Running a dental practice is expensive. The starting cost alone can be upwards of $450,000 in the first year, according to the Bank of America. Even after your practice is running smoothly, you have sizable operational costs such as salaries, rent, maintenance, upgrades, laboratory fees, license renewals, insurance and more.
That’s why it’s important to have a good accounts receivable ratio. Not only does it help you meet your operational costs, but it gives you opportunities to grow.
At Summit A*R, we know that whether you’re a dentist or an administrator, you’re busy enough as it is. You don’t have time to improve your receivable aging report when you’re focused on running your practice. Dealing with past-due accounts can be time-consuming, especially if your in-house collection efforts haven’t worked.
Don’t write off debts. Instead, partner with a debt collection agency that’s dedicated to getting its clients the revenue that’s rightfully theirs. Here are a few good reasons why we’re the right debt collection agency for your practice:
#1 We’re Experienced
Having been in the business since 1996, we’re the experienced consumer collection agency that you can count on. We successfully serve a variety of medical industries, including dental, and help practices recover revenue while preserving their reputation. Over the years, we’ve seen a variety of situations and know how to tackle them.
#2 We’re Effective
Dental practices use our collection services because we’re highly effective at recovering their revenue. If your customer doesn’t want to pay, then you know that more invoices, emails, and phone calls from your practice will not work. The increase in self-pays is only making things worse.
With our proven solutions perfected over 23 years, we specialize in recovering debt faster and at a lower cost than you can do in-house. Our liquidation rates are double the national average thanks to a long-term staff of friendly and genuinely helpful professionals.
#3 We Take a Diplomatic Approach
Your practice has taken a long time to develop its brand. That’s why you need to collect your revenue and preserve your reputation. In the digital age, a viral review can hurt businesses from any industry. If your debt collection partner uses aggressive or unethical practices, then it can reflect badly on you. Likewise, if they use robocalls to harass your debtor, then it may damage your reputation.
For these reasons and more, we take a diplomatic approach to debt collection. With our “P.H.D. Philosophy” (Preserve Human Dignity), your practice is represented with professionalism and integrity at every stage of the collection process. We don’t use unethical tactics, nor do we use robocalls.
At Summit A*R, we believe that most people want to pay off their debts. We treat every debtor with humanity and help them find a way to clear their dues. Linda, who interacted with Summit A*R said that she was amazed by the amount of care we put into the account: “You see us as humans and that makes the biggest difference in the world. I feel that collections reflects on the company you are serving.”
#4 We’re an Ethical Agency
Our staff and systems follow 100% HIPAA-compliant practices. Maintaining the privacy, security, and integrity of health information is incredibly important to us. We also have a no-complaint policy. This is evidenced by our A+ rating from the Better Business Bureau (BBB).
The A+ rating is only given by the BBB to businesses that achieve a score of 97 or higher, remain compliant, keep their volume of complaints low, closely monitor their points, and quickly address any issues or concerns. Our ethical approach to debt collection is good for your bottom line, reputation, and ethics.
#5 We’re Have Great Affiliations
We’re affiliated with organizations such as the ACA International and the International Association of Commercial Collectors, that boast thousands of members and passionately promote positive and ethical values in the debt collection industry such as treating debtors with dignity and respect. We’re also affiliated with some prominent medical organizations.
- Rural Health Alliance: Started in 1983, this non-profit body serves members in dozens of states. Its goal is to: “Provide a vehicle for ongoing communication, coordination, cooperation, integration, and unity of purpose for member health care entities.”
- American Association of Health Administrative Management: This non-profit entity was founded in 1968 and is one of the foremost advocates for health care administrators. It provides “education, certification, networking, and advocacy for healthcare revenue cycle professionals.”
As members in good standing such organizations, we have access to a wealth of information that helps us understand the demands of our clients in the dental community. It also helps us pursue dental collection with unique insight.
#6 We Believe in Transparency
We also offer complete transparency. Through our intuitive and fully HIPAA-compliant portal, you can follow your consumer collection efforts in several ways:
- View the status of the accounts
- Place new accounts for collection
- Download remittance reports
- Report direct payments received at your office
- Update addresses or other relevant information
- Contact us with any questions, concerns, or requests
We’re also transparent about our fees. Unlike other debt collection agencies, we have no mandatory minimums. We don’t demand a certain number of accounts to work with you nor do we ask for payments upfront. At Summit A*R, we work on a contingency basis. This way, you don’t throw good money after bad accounts. We only get paid after we’ve recovered your revenue.
#7 We Offer Pre-Collection Services
Many practices outsource all their in-house collections to us because of our expertise. This Minnesota collection agency can manage your patient billing, telephone follow-ups, insurance follow-ups, or help your patients understand why they owe a balance to your practice. By letting us manage the busy-work of your current A/R cycle, you can save yourself money. We can also design a program that helps your staff generate more revenue.
These are just seven of the many reasons why we’re the right debt collection agency for you. Running a dental practice is challenging enough as it is. Let Summit A*R help your in-house collection efforts and improve your cash flow. You can contact us to get started at any time through phone or email.
Categorised in: Our Blog
This post was written by Summit A•R