Five tips for hiring the perfect collection agency….In a perfect world all of your clients/patients would pay on time and you wouldn’t need a collection agency… Since we don’t live in that perfect world you need to know how to hire the perfect collection agency. You will want to make sure you have one selected when you need them.
1. Do your homework – Know the differences
Collection agencies many times have expertise in particular areas. Make sure they have worked with your industry.
2. Verify their credentials
How long have they been in business? What rating do they have with The Better Business Bureau?
What kind of track record do they have?
3. Make sure they have Insurance
There is always a chance that a collection agency uses aggressive tactics or that the debtor feels the agency acted in bad faith. In these instances, the debtor can sue. You want to make sure they are prepared in case.
4. Make sure they Use “Skip Tracing”
They have to be able to deal with debtors who leave town. A good collection agency will use what is known as “skip tracing”, This means they have access to several databases in order to locate a debtor who has left town and left no forwarding address.
5. Compare Fees and Contingency Costs
Now that you found a couple agencies, now it’s time to look into what it will cost you. .: A Good collection agency will not charge upfront. They will only collect once they have proved themselves.
Keep in mind, once you hire a collection agency, you will not be collecting the full amount. You will also be taking the stress out of collections and statically collect more than you would, if you tried to do it yourself.
MCA is a third party debt collection agency that has been in constant business since 1950. We are rated A+ with the Better Business Bureau and we pride ourselves on excellent customer service along with delivering great recovery rates. There is no cost to you unless we collect! Why not try and re-coop some of your past due accounts with no out of pocket expense?