Explore CollectCo’s Medical Bill Collections
Reaching out to patients for medical bill collections can seem challenging, especially with high deductibles and unsuccessful insurance claims. Managing late medical debt collection and non-compliant patients can have lasting impacts on your cashflows.
With innovative medical bill collection strategies, CollectCo, the leading collection agency for medical bills, has revolutionized the industry through online AR management expertise and customer-centric solutions. Whether you’re dealing with late-stage debts or want to stay ahead of the curve with early recovery intervention, our automated platform offers custom-tailored solutions for customers worldwide.
Insurance Delays and Complex Billings
Unsuccessful insurance claims and disputes can further delay medical bill collections. This will disrupt your cashflows and lead to delayed revenue and higher out-of-pocket costs.
Moreover, as patients become confused by complicated billing systems, healthcare service providers have more difficulty communicating and streamlining their medical bill collections. Such discrepancies can further increase patient frustration, thus damaging customer-client relationships and increasing the probability of bad debt.
How To Maximize Your Medical Debt Collection
As the premier medical bill collection agency, CollectCo provides faster recovery rates and proactive debt recovery solutions when dealing with insurance companies. Patients can now efficiently deal with their claim denials and insurance delays through pre-verification, effective claim management, and enhanced debt resolutions.
Our advanced patient portals and automated billing systems ensure optimal security and streamlined medical bill collections so that patients can clear their unpaid invoices with ease and comfort. Contact our team today to start optimizing your medical debt collection.
Early Recoveries and Enhanced Brand Management with First Party Resources
Why start late when users around the world are collecting early? Our First Party Resources are the perfect solution for companies looking to optimize their medical bill collections while mitigating the risk of late, unpaid invoices.
Medical companies can improve their brand integration in medical bill collections through our first-party collections without compromising customer relationships. Our automated platform prioritizes customer satisfaction with faster recovery rates and affects AR strategies through the following:
- Personalized Brand Management
- Flexible Payment Solutions
- Claim Follow-ups
- Pre-Service Verification
- Affordable Pricing Structures
Handle Late Debt Recovery with Third-Party Collections
Dealing with bad debt has never been easier thanks to our Third-Party Collections, which enable healthcare companies to manage their late invoices with accounts receivable below 120 days past due.
Our late-stage intervention efforts work best when dealing with non-compliant customers requiring additional medical bill collection services. Through effective communication strategies and regular follow-ups, we ensure our fintech solutions for medical debt collection provide you with success-based pricing and a recovery-centric approach.
Our Two-Phase Debt Recovery Model for Your Medical Bill Collections
Customers are offered flexible debt recovery solutions through our concise Two-Phase Debt Recovery Model that specializes in dealing with medical bill collections of all scales. Whether you’re managing late-stage AR in medical debt collection or want a head start with early intervention efforts, our two-phase collection system offers customers the flexibility to choose from the Flat-Fee and Contingency plans.
Flat Fee Plan: Pay Less to Earn More
With a competitive low cost starting from $9.95 per claim, the Flat-Fee plan covers all your medical bill collection for AR under 120 days past due.
Our Flat Fee plan is designed to offer cost-effective recovery solutions through the Money-Back Guaranteed policy, which encourages companies to recover their outstanding invoices with absolutely zero risk. Moreover, clients can keep 100% of the recoveries made in the Flat Fee plan at a nominal upfront cost (a 3% deduction fee in credit card transactions). Moreover, the Flat Fee plan offers Rollover discounts for accounts that require extra attention and are automatically shifted from Phase 1 to Phase 2.
Contingency Plan: It’s Never Too Late
Are you stuck with late-stage medical bill collections? Want effective solutions to remove bad debt from your business? Our Contingency Plan is the market-leading solution for medical bill collections, enabling companies to optimize their cash flows without risk for AR over 120 days past due.
Our No Recovery-No Charge policy instills trust and confidence in our customers’ ability to collect medical bills effectively and transparently. Moreover, the contingency plan encourages customers to pay only a nominal percentage of the recoveries made throughout the medical debt collection process.
Enhance Your Medical Bill Collections
With CollectCo
Optimize your medical bill collections through our patient-centric user portal.
Stay in touch with your collections through access to live recovery updates.
Batch claiming allows customers to deal with multiple accounts simultaneously for faster results.
Get access to customer-focused integrations like QuickBooks and NetSuite to streamline your medical debt collection.
Our cutting-edge fintech solutions and automation techniques foster positive relationships with customers.
Achieve faster medical bill collections through our early intervention efforts.
Boost your collections with complete control of the debt recovery process.
How Our Recovery Solutions Can Help Your Medical Debt Collections
First Party Collections
Our first-party collections prioritize your brand management and provide easy debt resolutions for all claim disputes and pending invoices in medical bill collections. Moreover, they focus on a patient-centric and cordial collection approach that enhances recovery rates.
Early Recovery Efforts
Get faster recovery rates for medical bill collections for AR under 60 days past due.
Collect With Your Brand
Maintain consistent brand engagement and optimal recoveries.
Efficient ROI
Achieve efficient ROI for enhanced cashflows.
Easy Debt Resolutions
Manage claim disputes effectively through easy and fair debt resolutions
Minimum Costs
Avail industry-leading first-party collections at competitive costs.
Flat Fee Plan
The Flat Fee plan allows customers to deal with larger claim volumes with lower debt values. A blend of strategic efforts, such as omnichannel communication, debt validation, dispute resolution, and scheduled contact in medical bill collections, is used to further facilitate the users.
Dedicated, Proactive Recovery
Get proactive debt recovery solutions for AR under 120 days past due.
Money Back Guaranteed Policy
Stay risk-free in your medical bill collections through our Money Back Guarantee policy.
Ideal for High Volume and Low Debt Accounts
We prioritize your medical bill collections to recover higher volumes and lower debt accounts.
Keep 100% of what we recover
Our recovery platform encourages users to keep 100% of the collections made.
One-Time Payment
Secure your medical bill collections with an upfront cost of $9.95 per claim.
Contingency Plan
With a focus on assertive, persuasive collections, customers can better optimize their medical bill collections through our assertive, persuasive approach with integrated result-driven communication efforts. Moreover, we ensure your financial security and mitigate the risk of bad debt through asset investigation, litigation support, credit reporting, and deceased and bankruptcy screening in medical bill collections.
Late-Stage Recovery Solutions
Boost your recovery rates and mitigate bad debt with late-stage recovery solutions.
No Recovery- No Charge
Start your medical bill collections with zero risk through our No Recovery-No Charge policy.
Best Suited for accounts with Low volume and High Balance
Optimize your cashflows and deal with high-value claims with lower account volumes.
Competitive Prices
Avail industry-leading recovery solutions at competitive prices.
Roll Over Discounts
Our platform further facilitates users with additional Rollover discounts on medical bill collections.
FAQs
How do we foster positive relations with patients during medical debt collection?
For efficient medical bill collections, healthcare institutions or a collection agency must adhere to the authorized entities’ regulations and state laws. Such regulations include the Health Insurance Probability and Accountability Act (HIPAA), Fair Credit Reporting Act (FCRA), and Fair Debt Collection Practices Act (FDCPA), along with state-specific laws and regulations.
How to manage patients dealing with financial hardships?
Patients falling behind on their pending invoices in medical bill collections usually face financial hardships that restrain them from clearing their outstanding payments. In such circumstances, patients can be further facilitated by offering flexible payment plans, negotiating settlements, offering hospital charity programs, and much more.
What things should be included in a debt validation notice?
Healthcare institutions or medical bill collection agencies send debt validation to further validate their efforts in medical bill collections. The notice must include the accurate amount of debt owed, creditor information, the intent of the letter, and any crucial information related to the customer’s case.
How do we recover debt from patients who file for bankruptcy in medical bill collections?
While there are specific courses of action in case of medical bills, such as Chapter 7 Bankruptcy or Chapter 13 Bankruptcy, that involve liquidation of assets to recover debt or giving a grace period of over three years, the best solution is to cease all collection efforts and get in touch with the legal authorities which can better advise to file proof of claim, pursue non-dischargeable debts or even move forward towards court proceedings in medical bill collections.
What are the benefits of outsourcing a medical bill collection agency?
A medical bill collection agency brings the expertise and experience required to better deal with patients in cases of patient sensitivity, financial fluctuations, or even litigation support. Such industry-focused efforts can provide better medical bill collections, resulting in faster recoveries while fostering positive relationships.
