Collection Agency
Collection agencies in healthcare revenue cycle management are third-party organizations that healthcare providers may engage to assist in the recovery of outstanding patient balances and unpaid medical bills. These agencies specialize in debt collection and work to recover payments from patients who have not fulfilled their financial obligations for healthcare services rendered. The involvement of collection agencies often occurs after healthcare providers have exhausted their in-house efforts to collect on outstanding accounts.
Here are key points to understand about collection agencies in healthcare revenue cycle management:
Unpaid Patient Balances: Collection agencies primarily focus on collecting unpaid patient balances, which can include deductibles, co-payments, coinsurance, and other out-of-pocket expenses that patients are responsible for paying after insurance coverage.
Third-Party Involvement: Collection agencies are independent entities separate from healthcare providers. They are engaged by healthcare organizations to recover unpaid debts on their behalf.
Regulatory Compliance: Collection agencies must adhere to federal and state laws and regulations governing debt collection practices. This includes the Fair Debt Collection Practices Act (FDCPA), which outlines consumer protection measures and defines acceptable practices for debt collection.
Communication with Patients: Collection agencies communicate with patients via letters, phone calls, and other means to remind them of their outstanding balances and to negotiate repayment arrangements. They must adhere to strict guidelines on how they communicate with patients to ensure fair and respectful treatment.
Negotiating Payment Plans: Collection agencies may work with patients to establish payment plans or settle debts for less than the total amount owed in some cases. These negotiations aim to facilitate payment while accommodating patients' financial situations.
Credit Reporting: In certain situations, collection agencies may report unpaid medical debts to credit bureaus, which can have an adverse impact on patients' credit scores. However, they must follow established guidelines for reporting and must provide written notification to patients before doing so.
Legal Action: In cases of significant unpaid debts, collection agencies may advise healthcare providers on pursuing legal action, such as filing a lawsuit, to recover the outstanding balances. Legal action is typically considered a last resort.
Revenue Recovery: The engagement of collection agencies helps healthcare providers recover revenue that might otherwise be lost due to unpaid patient balances. This revenue is crucial for maintaining the financial stability of healthcare organizations.
Ethical Considerations: Collection agencies are expected to operate with sensitivity to patients' financial circumstances and potential hardships. They must also consider ethical guidelines when conducting debt collection activities.
Data Security: Collection agencies are responsible for safeguarding patient information and complying with healthcare data security and privacy regulations, such as the Health Insurance Portability and Accountability Act (HIPAA).
Healthcare providers often engage collection agencies as part of their overall revenue cycle management strategy to improve cash flow, reduce bad debt write-offs, and maintain financial viability while balancing the need for sensitive and ethical patient interactions.
View Collection Agency Business Partner List
| BUSINESS PARTNER | COMPANY WEBSITE | DESCRIPTION |
|---|---|---|
| Aargon Agency, Inc. | aargon.com | Nationwide Debt Collection Agency |
| American Med Systems, Inc. | americanmedsystems.com | Collection services, medical services and commercial debt recovery to healthcare facilities |
| Americollect | americollect.com | Healthcare providers to improve their medical collections, both with early out services and bad debt collection services |
| BCA Financial Services | bcafs.com | Self-service portal that provides convenient access for consumers to sign up for paperless billing, set up recurring payments and payment plans |
| Bureau of Account Management | bamcollections.com | Full service collection agency with extensive experience in debt recovery for physician practices, medical specialties, surgery centers, hospitals, long term acute care, rehab and skilled nursing facilities. |
| CollectionCenter, Inc. | mycollectioncenter.com | Full Service Collection Agency |
| Cross America Financial, LLC | crossamericafinancial.com | Medical collection, finally focused on patient satisfaction and process improvement |
| Encore Exchange | encoreexchange.com | EBO Services, Extended Business Office, Legacy AR, Collection Agency, Self-Pay, Accounts Receivable Management |
| First Financial Asset Management | 1fam.com | The FFAM360 group of companies is a world-class organization that provides customer centric solutions that address all phases of the credit and revenue lifecycle. |
| Global Credit Solutions | gcsag.com | An international collection company specialising in the recovery of cross border debts. |
| Gulf Coast Collection Bureau | gulfcoastcollection.com | Specializes in collecting medical debt for healthcare providers |
| iQuantified Management Services, LLC | iqmsllc.com | Firm specializing in bad debt collections and legacy account receivable services |
| Kinum | kinum.com | Comprehensive patient engagement platform that will help your practice improve workflows, better communicate with patients, and grow your business. |
| L J Ross Associates, Inc. | ljross.com | A family, women-owned, and privately held corporation. Our patient-friendly solutions are designed to maximize revenue while improving the patient’s financial experience. We specialize in early out, bad debt recovery, bill pay, and patient care solutions that deliver a healthier bottom line to our partners. |
| Merchants' Credit Guide Co. | merchantscreditguide.com | Merchants' Credit Guide Company is committed to serving the debt resolution needs of individuals and businesses. |
| NRA Group | nragroup.com | An accounts receivable management company that has been successfully providing debt collection services, skip tracing and credit bureau reporting to America's leading companies for over thirty years. |
| Progressive Management Systems | pmscollects.com | Progressive Management Systems Client Portal provides clients of the firm with access to specialized information. |
| Sherloq Solutions | sherloqsolutions.com | Dedicated to driving optimal results in early-out management, insurance billing and follow-up, and denials and appeals management. |
| State Collection Service | statecollectionservice.com | Revenue Recovery |
| Team Recovery | teamrecovery.com | Full-service accounts receivable management company. |
| The Patriot Group | patriotcompli.com | We combine the services and expertise of a medical billing company, a collections agency and a law firm specializing in maximizing revenue for you. |
| United Collection Bureau | ucbinc.com | Assists in the accounts receivable process for healthcare facilities, financial services businesses and government entities. |
| USCB America | uscbamerica.com | Provides revenue cycle solutions to the largest health care systems, hospitals, physician groups, and teaching institutions across the country. |
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