With the onset of increased premiums and decreased coverage for beneficiaries along with diminishing reimbursements for health care providers, many financial experts are speculating that America is currently formulating a health care bubble. Having the potential to burst, similar to the housing bubble that caused the 2008 recession, it is imperative to have processes in place so that you and your practice will be sheltered. In essence, that is exactly what a chiropractic debt service agency does for you.
It shelters you in the storm and helps ensure that your bottom line is not affected, regardless of the economy.State of the Union
According to ACA International, The Association of Credit and Collection Professionals, “An estimated 48 million people were paying off medical debt in 2012, up from 44 million in 2010 and 37 million in 2005.” In addition, 75 million Americans reported that they experienced difficulties paying off healthcare-related expenses in 2012. Currently, 50 million Americans don’t have health insurance and, according to Ernest & Young, “Healthcare-related debt is the leading category of debt collection among survey respondents, accounting for more than half
of all debt collected in the industry.”Role of ObamaCare
The Affordable Care Act (popularly referred to as “ObamaCare”) only mentions “chiropractic” three times in the entire 2,407-page text. This can be interpreted in two different ways: With prevention being one of the underlying focuses of the entire document, some experts understand this to mean that chiropractic services – specifically asymptomatic, “wellness care” – will be covered to a greater degree than most insurance companies do now because it epitomizes preventative medicine. Other experts, however, fear that the language is too scant to properly define how chiropractic services will be covered.
In essence, the verbiage is such that the government can change their perspective on chiropractic care and services as ObamaCare progresses, thereby providing chiropractors little security in the future health care model. Consequently, the role of fee-for-service and chiropractic debt collections will greatly determine your financial bottom line
as you manage co-pays and deductibles or conform to a non-insurance dependent cash model. Helping stabilize the economy
The data presented by Ernest & Young depicts the vital role chiropractic debt collection agencies and others play in curbing the ubiquitous debt load that is affecting unsheltered healthcare professionals nationwide:
- Total debt collected in 2010: $54.9 billion.
- Total debts that were returned to creditors and health care professionals: $44.6 billion.
- “Early out debt” collected (receivables aged 90 days or less): 30 percent.
- “Bad debt” collected (receivables aged 90 days or more): 70 percent.
As consumers continue to struggle paying their bills, chiropractic debt collection agencies and others like them are becoming the backbone of our economy. This is particularly true as out-of-pocket health care expenses skyrocket and government-funded insurance companies continue to cut coverage. Securing your future
Whether your chiro practice has suffered the fi nancial consequences of delinquent debts or not, take time today and secure your future by working with an agency that specializes in chiropractic debt collections.
Some tips to consider:
- Be proactive. No one knows which patient will fall behind on their fi nancial responsibilities and when. By establishing a relationship with a chiropractic debt collection agency today, you won’t be scrambling for help when you need it most.
- Be encouraged. The fate of your offi ce’s balance sheet is not sealed because you serve in an area that has been hit hard economically. Time-tested, proven collection processes and approaches ensure that your fi nancial needs can be met by the right chiropractic debt collection agency.
- Saving face. Make sure you choose a collection agency that will not only recover your lost funds, but will also make sure your professional and personal reputation remains positive.
- It’s never too late. Don’t give up! The data from Ernest & Young’s report is quite telling and encouraging for any chiropractor who is struggling with long-term past due accounts. Relinquish the burden and watch your P & L soar!
- Find someone who understands. We can’t emphasize this enough: Make sure you partner with a collection agency that understands your business model, your patient base and your profession!
As you work toward stabilizing your practice in a troubled economy, it’s important to understand that chiropractic debt collection agencies can help mitigate the fi nancial risks associated with providing healthcare. In an effort to maintain your energy on what you do best, leave the stress of collecting your debts to devoted professionals! Once the burden is lifted off of your shoulders, you and your staff will be free to focus on what will bring you future success without having to worry about past due accounts!
IC System Quick Facts
- For more than 40 years, Chiro Collect, Powered by I.C. System, has worked with hundreds of Chiropractic Practices nationwide, collecting millions of dollars on their behalf. I.C. System is a BBB Accredited Business with an A+ Rating.
- We are among just a few dozen agencies worldwide to be ”certified” for Best Practices through ACA International, The Association of Credit and Collection Professionals, Professional Practices Management System (PPMS) program.
- We leverage comprehensive skip-tracing efforts to find “missing” patients.
- We offer Chiropractor Clients Online Tools to easily submit debts, view our work effort (number of letters mailed, number of calls made, etc.) on debts, report payments, and generate reports.
See more at: http://chirocollect.com/