Archive | May, 2013

Judge Upholds TCPA Class Action Status Against Medical Debt Collector

31 May

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Friends,

I cannot emphasize enough how important it is to your practice to know beyond a shadow of a doubt that your collection agency is committed to 100% compliance to all Federal, State and Local regulations concerning first and third party collections.

You may be liable if your agency is not compliant.

Judge Upholds TCPA Class Action Status Against Medical Debt Collector.

To learn more about keeping your practice, and your receivables compliant and safe, send me your information using the form below and I will be happy to help.

Who says the independent practice is dead? 58% of physicians don’t want to sell | Medical Economics

29 May

A new survey of 2,094 physicians who own their own practices found that 58% are not looking to sell. Solo practitioners are the most committed to staying independent. Read the full article below.

Who says the independent practice is dead? 58% of physicians don’t want to sell | Medical Economics.

Independent practices need new tools to help their practices stay profitable and even grow profits during these challenging times. For more information on how they can achieve this, respond to me using the form below and I will be happy to get the information to you right away.

 

Free Medical Webinar: Understanding the Unique Social Network – Twitter

28 May

Please join me in attending this timely and important webinar for any medical practice that seeks to use Twitter to build up your practice.  The webinar is sponsored by my good friends at MDeverywhere.

 

Join us for MDverywheres Webinar: Understanding the Unique Social Network – Twitter.

3 common social media myths you must ignore – DentistryIQ

28 May

3 common social media myths you must ignore – DentistryIQ.

6 Tips To Selecting a Collection Agency

28 May

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Hiring a collection agency to help in the recovery of past due payments has become part of how businesses run today. However, there are some things you need to know before you go and hire the agency that your Uncle Fred recommended that is down on Main St. Below are some tips to help you on your search!

  1. Look for a debt collection agency with experience in your industry. If your business is a dental practicemedical office, law firm or specializes in a trade such as plumbing then your collection agency of choice should have experience in those areas.
  2. Does your collection agency perform background checks on the collectors?
  3. Is the agency compliant in all federal and state regulations? You could be liable for heavy fines if they are not.
  4. Make sure to fully understand the fee structure of the collection agency. Do they charge a flat fee or is it percentage based? Percentage based agencies generally focus on larger balance accounts leaving small to medium sized, older accounts, unattended, which impacts your recovery rate.
  5. What is their visibility? Good collection agencies should have a strong online presence, visible leadership team and an easy way to maintain two way communication.
  6. How long have they been around? Make sure they are a stable company with solid references before hiring.

Six easy steps to follow could be the difference between recovering your money or going out of business!!

For more information on selecting the best collection agency for your business/practice, respond to me through the contact form below.

Top 10 Tips To Improve Collections (Part 10)

28 May

It’s a problem faced by virtually every business and medical practice – how to deal with customers / patients who pay their bill late, or not at all.  While customers and patients expect prompt and professional service, they don’t always meet the same standard when it comes to paying their bill.

Accounts not paid promptly can severely impact the cash flow of a business or practice.  A clearly defined and carefully communicated, yet diplomatic payment policy, may help avoid difficult collections situations.

Tip #10 (finally, right?)

REMEMBER THAT NOBODY COLLECTS EVERY ACCOUNT

Even with a carefully designed and implemented plan for follow-up and collections, there are a few accounts that will never be collected.  Save your business/practice time and money by identifying these accounts early in the process.  At the same time, your business/practice will benefit from the improved cash flow from the vast majority of accounts that do pay.

Developing and implementing a sound collections policy and strategy is a vital part of running a successful business or medical/dental practice.  Follow these 10 Tips, and watch your business/practice thrive while retaining a good professional relationship with your customers and patients

If you would like to receive a document with all of the Ten Tips included, please respond to me with your email address and a request for the document, and I will send it out right away.

Mr Cash Flow to Speak at Dental Conference

25 May

I will be speaking at a two day dental conference sponsored by my good friends and colleagues, Dental Management Advisors.  The conference will be in Atlanta, GA on August 2 and 3.  Contact me using the form below, or contact Dental Management Advisors at brendab@dentalmanagementadvisors.com for more information.

I’d love to meet and see you in August in Atlanta!

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Dispelling Collection Myths

25 May

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ACA (American Collectors Association) International seeks to dispel commonly held myths about the credit and collections industry. Today more than 30 million consumers have delinquent or defaulted accounts under collection, averaging $1,400 each.

“Repayment of consumer debt is the lifeblood of America’s credit-based system and vitally important to the national and state economies,” ACA International Chief Executive Officer Pat Morris said. “It helps ensure that affordable credit is available, goods and services remain affordable, sustains jobs and supports keeping taxes low.”

As an industry, third-party debt collectors help employ more than 300,000 people, pay nearly $2 billion in federal, state and local taxes, donate $85 million and volunteer 650,000 hours to charitable organizations in local communities. “Whether a small town hospital, business or a city struggling to recover taxpayer owed dollars, organizations large and small rely on the recovery of rightfully owed consumer debt,” Morris said.

Myth 1: Avoiding a Debt Collector Makes the Debt Go Away. Consumers who ask debt collectors to stop contact or choose not to respond to calls or letters often mistakenly believe it means their debt has been eliminated. Avoiding contact will not erase a debt. Instead, consumers should communicate with collectors to discuss the account, verify its accuracy and work on a plan for resolution. If consumers don’t owe the debt, communicating with collectors can help put a stop to calls or letters.

Myth 2: Consumers Don’t Have Rights in the Recovery of Past Due Accounts. The collection of consumer debt is one of the most heavily regulated industries in the United States. Consumers have important rights under a number of federal and state laws. For more information about what to do if contacted by a debt collector please visit www.askdoctordebt.org.

Myth 3: All Debt Collectors are Bad. Just as “all consumers” aren’t the same, neither are all debt collectors. Most are committed to professionalism, training and customer service. When it comes to the “bad guys,” we want to put them out of business just as consumers do. ACA International and its members continue to work with state and federal policymakers, regulators, courts and attorneys general to comply with the law and hold accountable those who do not.

Myth 4: It is Boom Time for Debt Collectors. It’s no secret that consumers have struggled financially in the current economy. Despite an increase in defaults and delinquency, the inability of consumers to repay rightfully owed debts trickles down to those charged with their recovery.

© 2012 ACA International. All Rights Reserved. Reprinted with the express written permission of ACA International

Medical Practices: EMR Satisfaction Survey

24 May

Practice profitability outlook negative | Healthcare Finance News

23 May

Practice profitability outlook negative | Healthcare Finance News.

I have tools for medical and dental practices that can prevent this from happening. I would love to review them with you and discover if they can help your practice maintain a healthy profitability, even in the face of major challenges. Just respond to me via the form below, and I will be in touch.

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