Did you know that a chiropractor loses about 15% to 20% of annual revenue in terms of pending accounts receivables & missed payments?
You don’t have to be one of them.
Chiropractors, like other businesses, suffer from late payments from their patients. They spend a lot of money to collect outstanding chiropractic care payments, reducing total revenue.
Chiropractors seek ways to aggressively collect payments to streamline their financial flow, but it shouldn’t be at the expense of ruining their relationships with patients.
So what must be done to collect missed chiropractic care payments without jeopardizing your reputation among patients?
Want to outsource to a debt collection agency?
(WHERE EMPLOYEES MAY NOT BE LEGALLY TRAINED)
Think again!
While handing over your debt collection to an agency seems an easy option, it might be your biggest mistake. Overly aggressive and profit-driven collection agencies may engage in actions that can harm your reputation and undermine your patient relationships.
When you let a collection agency handle the dialogue, you risk losing returning or loyal patients.
Why are traditional debt collection ways not relevant to your practice anymore?
An overbearing attitude
Third-party chiropractic care collection organizations may use an unfriendly approach, such as calling your patients repeatedly to annoy, abuse, embarrass, or harass them. Such practices undermine your reputation since they are beyond your control. Because the agency represents your practice, you may potentially lose patients.
The associated costs
Collection companies can charge anywhere from 20% to 50% of your collections, depending on how much debt you need help with and how old the missed chiropractic care payments are.
Quite a sum, plus the possibility of ruining your reputation!
Prioritization of accounts
When it comes to prioritizing debt accounts, collection agencies evaluate several things. Your chiropractic practice may require payment recovery to stay solvent, but your account may not even be on their priority list.
Patients may dislike your company.
Your patients may be willing to pay for the care you provided but can’t due to unforeseen circumstances. What can be done in this situation? Hand out a sensitive topic to a third-party collection agency just to harass and lose your patients for good? Being linked with an agency that may unduly abuse your patients or violate legal boundaries is the last thing you want.
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