women, and that can be the challenge. Medical practitioner does not have the time to be concerned with outstanding bills and accounts from patients. The concern is the ripple effect at the end of the month when large sums of money is due and outstanding to these practices. Due to this many practices struggle with revenue cycle management, and many make costly mistakes that hurt their bottom line. That’s why our revenue cycle management team in Medical has the solutions to assist you avoid those costly mistakes by offering due diligence.
Let us help you find the right solution for your practice’s revenue cycle management.
Your staff in your practice already have their daily tasks and duties and are now strained with attending to unnecessary outstanding accounts. Medicoll will assist and ease the burden for your practice. We aim to avoid litigation and additional legal costs. Should the practice have reached a dead end with a client and on request of the practice we will attend to the matter legally. We consider litigation as the final and last resort for a client.
Here are a few things to consider when finding the right collections agency:
Do they have experience working in the industry and in your industry?
The rules and laws in place for financial recoveries can vary from industry to industry, and in order to get the most out of your investment from a recoveries agency, it is very important that they have experience in working with recoveries and understand your industry. For example, businesses collecting unpaid medical bills have to follow a whole other process and comply with other sets of rules and regulations than businesses collecting utility debt etc. When doing research on a recoveries agency, make sure they have the experience and knowledge working within the specific industry.
Are they licensed, insured and registered with the various required bodies to perform their tasks?
Finding a recoveries agency with the proper licensing and insurance is an incredibly important part of the process. Why? Because if they don’t have the proper certification from a regulatory body, it can hinder their ability to collect money and place your practice in disrepute.
What kind of technology do they have in place?
The recoveries process can be complicated, but technology has revolutionized the industry over the past decade. The better the system a recoveries agency has in place, the more efficient it will be. Push of the button reporting, KPI’s and accounting systems ensure that recoveries are maximized for the practice.
What approach do they take when it comes to liaising with your patients/clients?
MediColl has experienced that the approach is what factors into the success of your business, and that includes keeping your patients and clients. Unpaid bills can be a sensitive subject to discuss with clients and patients, and the incorrect approach can damage the practices’ reputation. In essence, you require your recoveries agency to act as a part of your business, treating your patients with the upmost respect and professionalism.