Medical debt in Virginia has ballooned over recent years and often collection of that outstanding debt has fallen on the practices themselves or their medical management groups. However, there’s a much better way of collecting the debt – hiring a medical debt collection agency like the team at Gilliam & Mikula.
Let’s take a look at how to determine if you should hire a medical debt collection agency.
When to Hire a Medical Debt Collection Agency
For the sake of this blog, we’ll assume that your firm or practice, prior to service, issued clear and concise payment terms to the patient… and that patient, in sound mind, has agreed to those terms. (If any of this is incorrect, you’ll need to address that).
So service is rendered or performed on your part, and it’s time for them to square up. The vast majority of patients and clients are able to pay on time, as requested. However, some patients cannot (or will not pay). In the former situation, you can often work out a payment plan or agreement without escalation – or write it off entirely. Sometimes, you just can’t squeeze blood from a turnip. When a client who can pay simply will not, it’s time to consider involving a medical debt collection agency. So when is the best time to make that decision?
You’ll need to do some internal accounting on how many hours your team is spending chasing debt, whether your reputation will be damaged by escalation, whether your payment terms are airtight, and what you can hope to recover. After that, the calculus is fairly simple: the best time to hire a medical debt collection agency is before your opportunity cost (either in your time, patience, ability to serve paying clients) or actual cost of recovering the debt is higher than the debt itself. Makes sense right?
If you think you can collect in full, or even partially… time is of the essence. The earlier you act, the more you’ll recover, and sooner.
That’s where we come in.
You Specialize in Your Field. We Specialize in Debt Collection!
Specialization is the name of the game in every field – and debt collection is no different. Your practice shouldn’t have to be chasing down patients in order to collect on debt that you’re owed… leave that to us!
The Medical Debt Collection team at Gilliam & Mikula has helped medical professionals and medical management groups throughout Virginia collect on hundreds of millions of dollars of previously-written-off medical debt, and we’ve done it with professionalism and tact. With decades of legal experience in debt collection in the Commonwealth, we specialize in collecting… so you don’t have to.
You’ve done your part for the patient, and now you deserve to get paid. If you’re ready to collect, we’re here to help. Begin the process by filling out the form below!
Gilliam & Mikula is centrally located in Richmond, Virginia, and serves clients throughout the Commonwealth of Virginia. Our attorneys have over forty years of combined experience in various practice areas, representing individuals and businesses. We are licensed to practice in all General District Courts and Circuit Courts of the Commonwealth of Virginia including, Central, Tidewater, and Northern Virginia areas.
The attorneys at Gilliam & Mikula are here to smoothly guide you through the “legal maze” and ensure that you achieve the most favorable outcome.
The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information.