The COVID-19 pandemic has drastically changed the economic climate in the United States. As the economy declines, it becomes more challenging for businesses and consumers alike. This situation is expected to last until the summer of 2021, when the distribution of the COVID-19 vaccines is predicted to revitalize the economy.
Until then, more businesses are turning to debt collection services for assistance. Some common questions that many companies ask are: Can I use a debt collection agency to recover my money? Is my business eligible to use debt collection services?
While we can’t speak for other firms, we can say that it’s quite likely that you can work with a collection agency like Summit A*R if you’re part of one of the following industries:
1. Medical Industry
It’s a misconception that healthcare businesses are generating extra revenue during this crisis. On the contrary, hospitals are leaking money. Experts say that hospitals have lost hundreds of billions in revenue and are expected to lose much more.
Countless hospitals and clinics face bankruptcy, and hundreds of rural hospitals could close due to a variety of factors.
- Emergency rooms are overwhelmed
- Elective surgeries have been postponed
- Medical supplies have become significantly more expensive
- Outpatient visits have been reduced
- Many patients aren’t paying on time if at all
In these circumstances, you might feel that your practice is caught between a rock and a hard place. On the one hand, you understand that your patients may be facing financial challenges. On the other, you need to recover your revenue in order to survive.
At Summit A*R, we’re the perfect debt collection agency for your medical bill collections needs. We’re considered one of the leading medical collection companies in the United States because we can rescue your struggling profit margins while adopting a diplomatic approach and avoiding aggressive tactics.
- Our recovery rates are twice the national average
- We follow 100% HIPAA-compliant practices to ensure the security and privacy of your patients
- We don’t use unethical tactics
- Our stellar feedback is a testament to our no-complaint policy
- We have a staff of friendly, professional, experienced, and licensed professionals
- The Better Business Bureau has given us the highly coveted A+ rating
- We’re a member of the American Association of Health Administrative Management (AAHAM), a leading organization in healthcare administrative management
- We’re affiliated with the prestigious Rural Health Alliance
In addition, we carry a “P.H.D. Philosophy” (Preserve Human Dignity) policy, which means we treat every past-due account with sensitivity and compassion — your patients will know that you’re serious about getting paid while being treated with courtesy and kindness.
Please get in touch with us today, and put a stop to late payments so that you can continue to serve your patients on the frontlines.
2. Dental Industry
In many ways, the dental industry has been hit harder than other subsections of the medical industry. Many dental clinics are forced to temporarily close their doors or reduce operating hours due to shelter-in-place orders from local or federal bodies. However, they still have operating expenses, such as rent and salaries to pay. Many dentists running their own practices are also still paying off astronomical student debt.
At Summit A*R, we have perfected the art of converting unpaid bills into cash while safeguarding your reputation and relationships. Our “P.H.D. Philosophy” is especially critical in the digital age, where a single negative review can seriously damage your reputation.
Many dental clinics even take advantage of our pre-collection services and outsource their busy work to us. We manage patient billing, patient follow-ups, insurance follow-ups, and more with the utmost professionalism. Watch your A/R turnover ratio improve rapidly with our professional assistance.
3. Veterinary Industry
Running a veterinary practice can be challenging. The operational expenses, from equipment and supplies to staff salaries, are sizable. To make matters worse, many pet owners either underestimate the medical cost of treating animals or simply don’t have insurance.
As a veterinarian with a passion for healing animals, you don’t want to turn any animal in need away at the door, but you also need to collect payments to run your clinic. During the COVID-19 pandemic, you have more unpaid veterinary bills than ever before.
Meanwhile, your staff is trying their best to collect, but it’s not the job they were trained to do. It would be best if you had an agency like Summit A*R on your side. We can take care of your collection needs so your practice can do what it does best; heal animals.
At Summit A*R, we boast twice the national recovery rate because we take a friendly yet stern approach. We know that most pet owners want to pay their dues. With our courteous persuasion methods, we help them find a way.
We also offer an advanced client portal on our platform to help our clients track our collection efforts. Using this HIPAA-compliant portal, you can add new accounts, view payment activity, download reports, and more at your convenience while you run your practice.
4. Commercial Real Estate
COVID-19 has had an enormous impact on small to medium-sized businesses. Countless establishments have permanently shut down without warning, leaving their commercial landlords struggling to collect rent.
If your commercial tenant has stopped paying their rent or broken their lease, then time is a critical factor. You need an experienced and effective commercial tenant agency like Summit A*R to recover your revenue before other creditors move faster than you.
At Summit A*R, we respond quickly in such situations. If required, we also have a department that can start legal action after performing a cost-benefit analysis. Of course, any legal action is taken with your written authorization.
Here are some tips that can help you avoid problems during the COVID-19 pandemic when signing a new tenant:
- Sign a watertight and legally sound lease with any future tenant
- Check their business credit score
- Ask for a personal credit score if a business credit score is unavailable
- Examine their credit report for red flags
- Make sure that their business is suitable for the location
- Ask them why they left their previous location
- Study their references
- Make sure that they’re well-capitalized for their business
5. Residential Real Estate
As a residential landlord, you may feel vilified. Many people publicly blame landlords for trying to collect rent during the COVID-19 pandemic when unemployment has hit record numbers.
What many people don’t realize is that you rely on your rental income to run your business. In addition, you’re legally responsible for repairs, maintenance, and upkeep, even if rent is unpaid — should there be an accident on your property due to maintenance issues, you’ll be held legally responsible! And performing maintenance can be expensive.
You may have received concessions from your bank or local governing bodies, but you need to collect rent sooner or later, or risk shutting down your business. Here are some residential rent collection tips that may help during the COVID-19 pandemic:
- Always remain professional with your tenants
- Try to be flexible and offer partial payments or lease amendments
- Look up nonprofit organizations that help tenants pay rent in moments of crisis
- Check the latest rules and regulations before exploring your options
- Try to communicate with your tenant on email or text message to maintain records
- Pay special attention to bookkeeping in case you need to access relief programs in the future
You may already be owed a sizable sum. Chasing down your former tenant will cost you even more resources. With our measured approach to rent collection, we can negotiate a suitable solution for both parties.
If your tenant has skipped town, we can utilize our skip tracing department to find them, which is managed by an experienced private investigator. We also have a wealth of skip tracing resources that give us a higher find rate than other agencies.
6. Self-Storage Businesses
Just last year, the self-storage industry was riding high, becoming a $38 billion industry. As millennials moved into increasingly crowded urban locations and smaller homes, they relied on self-storage businesses to store their excess items.
Unfortunately, COVID-19 has had a negative impact on self-storage businesses. As more people lose jobs, they move out of urban locations without settling their affairs. By the time their account is in arrears, they’ve already relocated to faraway locations.
Finding former customers is challenging for a self-storage business, especially if they’ve relocated more than once. At Summit A*R, we can help you. As we mentioned earlier, we have a robust skip tracing department that can locate your customers and their assets, even if they’ve crossed state lines.
In addition, we’re well-versed in local collection laws. Even if your former customer is in another corner of the country, we can find them and recover your essential revenue. For more information on local laws, guidelines, and statutes of limitations, remember to check the State Resource Center on our platform. Of course, you can always get in touch with us directly for more information.
7. Independent Cellular Dealers
As an independent cellular deal, you may have many challenges. Not only were you under pressure from major carriers on the top of the food chain, but you were getting squeezed by delinquent clients who unfairly used wireless chargebacks to take advantage of you.
With your margins already razor-thin, you can’t afford to write off bad debt during the COVID-19 pandemic. At Summit A*R, we can recover your lost revenue quickly and cost-effectively. Our wireless chargeback collections programs can recover 3-5 times what even your best internal processes can recover.
What’s more, you can avoid many disputes by relying on the expertise of our qualified professionals. Our collection agents have many years of experience in the cellular industry. Remember, you’ve invested inexpensive equipment. It’s not fair that your former client has kept it without completing payment. They should either return your equipment or pay you what they owe — pandemic or not!
Keep in mind that our solutions are risk-free — no collection, no fee!
We Provide Commercial and Consumer Collections
Aside from the businesses mentioned above, we assist a variety of other companies across various industries. If your business is owed money by your customer, then try our consumer collections services to recover your debt. Not only do we have a P.H.D. Philosophy, but we also follow the law.
We comply with the Federal Fair Debt Collection Practices Act and other state and local regulations to ensure that everything is above board.
Most consumers are more willing to pay off their debts when a reputable agency like Summit A*R is involved. We also have the option to report stubborn customers to the three major credit bureaus. Usually, debtors cooperate when they realize that their credit rating is on the line.
Likewise, you can use our commercial debt collection services if your business needs to recover money from another firm. We take the same diplomatic approach to business to business (B2B) debt collection as we do with consumer debt collection because we know that there are hard-working people behind every business who deserve to be treated with respect.
Our P.H.D. Philosophy will help you collect your payments from your customers and maintain your vital business relationships. After all, you will need your reputation long after the economic crisis ends.
We Have No Mandatory Minimums
Businesses suffering from economic challenges will be pleased to learn that we have no mandatory minimums. Whether you have over a dozen accounts, half a dozen accounts, or just need help once, you can utilize our services.
There could be some situations where we may be unable to help you. For example, the statute of limitations may have passed on the debtor, or your debtor has legal protection from debt collection. It’s best to get in touch with us directly via phone at (888) 222-0793 or email firstname.lastname@example.org for more accurate information.
You can also fill out your information on the contact page to request a callback. You’ll need to share your first and last name, email, company name, and phone number. We’ll also need to know what services you’re interested in, how much you’re trying to recover, and how often you need these services.
Categorised in: Our Blog
This post was written by Summit A•R