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Comprehensive Receivables Plan Veterinary Billing Services for Small Practices
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Frequently
Asked Questions
Why should I use a
professional Collection Agency?
Despite your best efforts, some debtors will not pay what they
owe. Third Party Intervention lets
the debtor know you are serious about getting paid and that serious damage to
their credit rating or a court action may result if they fail to pay the
creditor’s Agency. Rule of Thumb: If an account doesn’t pay you within 6 weeks of the first invoice or billing, they will never pay without expensive efforts involving your staff and costing your business time and more money.
What does it cost you
to create and review statements, make phone calls and send more statements that
probably aren't even looked at by your debtor anyway? Rebilling eats away
at your profits by increasing costs without a return. When should I
use a professional Collection Agency? Simple answer: Whenever you feel you’ve done all you can or know how to do. The longer you keep a delinquent account on your books the less likely the chance of recovery. It is expensive to maintain these accounts on your books when normal accounts receivable and collection procedures in your business do not result in payment within 60 days. You are better off seeking professional assistance and letting your staff concentrate on working and collecting current receivables. The American Collectors Association published a study that shows the impact of time on recovery of money owed. On average, the probability of collecting a debt drops ½% per day after 30 days. An account 120 days past due has only a 55% probability of being collected in full. How long will
it take to collect a debt? That depends on the age of the account, whether the debtor has filed bankruptcy, skipped, is deceased or just refuses to pay the bill regardless of action taken. Some debts are simply not collectible due to the cost of court action compared to the size of the debt, the absence of assets or wages or the ability to locate and contact the debtor within statutory time frames. What does it
cost to place a debt? Nothing. We accept placements on a contingency basis only. If we do not collect, you do not pay. There are no membership fees, maintenance fees or hidden charges. How do I make a placement? Click on 'Sample Submission' to see how simply you can place accounts. When you've signed an agreement with TPI you will be assigned a web portal and secure page for direct entry of accounts. Once the information is complete, click 'submit to TPI'. You will be prompted to print the submission confirmation form for your records. TPI will automatically receive your placement via email. We will send you a confirming fax acknowledging receipt of the account at the end of each business day. You can submit accounts 24/7 using our portal. You must have an agreement prior to submitting accounts. No exceptions. We also accept placements by fax, mail or email after receiving a signed agreement. Are there a
minimum number of accounts I have to place? No. You can place a single account or you can place as many as you have. What is the
minimum dollar amount of a debt I can place?
Our account minimum is $20.00; there are no minimum amounts for NSF
or dishonored checks. Our fee for out-of-state NSF or dishonored checks
is 25% of the total amount of the check plus the fee. Do you report
to the Credit Bureaus? We report monthly. We also report Commercial Credit through Experian Business Information Solution systems. However, a client may elect to forego immediate reporting pending the outcome of collection efforts. Do you
guarantee collection of my debt? NO. No reputable agency can do that. There are too many variables affecting the collectibility of a debt. There are no guarantees other than we will work your account in an ethical and professional manner. It is in our best interests to collect as much of your debt as possible but we make no guarantees. Do you skip
trace? How long do you work an
account that is a skip? Do you
charge extra for this? We use subscription and automated services to locate debtors who have disappeared or "skipped". We pursue debtors for a minimum of 6 months and longer depending upon the size of the account. There is no charge for this service. Can I still
charge interest fees on an account after it is placed with TPI for collections?
NO! Once an account is
placed with us, stop sending notices, letters or invoices to the debtor.
Stop adding finance charges to the balance. If the debtor
pays me after I place the account with TPI do I still have to pay a commission? Yes. Any payment received after placement is subject to our published fee. You have an obligation to report payments to us as soon as they are received so that we can update our records and adjust our approach to collect any remaining amounts due. Is there a
fee for withdrawing an account once it has been placed for collections with TPI?
We charge our standard fee when the Client withdraws an account. Will TPI offer to settle an account in order to get a quick turn-around? Who decides if settlement is the right action? TPI will settle an account for less than the placed amount only if the Client approves such an arrangement. We work to collect the full amount of placement. If the debtor offers settlement, we contact the Client to discuss the situation and get permission to accept settlement. Settlement authorities rest with the Client. After all, it’s YOUR money!
Contact Information
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