Medical Debt Collection requires a special blend of industry knowledge and proven communication skills when working with patients for repayment. Representatives must know the insurance submission process. They must be able to smoothly, efficiently and respectfully solicit repayment of outstanding balances. NAM has experienced employees who specialize in medical collections and know that excellent patient relations skills are crucial to successful medical debt collection. A professional, respectful attitude toward patients and superior technical skills are what makes NAM’s medical debt collection process effective.
Serious medical conditions or emergency can result in large medical bills. People can’t always plan for these large expenses which is why many patients end up in collections because of past-due medical bills. Often times once individuals realize they are behind on their bills and can’t make payments on time it’s late and the medical provider has already turned their account over to a collection agency.
Everyday people get themselves into debt but there are ways to relieve debt. There are a variety of options one can choose from so you have the option of choosing what debt relief option that works best for you. Depending on how serious your past-due accounts are will decide what the best solution is to get you out of debt and keep you out of debt.
If you have little debt but are concerned you do not have the money to pay it off consider setting up a budget. If you already have a budget, reevaluate your existing one. A budget will help keep track of your spending so you know how much money is coming in and how much is going out. To create an accurate budget you need to keep track of all spending and income for one month. You have to keep track of all monthly expenses including credit card bills, cash purchases and other bills.
After you see what your spending habits are and how much you are spending on certain items you can better allocate your income. For instance instead of spending your income on impulse buys like sale items or a cup of coffee, you can use those funds for pay off outstanding debts or deposit money into your savings.
Once you have a budget established you can eliminate your debt by making monthly payments on your account until the account is paid off. If you have difficulty making payments on time or have a large debt that you are worried about paying off, you may want to consider meeting with a credit counselor.
Credit counseling is a great option to help you eliminate your debt. Some companies will provide credit counseling at no charge. The credit counselor will evaluate your current financial situation and recommend the best solution for you. All information is kept confidential. One option a credit counselor may suggest is a debt management program. A debt management program is where the counselor works directly with your creditors to get the accounts resolved and paid. Additionally they will provide you with education, guidance, and motivation to make sure you get through the plan and pay off your debt.
Another option is debt consolidation. Debt consolidation is when existing debts and mortgage payments are compiled into one payment. You would than take out a loan and the lender send a check to you to pay off your creditors. When taking out the loan, individuals often use their home as collateral. If any payments are missed or late you could end up losing your home. If you choose this option you must send in all payments promptly.
Debt consolidation is another option for debt relief, where existing debts and mortgage payment are compiled into one. You would take out a loan, often times using your home as collateral and the lender sends you a check and you pay off your creditors. However if you fall behind you put losing your house at a serious risk.
If neither of those options seems feasible a last resort is to file for bankruptcy. When an individual files bankruptcy all lawsuits and any other attempts by creditors or other collection agencies must stop attempting to collect. If you consider bankruptcy is important decision to make and should only be done if there are no other options. The bankruptcy will show on your credit report for 10 years making it difficult to get to buy a car, a home and can even restrict you from certain jobs.
If you are having problems making your monthly payments and are falling into debt, take action right away. Find the best solution for your specific financial situation. Don’t let outstanding accounts ruin your life.