Are Your Accounts Receivable on Fleek?

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January 25, 2017 by Lisa Brammer

I’m the first to admit, I’m usually behind the eight ball when it comes to pop culture slang and acronyms. This is no exception.The first time I saw “on fleek” was a couple of weeks ago while reading a blog post. To be honest with you, when I first saw it I thought it was a typo. But after a quick google search, I found that “on fleek” is actually a thing, and has been for a while. For those who are like me—uninformed about these kinds of things—it’s a pop culture slang term that means something is on point or perfectly executed.

So… are your accounts receivable on point?  Are they where you want them to be?  If so, great. Kudos to you and your organization!  If not, don’t despair. It’s a common problem and plenty can be done.

Debt collection isn’t easy. And it requires time and expertise most businesses do not have. That’s why many organizations—especially those providing health care—find that using a knowledgeable third-party debt collection agency isn’t a luxury, it’s a necessity.

If you are like a lot of companies, you’ve found (or will find) that simply outsourcing your A/R will improve your bottom line. That’s pretty much a given. But since not all collection agencies are created equal, here are a couple of quick questions you might want to ask yourself regarding your present vendor (or the agency you are considering partnering with).

  1. Does (or will) the extra revenue come at a cost?

You are partnering with an agency to increase revenue, but be careful not to be penny wise and pound foolish by confusing cost and value. Your brand and reputation are important to you. Customer service isn’t just for you—it’s for your patients (customers) too.  Is your present collection agency protecting your reputation? Treating your clients right?  If not, you could be in jeopardy of losing more revenue than you gain. Check out this earlier blog that discusses this important subject:  Protect Your Brand: You Know What They Say—Image is Everything

  1. Are they collecting as much as they could/should for you? How can you tell if an agency is working hard on your behalf or just picking off the low hanging fruit? Industry averages are reported by ACA International. Check out the stats listed on our Healthcare Collections infographic below.

healthcare-comparrison-infographic

Here at UCS, we may not be knowledgeable when it comes to trendy pop culture slang, but we are when it comes to debt collection.

Founded in 1950, United Credit Service, Inc. is a full service, licensed revenue cycle management and debt collection agency in Wisconsin providing effective, customized one on one management and recovery solutions for our business partners. Visit our website at http://www.unitedcreditservice.com, call 877-723-2902, or check out our YouTube video.

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