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There’s a misconception that hospitals are making money hand over fist during the COVID-19 pandemic. On the contrary, many hospitals are shutting down in the United States due to lack of resources, cancelled elective procedures, overcrowding, and bad debt from patients under financial stress.
Similarly, dental and veterinarian clinics are also facing challenges in the current economic climate. Running a clinic isn’t cheap. There are many expensive overheads from rent and utilities to salaries, state-of-the-art equipment, and medicine. With shelter-in-place orders affecting revenue, many clinics are teetering on edge.
That’s why it’s critical for such organizations to improve their debt recovery processes. Here are some tips that can help you recover sensitive debt:
1. Maintain Empathy
It’s a good idea to maintain a professional and firm attitude but don’t lose your empathy. Most debtors are good people who want to pay their dues. If a former patient is unwell, offer payment plans to help them clear their invoices and your organization recover some revenue.
2. Send Invoices and Reminders
Continue to send invoices and polite reminders about the paint periodically. Some gentle reminders are often enough to collect a sensitive debt.
3. Offer Digital Payments
Your patient may be too far to come and complete payment. Or they have transportation or mobility issues. Checks can often get lost or delayed in the mail. Offer digital payment solutions. Accept online payments from debit cards, credit cards, and even cryptocurrency.
4. Stay on The Line
Stay on the line with a patient if they’re ready to make a payment. You can wait while they send an installment thr… Read More
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