The real secret to dental debt recovery is not destroying the practice/patient relationship in the process.
When it comes to accounts receivables, the modern dental office walks a fine line between patient debt recovery and regulatory compliance. All it takes is one bad social media post, and the doctor/patient relationship, in addition to the reputation of your practice, could be ruined. Reputable companies also do their best not to get involved in any injury claims.
Your patients can make direct complaints to the Consumer Financial Protection Bureau (CFPB) regarding your collections agency partner, subjecting your practice to hefty fines if your third-party debt service discards compliance rules.
This post talks about the challenges that a dental office might face when it comes to debt collection and debt recovery. We spoke to proffesionals at Simply Dental Chatswood among other leading proffesional offices to find out what a dental office needs to maintain a positive reputation and good relationships with its patients. The article explains the how and why of working with a dental debt recovery agency.
Collection Agency Debt Recovery Success
Finding the right collection agency is an imperative for any dental practice, not only because successful debt recovery is so impactful on the bottom line but also because patients have extensive rights that are governed by local, state, and federal compliance rules. The secret to successful dental debt recovery includes ensuring your debt collection agency does not run afoul of some of the cardinal sins of debt collection as defined by the CFPB. This includes:
- A debt collection agency may not place repetitious and annoying phone calls to the consumer, particularly if the calls are perceived to be harassing or obscene.
- A debt service may not call after 9:00 p.m. or before 8:00 a.m. in your time zone.
- Nor may they call the debtor’s work location if the consumer has specifically requested that they do not.
- A debt collection agency may not tell others about the consumer’s debt or publish the past due debt.
Look for debt collection firms experienced with all local, state, and federal compliance laws.
Debt collection must be handled efficiently while ensuring that the consumer is treated with respect. Best practices for the collection of dental debt require the debt recovery firm to follow these compliance rules but also to have the technology in place to monitor their ongoing activities with your patients. Partnering with a debt recovery firm that closely monitors any changes to these laws, while training staff on the latest rules, can mean the difference between regulatory compliance and a hefty fine.
Don’t trust your patients to just any debt collection agency; look for firms that offer best-in-class professionals that know how to maintain the patient experience. The best debt collection firms are trained in healthcare-specific collection rules such as TCPA, FDCPA, and HIPAA. Ask how they provide compliance with CFPB rules. What are their steps to resolve patient complaints?
The secret to dental collections is that there is no room for error when it comes to debt service compliance. Finding a debt recovery firm like Rocket Receivables can be the answer to past due A/R. Rocket Receivables can establish patient payment plans that help maintain the relationship while collecting on past due debt.
When it comes to debt collection in the healthcare field, Rocket Receivables is a market leader. We offer best-in-class compliance management, along with the experience to handle healthcare clients. Our technology, training, and people are world-class. Medical providers in all specialties and from all sizes of facilities trust Rocket Receivables to maintain the patient relationship while pursuing successful dental debt recovery.
Start collecting more for your dental practice today with Rocket Receivables.