Debt Collection for Private Healthcare Industry
Debt Collection for the Healthcare Industry
The Private Healthcare industry in the UK has over 3 million employees, which is equivalent to 11% of national employment. A large percentage of the healthcare employees are self-employed.
The industry is rapidly growing, which was especially true in 2020, following the events of the coronavirus pandemic.
There is a long list of areas within this sector, including dentistry, medical equipment suppliers, nursing, opticians to name a few.
Additionally, these services can be carried out in multiple settings such as care homes, hospitals, practices and the homes of individuals.
Due to the size of the industry, this has presented the increase in medical fees that go unpaid.
In the private healthcare sector, where customers are mostly individuals, businesses may not be able to prevent this by checking credit reports.
When healthcare services are needed, this is never a nice situation for the patient and payment may be the last of their thoughts.
As a result, debts in the healthcare industry are known to be treated with more sympathy.
Whilst this is sadly a common occurrence, self-employed healthcare professionals deserve to be paid.
There are many types of debt that can produce cash flow issues, including:
- Prescriptions that have not been paid for.
- Healthcare invoice payment dates that have been missed.
- Practices that refuse to pay medical equipment suppliers.
- Refusing to pay for treatment after it has been completed.
These are only a few examples of the many ways debt collection for the private healthcare industry may be needed.
For those that are self-employed, fees that go unpaid can create a very stressful situation.
Self-employed nurses or health care professionals rely on the payment of their services to stay afloat.
This is the same for dentists that rely on dental fees to be paid to aid the running of the practice.
No person wants to go through the process of becoming a healthcare professional to then not be paid for the service they provide.
Regardless of how this happens, when it does , debt collection action needs to be taken.
Recovering Medical Fees – Debt Collection for the private Healthcare Industry
If you are the owner of a small healthcare business, you will understand the struggle that unpaid services can produce.
Like with every business sector, self-employed individuals rely on a steady cash flow in order to survive.
When the services provided are left unpaid by the debtor, this can affect finances and may threaten its longevity.
If you have a debt that is affecting the revenue cycle in healthcare, it is important to start the collections process quickly.
Medical debt collection can be carried out in multiple ways, each with its own success rates and efficiency.
Typically, the recovery process is carried out either by collecting the debt alone, legal proceedings or by using a debt collection agency.
Independently recovering money that is owed to you can take a long time and distract you from further growing the business. This method is the one that is least recommended, however common for those with no experience on the other options available.
You may try to take legal action against your debtor, which has been known to produce results throughout history.
Sometimes, the threat alone of legal proceedings is enough to produce a payment. This is due to the fact that going to court may damage the credit score of the debtor in question.
If the legal proceedings end up going to court, this can also cost a lot of money which may be more than the debt is worth.
The best way to carry out debt collection for the healthcare industry is by using a professional agency such as Frontline Collections.
Frontline Collections – Debt Collection for the Healthcare Industry
Frontline Collections are known for being the UK’s leading private debt recovery agency for healthcare fees.
Self-employed medical professionals regularly use our services due to its effectiveness.
We have demonstrated experience recovering unpaid fees for hundreds of healthcare workers including nurses, suppliers and dentists.
Since 2005, we have provided our clients with an average recovery rate of up to 90% on undisputed medical debts.
Our debt collection specialists provide a professional service, adhering to a best practice policy at all times.
We are fully aware of the pressures that unpaid medical fees can cause and as such are dedicated to providing you with peace of mind service.
If you have outstanding medical fees that are still unpaid, you need to speak to one of our experts today.
Debt Collection for the Private Healthcare Industry – Frequently Asked Questions
Can my small healthcare business use a debt collection agency?
Professional debt collectors, such as Frontline Collections, specialise in recovering debts for smaller businesses. Since 2005, we have helped thousands of freelancers, sole traders and self-employed individuals.
How long does it take to recover a healthcare debt?
The length of time it takes to recover a debt in the healthcare industry is based on the unique circumstances of the debt. Speak to our experts for an estimation of time scales.
What is the cost of debt collection for the healthcare industry?
As with the length of time, the cost of debt collection is unique to the specific case. No debt collection case is the same, which means the cost will be different for each.
Can you successfully recover my healthcare fees that are unpaid?
At Frontline Collections, we provide our clients with an industry-leading success rate. Our service maximises results whilst minimising the cost.
Will relationships with the debtor be jeopardised during the recovery process?
The professional service that we deliver ensures that no existing relationships between you and your debtor are damaged. This will allow you to continue working with the customer in future.