Do you know how many new sales are required to offset a loss? Whether that’s surgeries, subscriptions or sofas you need to sell, it can be eye-opening when you figure out just how much you’ll have to do in order to recoup your losses.
Applied Recovery Science Blog: Discussing Tools, Technologies and Techniques used in Revenue Cycle Management, Medical Billing, Billing Management, Collections, Debt Recovery, Call Centers and more.
Simon’s Agency has spent the last fifteen years continually implementing strategies that will help us grow and improve our operations as a whole. Each and every part of our process is analyzed and enhanced in order to confront both the newest challenges as well as the age-old ones that require a constant dedication to improvement. This is why we generally double the national average collection success rate across all sectors of healthcare providers.*
Over the last decade as Simon’s Agency has grown into a highly successful collection agency, we have prided ourselves on how often we hire first-time collectors as opposed to “seasoned,” lifelong debt collectors. While we have certainly required collection experience for our managers and supervisors, our Level 1 and Level 2 agents have more often than not come to us with little to no collection experience and there is a very important reason for this.
In the third installment of our series of blogs written to help revenue cycle managers and billing managers sell third-party debt collection to their management team we will explore information, technology and security to help you address the concerns of your Chief Information Officer and gain their support for your goal.
Choosing when it’s time to start using a debt collection agency can be a hard fought and agonizing decision to make. Choosing when it’s time to replace a debt collector can be even harder. That’s why no matter what decision you face today it’s important to get the decision right. If you’re reading this article you’ve most likely already made the decision to seek help with your delinquent accounts and are looking to shorten your days in receivables and improve your overall revenue cycle. While you may have a great billing team in place, there are going to be accounts that a billing company will struggle to collect on. Utilizing a professional debt recovery firm should always improve the collection rate on accounts that are 30, 60, 90 or even 180 days or more past due. A collection agency is built around collecting these types of debts and should be uniquely qualified to do this work. But it’s important to know that not all collection agencies are created equal.