PCR machine demonstrating the advancement of medical collection agency

The Evolution of a Medical Collection Agency

A Modern Medical Collection Agency

A Medical Collection Agency isn’t deserving of its 1980’s stigma as a smoke-filled call center, with debt collectors arguing on the phone about some medical bills. It is true that phone calls still take place; however, advances in technology have evolved the modern medical collection agency into a data-driven company. Long gone are the days of spreadsheets and autodialers, most current day collection firms are managed with state of the art software. In order to effectively manage a modern collection agency, an analytical mindset is a must. In Conclusion, technology has radically changed the medical debt collection space. What are these technologies and how do they help the collection agencies collect more.

In the long history of humankind, those who learned to collaborate and improvise most effectively have prevailed- Charles Darwin

Healthcare Debt Collection Technology

Data is the focus of a modern collection agency. A well-run collection agency will be inputting data into cloud-based SQL databases such as the type offered by Interprose. These SQL databases allow a healthcare debt collection firm to stay extremely organized, fundamental to good data management. Organized demographic data can be enriched and checked for accuracy using services such as idiCORE. Enrichment services allow a medical collection agency to attain accurate demographic information and other related information on a potential debtor. Once precise data is received, cell phone numbers can be texted compliantly by the thousands from a service like Solution By Text. Voicemail drops can also be automated using a service like VoApps. Mail is processed using services such as Compumail. Just think of all of these technologies which could be implemented without adding additional staff. Machine learning is the newest technology in the debt collection space. Companies like Attunely make implementing machine learning easy to implement, which allows a collection firm to study the habits of their debtors and become more efficient in collecting money from them. All of the aforementioned technologies can make collecting money an almost sure bet for the analytically minded entrepreneur.

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What Types of Services Do They Offer

Healthcare debt collection firms offer the following services:

What to look for in a Healthcare Debt Collection firm

Most firms are registered with either the ACA International or state-level organizations like the California Association of Collectors. The websites of these associations list registered collection firms. The goal of these organizations is to provide information on the ethical handling of collections on consumers. It’s important to check that your state doesn’t have any collection-specific laws and requirements, which can be found here. One of the most important aspects to look for in a healthcare debt collection firm is their ability to report. Good reporting is the staple of collections so you know where your money is.

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About the Author

Nick Arroyo

I've been an entrepreneur for the last ten years. I've had unbelievable success and tremendous failures. I'm currently in the process of rising from the ashes and making a tremendous comeback. Some say it's virtually impossible, but my favorite part of the journey has always been the climb. Jack of all trades, master of none, many times better than a master of one.

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