Luckily, there’s skip tracing.
Skip tracing is the process of finding better contact information to locate a person’s whereabouts. Many debt collection agencies use skip tracing tools to help locate or update phone numbers, addresses, assets and places of employment.
What are the benefits?
• Effective: As the debt ages and collection calls go unanswered, your chances of payment get lower and lower. Depending on the debt collection agency, skip tracing uses the latest technology and data compiled from more than 10,000 independent sources to quickly find people who haven’t paid their invoices.
• Ethical: While finding a patient is important, certain practices could be an invasion of patient privacy. It’s important to consider a debt collection agency that frequently audits their procedures to make sure laws and ethical standards are being followed and their practices abide by the Federal Fair Debt Collection Practices Act. As long as they are, skip tracing is a valuable tool that gives you a better shot at recovering bad debt.
• Affordable: Larger companies may have in-house collections but the internal costs of purchasing various databases and training your employees can add up quickly. Depending on your debt collection agency, a missing locator could be included in your standard collection service at NO expense and with NO up-front fee. Before you choose a partner, make sure you understand their fees and what’s included in your account.
There are a lot of skip tracing tools and debt collection partners to choose from. When you pair that with the continuing growth of late and missed payments, it’s easy to feel overwhelmed. Understanding how helpful this tool is, will help you pick the right debt collection agency and recover bad debt faster.
Are lost patients losing you money?
Call Finance System, Inc. at 888-883-PAID
