The average receivable loses 55% of its value in the first year, 50% of the remaining value in the second year, and most remaining value by the third year. As a result, the ability to collect an outstanding receivable is dependent upon how quickly the account is placed for collections.
Although your business “lives” on the money you are owed, there is a limit to the amount of time, effort, and expense you should spend trying to collect past due accounts. Know that any further collection efforts on your part will be unsuccessful if:
- statements, letters and phone calls receive no reply, mail is returned or phone is disconnected.
- promises of payment have been broken two or more times or a realistic commitment for payment is refused.
- scheduled or arranged payments are missed for no reason.
- complaints or requests for documentation are repeatedly made.
- responsibility is denied or disputes regarding services billed are re-initiated.
- no specific date for payment is provided or inability to pay is claimed, even if due to marital difficulties or job loss.
It is a fact that the longer you wait, the more difficult it will be to collect from or locate the patient, and unlikely you will ever collect the debt. Any account 90-120 days delinquent should be placed with Century.
Medical debt is a unique specialty.
According to the Consumer Financial Protection Bureau, nearly 20% of all U.S. consumers had unpaid medical debts in 2014. A leading cause is that medical bills, insurance and hospital statements routinely baffle consumers. The resulting confusion often leads to disputes and non-payment, even among people who are not otherwise financially distressed.
Century’s understanding of factors such as this plays a large part in our success. We know the special terrain of medical billing systems and technology, and our agents are specially trained to work collaboratively with patients and debtors to negotiate payment arrangements while honoring their integrity.
Collection goals are realistic.
Century lifts the burden of collecting your at-risk revenue by making it our top priority. So many factors play a part: bankruptcy filing, job loss, divorce, death, etc. Our policy is that we only get paid if you get paid. With this assurance and our track record of success, clients only stand to gain when they choose Century.
Claims are not accepted for collection.
- Small claims court judgments
- Claims without a current address
- Claims with no supporting documentation
- Claims against businesses that are out of business