You’ve decided that it’s time to outsource the often messy business of collecting on the overdue account receivables besieging your medical office. You’re tired of having your employees waste their time trying to squeeze dollars out of patients that simply won’t pay for the medical services that they’ve received. You’ve decided to hire a medical receivable factoring company to instead take on this job.
The only problem? You’re not sure which factoring company to hire.
After all, a quick Internet search will reveal page after page devoted to factoring companies. And many of these firms specialize in medical receivables factoring. How can you determine which company is the best fit for your medical practice? After all, hiring a factoring company is big move. You want to make sure that you do it right.
Fortunately, the basics of hiring the right medical receivable factoring partner are the same ones you’d use to hire a new office manager, accounting firm or building contractor. You simply have to research any company that you consider. And you absolutely must ask for referrals.
Start with the research: First, check with your local office of the Better Business Bureau. This office can tell you if the factoring company you are considering has had any complaints filed against it. It will also tell you how the company resolved these complaints.
Next do a quick online search of the company’s name. This should turn up any negative media coverage of the firm. It might also turn up any online complaints logged on message boards and forums.
Finally, it’s time for the most important step: Ask any company that you are considering for a list of references of current customers. Then make sure to call at least five of the customers on this list. These customers are the ones best able to tell you if a particular factoring company keeps its promises, quickly answers questions and provides reliable and ethical service.
Working with a medical receivable factoring specialist can provide your medical office with an important boost. But you’ll have to do your research first if you want to guarantee that the company you choose will be the right fit. Find out more information about accounts receivable management.