Unpaid debts are on the rise, but whether or not to hire a collection agency is still a valid question for many business owners. If you have a high volume of uncollected debt, the answer is obvious, but many businesses fall into a gray area. Collecting In-House If you’re unsure about whether to hire a collections…
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We find, in The Odyssey, this debt collection effort: At daybreak I’ll be off, to see the Kaukonians about a debt they owe me, an old one and no trifle. -Homer Well, some things never change. Where there’s money, there’s also unpaid debt. But many things do change, and the technology available for collection is…
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We’ve previously posted about criteria you can use to ensure you’re picking the right collection agency. This decision is one that should be made carefully, so we advised you to be sure to check the agency’s reputation, associations/affiliations, and training policies. That’s just the tip of the iceberg, though. It’s important to look beyond the…
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Consider the humble invoice. It is, of course, the means by which you get paid. But did you realize the verbiage on your invoice might affect whether you’re paid in a timely manner? Your invoice is also one of your primary means of communication to your clients, and it has a lot more impact than…
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$65 billion in medical debt went uncollected in 2010. How much of that affected your practice? In our last post, we discussed 3 tips for collecting outstanding medical bills: setting clear expectations up front with patients, verifying insurance, and requesting payment at the time of service. In this post, we’ll talk about a couple more…
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When it comes to unpaid debts, the medical industry suffers. Did you know that on average a staggering 50% of every dollar billed to a patient goes uncollected? In 2010, that meant an estimated $65 billion in uncollected revenue! Part of this figure is made up of the uninsured, of course, but even among the…
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