Here are a few guidelines to help you research the best collection agency for your organization:
- Based on:
- Age of accounts placed
- Volume of accounts placed
- Balance of accounts placed
2. Recovery Percentage
- The lowest rate is not always the right answer, net return is!
3. Training of Employees
- What is their Turnover Rate?
4. Credit Bureau Reporting
- Report to all 4 major credit bureaus?
- How long has the agency been collecting medical debt?
- What percent of the agencies revenue is generated from medical debt?
- FDCPA (Fair Debt Collection Practices Act)
- FCRA (a.k.a. Fact Act of 2003) (Fair Credit Reporting Act)
- State Collection Laws
- Quality Assurance Program
8. Office Visit
- Have you seen the environment of your chosen collection agency?
- General Liability
- Errors & Omissions Liability
- Employee Theft Insurance
- Surety Bonds (state-specific)
- Scoring Methods
- Professional Practices Management System (PPMS)
- Record all phone calls between patient/debt collector
11. Date of Delinquency
- Why is it important to report accurately to your agency
12. Size of the Agency
- Do you require a small, medium or large facility?
- Call volume and blending capabilities
Note: This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Although we attempt to provide up-to-date information, laws and regulations often change. We make no claims, promises, or guarantees about the accuracy or completeness of this document. For legal advice, please consult an attorney.