Debt collection agencies play a vital role in managing accounts receivable of drugstores.
The in-house staff of drugstore have excellent knowledge about medicines and other core responsibilities required for the smooth functioning of the pharmacy. However, they are not an expert with being a part-time debt collector, calling patients to make a payment on their past-due bills.
Collection agencies have been serving drugstore and pharma industries for decades. Typically, those accounts which are not paid-in-full are transferred to a debt collection agency after 60-90 days of non-payment.
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Collection agencies send five diplomatic letters to recover the money from the patient. If the amount is still unpaid, it is moved over to the next step where an expert debt collector calls the customer and attempts to recover money diplomatically yet firmly.
Accounting and bookkeeping are one of the most challenging tasks of running a pharmacy. Insurance companies them self use third party prescriptions software like Express Scripts which are billed when a prescription is filled, these need to be taken care at the pharmacy, then check if the payment was processed or denied or if a co-pay is required. There are days when only one person (the pharmacist) is available at the pharmacy. Apart from core responsibility, the pharmacist needs to have a deep understanding of the billing system too.
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While pharmacists concentrate on running the pharmacy, a collection agency will collect money from accounts receivable saving significant time and resources.