Choosing a collections agency to partner with can be difficult, especially when one is unclear on the differences between a billing agency and collections agency. Here is what to know about the capabilities of collections agencies and how to choose the best fit for one’s practice, according to the organization.
While billing agencies work to resolve balances in the most compliant and cost-effective method, the work done by collections agencies is more labor intensive. Collections agents work directly with patients to negotiate payment and work out financial agreements, often charging 20% to 40% of what they collect. Collections agencies can also compile claims, file legal motions and report payment delinquencies to credit agencies.
As collections agencies can have different methods of operations, Anesthesia Business Consultants recommends ensuring the approach and strategies used by the agency are consistent with the values of one’s practice.
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