A collection agency can help a dental practice improve its bottom line.
Dentistry IQ says, “Time is money in the dental collections business.” They point out that after three months, the typical dental practice collects only 70% of each dollar owed on a past due balance. This is a key reason many dental practices outsource to an experienced dental collection agency. What are some of the other benefits of partnering with a third-party collection agency? How can working with an external partner like Rocket help your business?
Top Five Reasons to Hire a Collection Agency
Most dental practices operate on a fairly tight margin as they wait for insurance companies to reimburse services they’ve already provided patients. When claims are rejected and resubmitted, which is common, that margin gets thinner. When patients fail to pay, the margin narrows further. Dental Economics recommends a 99% collection percentage, meaning; the typical practice should collect 99% of production. They also recommend that only 20% of practice A/R should be at 60-days or higher.
If the goal is for 80% of your practice accounts to pay in a timely fashion, collection agency like Rocket Receivables can be your best partner in not only reaching but also exceeding this goal.
Dentistry IQ says the average practice (as of 2016) carries nearly $50,000 in A/R past 90-days at any given time. Rocket Receivables is an online service designed for efficiency, affordability, and successful collections. We offer dental clients five primary benefits when using our service:
- Higher Financial Return
The primary reason to hire a collection agency is to seek the cash that is already owed to a practice. Rocket Receivables guarantees you’ll make double the money you invest in our service.
Not only is Rocket Receivables an affordable alternative to a traditional collection agency, but you can also choose how the service is billed. We offer both fixed-fee and contingency There are no set-up fees, hidden costs, and no minimums. It’s a straightforward service designed to help improve your bottom line.
We lead the industry in cutting-edge compliance with all state and federal guidelines such as HIPAA, TCPA, and FDCPA. Our team stays on top of changes to these regulations, so you don’t need to worry about non-compliance because the rules have changed.
- Ease of Use
Rocket Receivables has a sophisticated but straightforward online portal that offers two stages to maximize your accounts receivables quickly. Stage One is designed for early intervention on accounts that are typically less than 120-days in arrears. Stage Two focuses on more delinquent accounts or those more difficult to collect. Both services are easily controlled via a dashboard that you can access 24/7/365.
- Saves Staff Time
Imagine how your practice could improve the efficiency of workflows by eliminating the work you do to collect on past due A/R. Could those hours be better spent marketing your practice or improving claims submission?
- Higher ROI
When was the last time a collection agency guaranteed your ROI? Not only do we guarantee that we will recover double the investment in our service, but we’re also backed by one of the largest and most respected collection services in the nation.