Improving Lien Collections: 4 Things to Know for Orthopedic Practices

Lawrence Hoffman -   Print  |
Listen
This article is written by Lawrence Hoffman, owner of www.larrythelawyer.net and www.lhfundingcorp.com, has been a personal injury attorney for 15 years.
Hire a personal injury accident case lien collections expert

One solution to help medical professionals improve revenue streams and cut costs is to hire a personal injury accident case lien collection expert to improve your lien collections. Some qualified collectors may be a funding company or a personal injury attorney. If a large portion of your practice is lien or letter of protection (LOP) treatment you are most likely spending too much time and effort in collections.

When it comes to these types of cases it is important to track the collections of these liens/LOPs to ensure you are paid the proper amount when the cases conclude. It is likely that the person you have in your office is not really trained to negotiate or has enough time allotted to properly track these files to ensure you are paid at the time the case concludes before the proceeds are disbursed elsewhere.

Benefits:


•    Most offices pay untrained and unskilled staff to manage, track, collect and negotiate these liens. Using a personal injury accident case lien collection expert to collect will mean you will attain larger revenues and will relieve your office staff of this work, thereby allowing your staff to utilize this extra time to process patient care better and to find new business.
•    Another reason using a personal injury accident case lien collection expert to collect funds is better for your office is because the personal injury accident case lien collection expert will likely use a team of attorneys to negotiate your liens. This means you will get a high quality, skilled and trained negotiator working to collect on your liens/LOPs.  
•    These attorneys are much more suited to negotiate higher payment amounts than a typical collection agency and/or your medical office staff, as the collection lawyers likely have been negotiating with lawyers and insurance companies for many years and should be skilled in doing so.  
•    A regular collection agency hires collectors for $8-$12 per hour to send harassing letters and make harassing calls to individuals. They are not trained to deal with attorney's offices. You do not need attorneys angry with you due to poor collection techniques. The percentage you pay to the funding company will be offset by the larger returns on your collections.

© Copyright ASC COMMUNICATIONS 2021. Interested in LINKING to or REPRINTING this content? View our policies here.

Featured Webinars

Featured Whitepapers