Posted on: 28 July 2015
It's hard enough to get people to pay bills when they are short on cash and might actually lose something for not paying the bills. For people with a limited income, it can sometimes take drastic measures to get them to pay their medical bills. Here, you can learn of some methods you might use in order to increase the number of people who pay off their bills, even if they have gone to medical collections. Choose the one that works for your business, and let the medical collections company know they have the authority to offer such things.
Reduce or Eliminate Interest
When people are paying off old bills, they may struggle to see the point when the interest just keeps adding up. Give them a bit of extra motivation by reducing or eliminating the interest, provided they make their payments by a set date. This method helps them feel a sense of relief that the bill isn't just going to get bigger, but it also helps them develop a sense of confidence in the company's intention to help them pay off their bills.
Offer Cash Discounts
In some cases, people may have the funds to pay the bill in full, but might be considering using those funds for something else. If they are looking at their long term goals, that means they want to save money where they can for the long term rather than just right now. By offering a cash discount when they pay the bill in full, you give them that extra motivation to just pay the whole thing off.
Offer Alternate Solutions
There are programs available to help people pay their medical bills, from the past as well as the present. Maintain a list of places and companies that provide such services, then pass that information along to the consumer. Some people simply don't know what is available to them, so they just accept that they would struggle to pay the bill and end up avoiding it altogether. Sharing information with them helps your company as well as the consumer, so there is no reason not to do it.
When someone applies for new credit, you can use software that monitors this activity. It can give you an idea of whether or not the person really has the means to pay their medical bills. You can then decide how you want to proceed so that you can get payment.
Collecting on medical bills poses the special challenge of collecting on a product or service that is not tangible and cannot be retrieved. Sometimes, you just have to think outside the box in order to get payment for services rendered.
For more information on collections strategies, contact a company such as Alacrity Collections Corporation.