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Should I Hire a Debt Collection Agency for Medical Collections?

Collecting a past-due medical debt can be a difficult and time-consuming process for healthcare providers. There are many factors to consider when deciding between handling medical collections in-house or contracting a debt collection agency, such as whether the provider is HIPAA compliant, what their current success rate of collecting on past due medical debt is, and how collecting on medical debt is impacting other core services provided by the clinic.

This blog post will cover these topics in more detail and offer helpful advice on making the decision that works best for your practice – should you hire a debt collection agency for medical collections?

Can You Comply With HIPAA?

When considering whether to hire a debt collection agency for medical collections, it is important to assess one’s ability to comply with HIPAA guidelines. HIPAA regulations dictate how patient information must be protected and handled, so providers must make sure they have the necessary resources in place before entering into any agreement with a debt collection agency.

If there is adequate knowledge of accounts receivables and confidence that the process can be handled in-house without running afoul of HIPAA regulations, then hiring an external resource may not be necessary.

Are You Equipped?

If the provider is confident that they have the necessary knowledge of accounts receivables and can abide by HIPAA regulations, then handling medical collections in-house may be a viable option. Providers should consider their current success rate of collecting on past due medical debt, as this can be an indicator of whether or not external resources are needed.

Assessing internal processes to determine if they are working correctly and offering a streamlined approach to the collection will help providers make informed decisions. Additionally, it is important to assess how much time and resources are being diverted away from core services due to medical collections and determine if it is more cost-effective to bring in outside help.

What Is Your Current Success Rate?

The future success of medical collections is heavily dependent on past successes. Evaluating the current success rate of collecting past-due medical debt will provide valuable insight when considering whether or not to employ an outside resource.

Generally, the higher the success rate, the more confident providers can be that their in-house operations are effective and additional help may not be necessary. On the other hand, if collection rates are low and there is a need for improvement, then a debt collection agency may offer viable solutions.

It is important to remember though that taking action on delinquent accounts quickly and consistently tends to yield better results than waiting for them to become long overdue.

Is It Taking Away from Your Core Services?

Collecting a medical debt can often be a labor-intensive process, diverting time and attention away from core services. If collections are taking up too much of the provider’s resources, it may be beneficial to seek an outside resource to help with the process.

By outsourcing medical collections, providers can focus their energy back on their mission-critical functions and give their patients the best possible care. Additionally, it can also lead to increased cash flow and better patient satisfaction, as patients have an easier time paying bills that have been properly managed and collected in a timely manner.

Weigh the Options and Do Your Homework

In conclusion, it is important to understand the current success rate of collecting past due medical debt, as well as the impacts of collection on core services in order to make an informed decision regarding whether or not to employ an outside service.
A reputable collections agency can help maximize a provider’s success rate and free up valuable resources for mission-critical tasks. For the best results, providers should look no further than Southwest Recovery Services for all their medical collections needs. We have many years of experience in the field of medical collections, and we’re ready to put our time and training to use for you. Contact us today!

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