Thursday, 16 October 2014

Veterinary Debt Collection: Why Outsource?

Veterinarians face some of the same business problems as other companies. When a veterinary practice has accumulated a certain level of uncollected debt, it can be a wise move to hire professional help in recouping some of those losses. Outsourcing to the right partner is the biggest decision.

The joys of veterinary practice are many. The variety of patients and the clientele of loving pet parents combine to make your days interesting and rewarding. But even a veterinary clinic has to deal with some of the unpleasant realities of the human world, and one of them is past due accounts.

Your doctor-client relationship is vital to the success of your practice, so hiring a third party debt collection service may feel a little worrying at first. On the other hand, uncollected debt can amount to a substantial drag on your business. To help you decide if hiring professional help is right for you, here are a few steps you can take.

Ask prospective agencies to let you see what statements are made during various contacts. Ask them if they will allow you to participate in writing patient letters or talking points for your clients. Inquire about how the collection process works. The more you know, the better able you will be to decide if outsourcing is appropriate as well as which partner best suits your need.

Next, ask about certification. Let's face it, you are a professional and you want to be represented by an organization that will uphold professional standards. You probably have your veterinary license and other credentials hanging in a prominent place where your patients can view them. Debt collection agencies also have certifying bodies. Ask potential partners if they have been certified by the Association of Credit and Collection Professionals.

Some vets have specialty practices and others have mixed animal practice - debt collection agencies also have areas of expertise. Look for a company with experience helping veterinary or medical practices similar in size and community to your own. You want to know that the company representing you understands how to manage the delicate balance of debt recovery and valued patient relationships.

In a perfect world patients would always pay their bills. In the less than perfect world that we've been given, sometimes it becomes necessary to pursue payment. When patient debt has been accumulating and has gone unrecovered for several months, it's probably time to consider outsourcing the problem. Companies like Omega-RMS can help medical and veterinary professionals recover unpaid debt.

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