Why Your Dental Practice Needs a Nationally Licensed Collections Provider
Your dental practice is a small, community practice and plenty of positives come with that. Being a small practice lets you offer the one-of-a-kind care that comes from knowing your customers by name and remembering their oral-health histories. It also helps them to trust you and follow your advice for better oral health.
There are several benefits to keeping the local feel of your practice, but when it comes to your collections pursuits, it’s best to partner with a nationally licensed collections provider. Here’s why:
People are on the go
Moving is common these days and research from the U.S. Census Bureau shows that 14 percent of the population moves each year. In addition, research from IC System, which analyzed more than 6,500 IC System clients across multiple specialties, found that 15 percent of customers with debts moved outside the originating state within 15 months. And once a customer moves out of state, practices without the right collection’s partner face a dramatically reduced likelihood of successfully erasing that debt.
Having a nationally licensed collections partner ensures you can follow your collections pursuit no matter where the debtor moves. If you trust this responsibility to a non-nationally licensed collection’s partner, you run risk of liability should they pursue collections efforts in a state where they are not licensed. This is especially important to consider given the new provisions included in the Affordable Care Act and the IRS’s 501(r) (3) that will hold any service provider liable for the actions taken by their chosen collections agency. It’s a risk you can’t afford.
Choose the proper collections partner today
Your practice has certainly seen its share of customers move in and out of your service area during your time in business. And it’s guaranteed that some of those moving out have left debts unpaid. Working with a nationally licensed collections provider enables you to pursue the debt you’re owed no matter where the responsible party moves, ensuring that you have national support even as you focus on offering one-of-a-kind local service.