All collection agencies are definitely not the same. Some focus heavily on mail, others on telephone, and still others on legal action. We use the methods that work for your accounts.
At a minimum, we send one letter to your patients or customers, but we usually send two or three. We also have a full staff of highly trained collectors who are skilled at making contact with your patients, even those who have moved or left their jobs.
And finally, when it becomes obvious that legal action is required, we have long-standing relationships with several legal firms who are experienced in health care collection. We handle the legal relationship for our clients so you don’t need to hire your own attorney.
A Word About Collection Agency Fees
Collection agency fees can vary widely, but in almost all cases, you get what you pay for. Agencies that offer very low fees do not offer full service. Because their fees are low, they will cherry pick accounts and collect the easy money. They cannot afford to put in the extra time or effort on accounts where more work would result in payment. Low-fee agencies, while initially attractive, usually leave a client dissatisfied in the long run because they produce low net recovery rates. There have also been cases of low-fee agencies that have not paid their clients at all, because of cash flow problems. Very often clients who choose a low-fee agency end up changing agencies after a short period of time.
Agencies that charge higher rates can afford to work harder, digging into that next layer of unresolved accounts that are difficult to collect, but not impossible. Having a full staff of professional collectors and relationships with experienced attorneys allows agencies like SaVit to invest the time necessary to have success on these accounts. This effort leads to higher net returns for our clients, while preserving that all-important patient-provider relationship.
Clients looking at agencies should not use price as the sole determining factor in making their selection. Make sure you ask about an agency’s culture, strategies and protocol. Ask if they have a staff of professional collectors and if they have relationships with experienced attorneys. Ask about their skip tracing capabilities. Ask if they list account with credit bureaus to increase future collection likelihood. Ask about their Customer Service department. Ask how often you as a client will see status reports, and most importantly, be paid. Ask about their net recovery rate — so you know what you might expect. At SaVit, we are happy to share all this information with you.
We charge a percentage of what we collect. Those percentages will vary based on how old the debt is when we receive it, and how long it takes us to collect. We will not charge you anything if we don’t collect. We will even consult with you (for free) to show you how to pay us the lowest fee possible!
To discuss SaVit’s fees, please call us at (800) 491-5757 and ask to speak to New Business.