Veterinarians have a difficult job. It’s not like their patients can tell them if something hurts. The vet has to rely on their clinical skills and the power of observation to determine what is wrong with our companion animals. Certainly pet owners can help, but vets sometimes walk a fine line between what they believe is clinically possible and what the family is willing or able to pay. Not to mention the fact that a vet can be bitten or scratched by the very patient they’re trying to help.
Add to that the standard pressures of running a small business and the burden of high student debt, and it’s clear to see that a career in veterinary medicine is probably not for the faint of heart. One big challenge a vet practice can face is when a client fails to pay. The role of the veterinarian as a friend of the family pet can fade when they are forced to pursue bad debt. But is there a more humane solution? Could credit collection services be a smart way for vets to maintain client relationships while still maintaining the practice bottom line?
Making Tails Wag – Credit Collection Services
Medical offices, including veterinary practices, are often expected to extend some sort of credit or financial assistance to clients, according to Becker’s. For veterinarians, billing the client for the service rendered, especially when they are upset about the loss of their four-legged friend, may seem like an easier option than asking for payment upfront. In the case of unexpected crises requiring surgery, most pet parents don’t even have insurance to fall back on. Extending credit to these patients may seem like a kindness. However, it places an unexpected drain on cash flow, especially for the small vet practice. It’s easy for that kindness to turn into money tied up into A/R while monthly overhead like rent, supplies, equipment, and payroll, continues.
Credit collection services free up teams to focus on what is important.
An added concern is that the higher the past due A/R, the more staff time must be allotted to track down payment. Becker’s says, “If one employee dedicates half of his or her time to collections, the cost to the practices can add up to over $20,000 a year.” In a small vet practice, devoting a staff member to A/R can affect the quality of customer service and put more pressure on the remaining staff members to deal with the normal functions of a busy facility.
These are all reasons why credit collection services such as Rocket Receivables makes the most sense for veterinary practices. Credit collection services free up your staff to pursue the business of serving clients. They are also well versed in the federal and state regulator rules that govern the practice of collecting past due A/R.
A systematized online credit collection services firm such as Rocket Receivables can improve ROI on the time you’re spending pursuing bad debt while offering fixed fee and contingency pricing to suit all budgets. Perhaps more importantly, Rocket Receivables professionalizes the process of debt collections with an approach designed to protect the doctor-client relationship. Ready to get started? Click here to buy now.