Accounts receivable for chiropractors is an ever-growing problem all across America. Insurance coverage is getting more restrictive, and treatments are getting costlier. Depending on which region of the USA you belong to, the unpaid medical bills issue may vary from moderate to severe. Unpaid bills from patients and reduced coverage from insurance companies can severely impact any chiropractic rehab and wellness center.
To give you an idea of how past due accounts quickly eat up into profits – If a chiropractic practice works on a 20% profit margin, say 5% of their patients do not pay, then effectively 25% of their net profit is gone. Collecting money from existing patients is more important than getting new patients.
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Chiropractors generally work in small teams. Their in-house staff are neither trained nor well equipped to recover money from those hard collect unpaid bills. Therefore, the chiropractor’s office must take proactive measures to minimize accounts receivable. This includes communicating the cost to the patient in advance and insisting that he should make the payment in full on the day of treatment. For individuals who have a hard time even shelling out the insurance co-pay fees, you should reschedule their appointment as they have a higher chance of not paying for their out-of-pocket expenses anyway. To maximize cash flow, send notices to your patients more frequently than once a month. Before taking any intensive measures on your patients, ensure that there are no accounting errors otherwise, your mistake can prove costly later.
Despite all your efforts, a sizable number of patients will not clear their medical bills, with reasons as simple as forgetting to pay to more sophisticated excuses. Patients may dispute the cost of services, especially if they did not fully understand the cost at the time of service.
Instead of writing these off as bad debts, involve a good chiropractor collection agency to recover money on your behalf. Chiropractors may be a part of a large practice/hospital or running their clinic, but bad debts hurt all.
Our recommendation: Once you cannot recover a patient’s medical bill within 60 to 90 days, forward this account to a good collection agency. Delaying to act on a past-due account will make it harder to collect.
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Check this: Cost of hiring a collection agency
* Services offered by a collection agency include Collection Demands, Collection Calls and Legal Action. Their representative should be able to explain which service is appropriate for you.
* Make sure that your chiropractic debt collection agency is accredited by ACA (American Collectors Association) and follows all the debt collection laws specified by the government.
* Debt collectors should be adequately trained and follow a diplomatic approach to collecting your money. They should move over to a more intensive approach if required.
* Chiropractor debt collection agency should have a 24/7 online collections portal and follow steps to secure your data. They must be HIPAA certified as well.
* Their services should be easy to use. No hidden costs or surprises. They should have adequate security, data protection measures, and certifications.
* Their collection attempts should be persistent, and to avoid any argument with debtors, the debt collectors must maintain their patience.
Contact us if you want a collection agency to recover money from unpaid chiropractor bills.