Have a form ready to fill in. Check with your professional association for samples of what other people in your industry are using.
You’d be surprised at how many patients delay payment simply because they haven’t been reminded. Office staff gets busy and doesn’t always have time to follow up.
Tip #1 – Review accounts once a month and take appropriate action Tip #2 – Give patients the quality of service and merchandise to justify your prices and terms
Many times people have let an account age beyond the point of being collected because they felt that the patient would eventually pay. .If your terms are not net eventually, the truth is if you are being paid, someone else probably is. Yes, there may be an isolated case here and there. How do you know that? The person contacts you and works out an arrangement. If you are being ignored…then stick to your systematic follow-up plan.
Legal IQ Regarding Collections – Hot Water Collection Tactics That Can Get You Into Big Trouble -FDCPA
Attorney – very effective, but illegal if not Repeated Phone calls- calling over and over in same day – considered harassment 3 rd Party – No postcard notices – no 2 nd or 3 rd notice on outside of envelope Calling work – If client /patient says to no longer call at their work number, you must stop Odd hours – not before 8AM or after 9 PM in client’s timezone Threat of action not intended – litigate…credit reporting, etc
Outsourcing solution for accounts receivable and NSF checks Fees for client as little as 5% Far less than other options charging up to 50% Average three times more $$$ recovered than collection agencies Faster recovery of funds No alienation of patients or patients
Action Blueprint 10 Ways To Prevent And Collect Past Due Accounts Cherie Brown Author, Speaker, Consultant
#5 Systematic Follow Up Plan Outsource for Follow Up* 105 3 rd Statement/Final Notice 90 Phone call/2 nd Letter 75 2 nd Statement 60 Phone call/send letter 45 1 st Statement 30 Pay when service rendered 1
One-Time/Lifetime Setup Fee of $495. No annual dues, charges, or fees.
The month following receipt of account data, your are billed $12.95 per account processed. (Typically offset by optional delinquent billing fee)
When you receive your money, you notify us to stop action.
The month following your notification, you are billed a Servicing Fee based upon our “time driven” fee schedule.
Retains Your Collection Attorney
Web based input and reporting system
Credit Bureau Reporting
SCHEDULE A MoneyQuest ACCOUNTS RECEIVABLE SYSTEM TIME DRIVEN FEE SCHEDULE Aging in Days Aging in Months Total of Fees For each new account submitted (one-time) Account Processing Fee: $12.95 Service Resolution Fee based on the aging shown Plus: 1 - 60 1 - 2 5% 61 - 120 2 - 4 10% 121 - 180 4 - 6 15% 181 - 365 6 - 12 20% 366 - 730 12 - 24 25% 731 plus Over 24 50% *Attorney Recovery Fees-Personal Contact or Phone Calls Litigation Only 25% 35% Notes: 1. All accounts with a value of less than $100.00 will be charged a minimum of 10%. 2. Any account you wish to submit OVER two (2) years old will be at a 50% rate. 3. Do Not submit balances under $25.00 as the Law Firms do not feel it is appropriate. 4. Aging is the difference from the last activity (service/last payment) to the submission date. 5. No service fee to MoneyQuest in the event of attorney phone calls or litigation.*