2 Reasons Why Partnering with A Dental Debt Collection Agency Is a Win-Win!
When we ask prospective clients what their biggest hesitation or concern is when it comes to partnering with a dental debt collection agency, the two responses we hear most often are 1) too expensive and 2) loss of control of patient relationships/retention. And we completely understand on both fronts. But to alleviate these concerns, we simply need to explain the two key benefits of partnering with a dental collections agency. And most importantly, with a collection agency you can trust!
Benefit #1: Specialization – Resulting in Positive ROI
Providing superior dental care is what you do best. Providing superior recovery rates on dental debt is what collection agencies do best. As discussed in a previous post, there will come a time when your internal collections staff will have exhausted all of their options and an account will be deemed “uncollectable” and charged off. But your definition of uncollectable and a collection agency’s definition of uncollectable are likely not the same. By leveraging industry-specific technology like skip tracing and credit reporting services, and utilizing trained collection professionals, a dental debt collection agency will be able to recover those extra difficult accounts you and your staff simply aren’t in position to collect.
Put simply, professional collectors know what it takes to get your patients to pay. And even more, they know how to initiate payment while maintaining your dental practice’s reputation and preserving your valuable patient relationships. So focus on providing dental care to your patients and let the professionals manage your aging accounts receivable. By specializing in your given fields, you will increase the likelihood of a better patient experience while simultaneously increasing the amount of money you receive from your slowest paying accounts.
Benefit #2: Forming a True Partnership with an Organization that Shares Your Same Values/Goals
As is true with any business relationship, the key to forming a successful dental collections partnership is sharing the same vision and goals for what you want to collectively accomplish. For this reason, it is critical to hire a collection agency that shares your focus on providing a positive patient experience while maximizing patient retention. As any dental professional will tell you, maintaining a solid and reliable patient base is the key to a profitable practice. You can’t afford to risk alienating your patients during the bill pay process by partnering with a collection agency that only cares about getting paid. In today’s collections environment, providing a positive patient experience is equally as valuable as providing an impressive recovery rate. So partner with a dental debt collection agency that offers both quantity and quality collections. It can make all the difference in ensuring a successful, long-lasting relationship.
YOUR TURN: What other questions/concerns do you have when it comes to outsourcing your dental accounts? And what are the other benefits we didn’t mention? We want to hear from you!