Are Healthcare Collection Agencies Cost-Effective?

Are you considering outsourcing your healthcare collections to an agency? Not quite sure if they’re worth the cost? Continue reading to discover the lowdown on healthcare collection agencies’ cost-effectiveness and why working with an agency like Frost-Arnett may be a good fit and a smart investment for your business.

Medical debt collection agencies’ sole focus is to collect your money for you. Their years of experience handling a wide range of patients’ accounts means that they’ve invested the time and energy into discovering the most effective ways of collecting the debt you’re owed. They often use technology to power their collection processes that normal healthcare providers don’t have access to. They have tried and true strategies under their belts to maximize their recovery. This means that investing in a medical debt collection agency is often worth the cost. This is especially true if you have a lot of outstanding bills to collect and don’t have in-house staff who are medical debt collection experts.

However, if you don’t have a large amount to collect or employ an in-house team that is stunningly proficient in the collection realm, a medical debt collection may not be necessary for you to achieve your goals and maximize your recovery. Nonetheless, most hospitals and healthcare providers are short-staffed and have more important things their staff could be doing than collecting from their patients. 

Another reason why healthcare collection agencies are typically cost-effective is that they’re offering your patients more avenues to pay back their debt than your hospital or healthcare business alone could provide. This means that your patients are probably more likely to pay when addressed by a trained representative from an agency, rather than someone in-house by default. Especially because they have more options to choose from and are dealing with someone equipped to answer all their questions. 

Also, if you’re working with a fair agency, they’ll charge you a fair rate for their services. You can use this article to help you compare agency rates and find one that fits your needs.

Are you interested in learning more about medical debt collection agencies and how working with one may help your business? Contact Frost-Arnett at 1 (855) 287-7043 to learn more about our accounts receivable management and medical debt collection services. We have over 125 years of experience in the medical debt collection realm. We look forward to helping you find a good solution for your debt collection.

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About

Founded in 1893, Frost-Arnett is a debt collection agency that resolves the patient-pay balance of accounts receivable for healthcare providers.

Contact

PO Box 198988
Nashville, TN 37219
1 (855) 287-7043

Hours

Mon-Thur: 8am – 7pm
Fri: 8am – 5pm CST

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