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.
Like any business — small or large, chiropractors are also likely to feel the pain of missed payments at some point in time. The loss may vary, but failure to recover lost dollars can add up and significantly impact your revenue. Also, a significant amount of revenue is lost on debt collection.
Chiropractors should follow a fair but effective way to recover missed payments. But not at the cost of affecting their relationship with patients.
So what should you do to collect outstanding chiropractic care payments without damaging your reputation among patients?
Thinking of outsourcing to a debt collection agency?
(WHO MAY NOT HAVE LEGALLY TRAINED EMPLOYEES)
Think twice!
While hiring a regular debt collection agency might seem a go-to option, it might not be ideal for your practice. Overly aggressive and money-minded collection agencies may use some practices that can ruin your reputation and sabotage your relationship with your patients.
You lose returning or loyal patients when you let a collection agency take over the conversation.
Why are traditional debt collection practices not relevant to your practice anymore?
A heavy-handed approach
Third-party chiropractic care collection agencies can follow an impolite approach, like constantly calling your patients to annoy, abuse, embarrass, or harass them. Such practices, which are not in your control, sabotage your reputation. You may even lose your patients since the agency represents your practice.
The cost involved
Depending on how much debt you need help with and how old the missing chiropractic care payments are, collection agencies can charge somewhere between 20% to 50% of your collections.
Quite an amount + the risk of degrading your reputation!
Account prioritization
Collection agencies consider various factors while prioritizing debt accounts. Your chiropractic care office may need to recover outstanding payments to keep your business afloat, but perhaps your account is not even on their priority list.
Patients can resent your business
Your patients may be willing to pay for the treatment rendered, but they can’t afford them due to some contingencies. What should you do in such a situation? Hand over the sensitive matter to a third-party collection agency only to harass your patients and lose them forever? This would be the last thing you want – to be associated with an agency that may unnecessarily bully your patients or push legal boundaries.
So is there a better way to collect missing chiropractic care payments and still win your patients’ trust?
Why not use a debt collection software system?
Using an automated system for chiropractic care collections can help your practice collect the owed amount faster, increase efficiency, and improve profitability while maintaining good relationships with your patients.
The best thing is – a system never sleeps, forgets, or has bad days!
- A system can handle the entire debt collection process when you’re busy offering chiropractic care and treatments.
- It improves operations efficiency by ensuring excellent coverage, higher connect rates, and simplifying chiropractic care financing.
- For the system, you are always the priority.
No patient embarrassment
No human involvement during the collection process means no embarrassment and pressure to pay the debt. Getting a courtesy payment reminder with flexible payment options can help your patients pay the outstanding amount according to their circumstances & affordability.
Avoid patient confrontation
With no one to confront; patients can think calmly and evaluate the outstanding payment they owe to you logically. Cooler heads usually bring positive responses, and patients tend to pay as long as they are reminded consistently & subtly.
Eliminates the need for haggling
When the system sends a documented invoice, there are fewer to no chances of negotiation. As you give flexible options to pay for the missing chiropractic care payments, patients agree easily, and gradually your bad debt is recovered without impacting the business-patient relationship.
Denefits AR – Making debt recovery easy, efficient, and patient-centric
Denefits AR is simple and efficient. It focuses on minimizing the DSO – Days Sales Outstanding and processing costs while maintaining healthy relationships with your patients.
There‘s no additional fee for your chiropractic care office to use this feature, and you can easily track payments made by patients.
Sounds great?
There’s more.
Patients receive the invoice, and they can pay all at once or start a payment plan to afford the outstanding debt. You also get an option to split the transaction fee if you want.
It takes less than 30 seconds to send an invoice to your patients. They will receive a payment link by email or text with the invoice.
Your patients can review the details from the comfort of their homes and make the payment at their convenience from any device. The system will then continue to send reminders until your patient makes the payment. Using the Accounts Receivable option, you won’t have to print or mail out a bill, and you’ll receive your payments – a greener and faster way to collect pending chiropractic medical bills.
To learn more:
Free up your time for other important tasks!
Denefits will take care of ARs for your chiropractic care office.
Let the Denefits AR system take the burden off your shoulders and collect your written-off amount while focusing on helping your patients and making them smile.
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