Are Traditional Collection Agencies Still Worth It?
Starting in April 2022 there are new Debt Collection Laws that must be followed. This update includes provisions for medical debt as well. With this new law, uncollected patient balances under $500.00 are likely uneligible to be sent to a collection agency, reported to the patient’s credit report, and aggressively gone after as previously available.
What does this mean for your practice? With our Expert Medical Billing team, your practice will be completely ahead of this game. We offer a few services that will allow your practice to collect this money before it gets to this point. A service that we offer is Eligibility Prior to Service—this service will cut your need to turn patients over to collections alone to the bare minimum. We also have an in-house collections team. Our in-house collections team will work to follow up with outstanding patient balances with strong demand letters, we will require credit cards on file for notorious patients who don’t promptly pay invoices, and if the balance is above $500.00 we can turn it over to collections completely. We strive to get the patients to pay before this option and have a great track record of doing so. This will eliminate negative reviews on your end as well!
Patient balances must be addressed at each visit to prevent the build-up of credit that becomes difficult to resolve later. With EMB, and our Eligibility Prior to Service we help eliminate the need for collection agencies to be outsourced beyond us all together. This will keep your staff & patients happier as well! EMB has your back for collections!