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How to Improve the Profitability of Your Business or Practice
Improving the Profitability of Your Business or Practice is our Highest Priority! With the difficult economic challenges businesses and healthcare practices of all sizes face today, it's extremely important to keep your cash flowing. Business owners should be seeking ways to analyze and segregate delinquent accounts, as well as generate account receivables, which will ultimately improve cash flow once they are collected. Following are some ways to enhance your internal collection process: * Establish&implement; a defined collection policy * Invoice promptly (generally every 30 days) * Keep customers&patients addresses current * Contact past due accounts more frequently (usually every 10-14 days) According to the Commercial Collection Agency Association, the longer you let accounts sit, the more difficult it is for you to collect. Nearly 27% of accounts 3 months past due will never be collected; that figure jumps to 44% after 6 months; and after 1 year, hits nearly 75%. If you have pursued past due accounts for 90 - 120 days without success, it's time to send those accounts to a professional collection agency. Visit us at www.ctech-collects.com, or if you have any questions, please contact us. MaryAnn Messina Marketing Division Manager C.Tech Collections, Inc. 631-828-3150 866-402-1027 fax: 631-331-9566 marketing@ctech-collects.com www.ctech-collects.com
Improve the profitability of your business
From the inception of our collection business over 20 years ago, C.Tech has continually achieved its goal in becoming one of the most effective full service receivable agencies in the Tri-State area. Collection personnel are divided into teams each assigned and focused on specific areas, such as: Commercial / Consumer and Medical / Dental. Please visit our website for additional information and take advantage of completing the form to receive a reduced contingency fee www.ctech-collects.com or contact us via telephone: 866-402-1027 or email: marketing@ctech-collects.com
How to Select a Collection Agency
C.Tech Collections, Inc. How to Select a Collection Agency by Joel R. Marchiano, CEO Selecting a collection agency—or evaluating the one you have—can improve bottom line results while maintaining your professional image. Properly insisting on amounts due after your billing efforts have failed not only enhances your practice’s profitability, it keeps costs down for patients who routinely live up to their responsibilities. The challenge though, is finding a post billing collection agency that reflects your professional profile. Here’s what to look for in a company that can balance effectiveness and image. Who they are When determining the profile of prospective collection agencies, consider the following criteria: Number of years in business– Deal with an organization that’s stable, has a good reputation with a proven track record. Verifiable clients as references– Ask for and check out references within specific fields. Insured, bonded and licensed– Since requirements may vary from state to state, an experienced agency would be able to document their compliance. Experience and maturity of principals and key employees– Try to meet or call key individuals who actively manage collection activities. Efficient and professional-looking workplace– If possible, visit the agency as part of your vendor investigation. How they do it You should also determine a prospective company’smodus operandi. Here’s a checklist of what to investigate: Customized collection strategies– Are the collectors knowledgeable people who understand the medical industry and can overcome objections? Rebilling and insurance follow up– Make sure the collection agency has procedures in place to resolve insurance issues. Expert knowledge of The Fair Debt Collection Practices Act (FDCPA) - Legislation that regulates collection agencies and others in the collection industry to ensure compliance. Documentation&Training; should be available as proof of these activities. Knowledge of the medical field –Collection personnel should be familiar with all medical terminology introduced by the patient during a collection conversation. Quality of correspondence –The agency documentation and collection letters should be effective, professional looking and legally compliant. Computer technology –Computer systems with features such as Motor Vehicle Department searches and online credit bureau inquiries should fully support the efforts of the collectors. What to expect As for what to expect, you’ll want a clear idea so use this list below as a guide: Reports that meet your needs– The agency should supply placement confirmations, account status reports and remittance statements. Prompt monthly remittance– You should receive prompt monthly remittances with name, agency account number, date of payment receipt, commission rate and the apportionment of each payment to client and agency. Periodic analysis –Insist on key data, such as percentage of collections to placements both cumulative and by month of placement, as well as collection forecasts and projections indicating that the agency has a strong grasp on their business. Easy Communication– The agency should be able to respond immediately to any questions or concerns with direct access to supervisors, managers and officers of the agency. In-house support– An agency should be willing to support your in-house collection activities. Look for an agency that provides newsletters, bulletins, training material, seminars and in-house evaluations. Overall, be sure to find an agency that delivers results and matches the image you want to project. was a vice president of a major New York-based bank, and has 30 years of professional experience in collection management and technology development. He has been a key speaker at collection industry conferences and symposiums. For the past 18 years, Marchiano has beenof C.Tech Collections Inc. a medical collection agency located in. _______________________________________________________________________________