The Official Blog for TeleVox Solutions

The Official Blog for TeleVox Solutions

West Corporation

Posted on June 29, 2015 by West Corporation 


Poor Recovery Rates on Third-Party Collections

A couple of weeks ago we shared data from a TeleVox survey on how healthcare organizations work to collect outstanding balances from patients. We found that many organizations will repeatedly mail statements to patients in an effort to drive payments. 14% of those we surveyed say they will send at least five statements to a patient!

Of course, simply committing the resources to numerous mailed statements does not guarantee that those targeted accounts will make payment. Practices continue to be challenged by what happens with those accounts that need further attention. 78% of practices say that they send non-paying accounts to a third-party collector.

top a/r challenges rapid report

For the practices who do partner with a third-party collector, the return is often less than optimal. 67% of those practices report recovering less than half of the balances that are sent to collections. This statistic points to the importance of early account resolution, as it’s in the practice’s best interest to recover as much as possible before turning accounts over to collectors with high fees and often disappointing recovery rates.

Click HERE to learn how healthcare organizations are improving A/R results by using automated outreach to connect with accounts before ever sending them to collections.

collections return

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