Collecting good patient/customer information on the front end will improve in-house collection recovery efforts, as well as assist in collection efforts, once the account has been turned to a third party collection agency.
Submitting accounts in a timely manner to a third party collection agency that is laser-focused on recovering delinquent accounts will increase the likelihood of recovery and will yield higher recovery rates on monies that are recovered and returned to you.
Open communication with a third party collection agency is vital to the business partnership and any new debtor information obtained should be shared with the agency. This can be an important component to recovery efforts.
A new source of income is generated when monies on previously written-off accounts are turned over for collection, recovered, and returned.