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For your convenience, we are providing answers to many of the questions we address for our prospects and clients on a regular basis. These questions and answers are divided into some broad categories General Q. If an account is sent to e-Recovery Solutions for collection efforts in error and it is realized after the collection process has been initiated, what do I do? A. Upon your directive, we will close and return the account. If the account has already been reported to the consumer's credit file, we will take the necessary steps to have it removed . The best way to notify us of an account that you wish for us to close is by using Client Access Web (CAW). Other methods include notification by fax, e-mail or phone. Contact Information  Q. Can e-Recovery Solutions send a receipt to a consumer when the payment has been made directly to the creditor's office? A. We are more than happy to provide a consumer with a receipt for payment made to our office when requested; however, we cannot send a receipt for payment made to the original creditor. Q. Why are we not able to communicate with a consumer's family member regarding their account? A. Without permission from the consumer, third party collection agencies are prohibited from releasing information to anyone other than the consumer/guarantor, their guardian, their attorney, or their power of attorney. This is a requirement of the Fair Debt Collection Practices Act (FDCPA). More Q. What can I do as a creditor to help increase recoveries? A. Obtain accurate information regarding your customer/patient. Data such as address, home phone number, place of employment, employment phone number, social security number, date of birth, spouse's name and employment are all valuable to the collection process if a delinquency occurs. It has been proven time and time again that the sooner a delinquent account is placed with a collection firm, the higher the chances of recovery. Another thing creditors should do is set a maximum delinquency date (if possible, aim for around the 60 day mark) and if the debt has not been paid or reasonable agreement established, send the account to collections immediately. If your customer/patient has established what your organization deems as a reasonable payment schedule, place the account in collections as soon as possible after the first default. Q. What do I do if I receive notice that a consumer/patient has filed bankruptcy after the account has been sent to collections? A. Send a copy of the documentation, if available, or the specifics of the case (file date, chapter, case number, etc.) to our office. It is imperative that this be done immediately to prevent violation of bankruptcy law and potential liability on your part and ours. You may Contact Us by fax, e-mail or phone. More Q. What do we do when a customer/patient calls us after their account has already been sent to e-Recovery Solutions? A. We suggest that our clients refer the customer/patient to our office. Once an account has been placed with us, we do our best to handle as much of the interaction with the customer/patient as possible. If the purpose of their call is to pay the account, paying it to us simplifies the entire process because:
TopAccounting Q. What is the best way to notify e-Recovery Solutions of a payment received in your office or balance adjustment? Although there are many convenient ways to go about payment notification, we have found that Client Access Web (CAW) is usually the most convenient method for our clients. Other methods include returning the Payment Report by fax or e-mail. We ask that you avoid notifying us by phone because we are required by our Certified Public Accountant to maintain written documentation with details of the transaction. Our Remote Account Access page has more information. Q. How often do I need to report payments to e-Recovery Solutions? A. It is imperative that payments be reported within 48 hours of receiving them, in order for e-Recovery Solutions to maintain an accurate balance and remain in compliance with the terms and conditions set forth by the Fair and Accurate Credit Transactions Act. More Q. Do I need to send any payments received in our office to e-Recovery Solutions? A. You may choose to forward the payment to our office to avoid confusing accounting transactions on your end. This will also help you avoid dealing with returned checks. You may elect to post the payment at your office. We will record this on the consumer's account as a client-reported payment. We do require paper documentation of the payment taken by your office for auditing purposes. Q. Can we add a return check fee to an account? A. In order to charge a consumer/patient a return check fee, you must be in compliance with the Virginia State code section 8.01-27.1 which states that notification of a fee not to exceed $35.00 must be posted in plain view and visible by all consumers at your office. Q. Can we add interest to our accounts? A. If a consumer resides in Virginia and pursuant to Section 6.1-330.54 of Virginia code, open accounts may have a prejudgment interest of 6% per annum added to the account. Interest percentages higher than 6% must be associated with a signed contract by the customer agreeing to pay a higher interest rate. Charging interest can help to offset the expense of collections by generating additional monies once the account is paid. Q. If I wish to write off an interest charge, what is the procedure? A. Notify our office if that is what you wish for us to do. The best way to notify us is by Client Access Web (CAW). Other methods include notification by fax, e-mail or phone. Contact Information Q. What is the difference between collection fees and commission fees? A. A collection fee is a charge added to the account upon placement in accordance with a signed contract between you and your patient/customer. See the next question for more information on this topic. A commission fee is the money due to e-Recovery Solutions for the recovery of your accounts. The fees are determined by the signed contract between your organization and e-Recovery Solutions. Q. How does adding a collection fee to a consumer's account benefit my office? A. This is an excellent way for your organization to offset the expense of commissions. However, you must have a signed contract stating that the customer agrees upon default to pay collection fees. Q. How are the monies applied to the consumer's e-Recovery Solutions account if interest is charged? A. If payment is received in our office, it is first applied to interest, then principal. If our client reports the payment, we apply the payment to principal first. This will be indicated on your monthly statement. Q. Who will refund an overpayment to the consumer? A. Different answers apply in different situations. Situation 1: If no payments have been made to your office since the account has been in collections and we receive an overpayment in our office, we will gladly refund that overpayment to the consumer. Situation 2: If no payments have been made to our office and you receive an overpayment in your office, the refund must come from you. Situation 3: If payments or adjustments have been made to the account in your office but we have not been advised and we then receive an overpayment in our office, since our account does not reflect an accurate balance making it impossible for us to know that an overpayment has been made, the refund must come from you. TopData Entry Q. How do I place my accounts with e-Recovery Solutions? A. There are several ways to place your accounts with our office. The most efficient way is to use Electronic Placement but that is not the only option. Q. I would like to migrate from manual to electronic placement, how do I go about that? A. Contact Vikki Richardson, to work out the details. e-Recovery Solutions can accept most any format such as ASCII, tab delimited, comma delimited, MS Excel, and more. Q. Do I need to send a copy of the signed contract with each placement? A. We would prefer a copy of the signed contract be sent with each placement. However, if this is an inconvenience for you, we will accept a copy of the contract in which all consumers sign in your office. The signed contract must be obtainable by your office if needed by e-Recovery Solutions. TopHealthcare Specific Q. Can e-Recovery Solutions bill or make contact with the patient's insurance company? A. If we have been given permission by the patient to communicate with their insurance company, we can discuss the account with them if they contact us; however, we are not allowed to bill insurance, only the patient or guarantor. Q. If insurance, Medicaid, etc. has paid on a collection account, can the guarantor be held responsible for the collection fee, if applicable? A. Yes, many medical providers will make the decision to have this fee written off but they are under no obligation to do so. Please notify our office if there needs to be a balance adjustment of any type. Q. How does e-Recovery Solutions ensure the security and disclosure of Private Health Information (PHI) in compliance with Health Insurance Portability and Accountability Act (HIPAA)? A. Please see the information in our section about HIPAA. More Q. If the patient is a minor, who do you collect from? A. We must collect from the parent or legal guardian if the patient was under the age of eighteen at the time of service, this is required by law. Q. Can e-Recovery Solutions collect from the patient's spouse if they have divorced? A. If the patient and his/her ex-spouse were married at the date of service, then both parties can be held responsible for the medical bill. Even if a divorce decree arranges for debt repayment by a particular party, medical providers or their collection firms are not prohibited from collecting from both parties. This includes the payment of a bill for a minor patient - the biological mother and father may be held equally responsible for payment, regardless of their marital status. TopCredit Reporting Q. At what point in the collection process will an account be listed on the consumer's credit report? A. Although this can be customized to fit your needs, the norm is 45 days after the account has been in collections, we have found this time period works best for most of our clients. Accounts may not be listed any earlier than 30 days after being placed for collections because it is prohibited by many states. Q. How long will a collection account remain on the consumer’s credit report? A. Collection accounts remain on the consumer's credit report seven (7) years from the date of last activity, in many cases this will be seven (7) years from the date the account was placed on the credit report; however, payments are considered "activity." Once an account is paid-in-full it is marked as satisfied but is NOT removed from the credit report. The Fair Credit Reporting Act (FCRA) prohibits this. More Q. Can e-Recovery Solutions remove an account that has been listed on the consumer's credit report? A. Yes, but only if the account was "placed in error." If we are notified that an account was referred to our office for collections in error, we will take the necessary steps to have the account removed from the consumer's credit report. Removal for any other reason (bankruptcy excluded) is prohibited by the Fair Credit Reporting Act (FCRA.) More Q. When an account is paid or closed, how long will it take for the consumer's credit report to be updated to reflect the change? A. There is an automated monthly process that notifies the credit reporting agencies of status changes, including satisfied accounts. Although this process takes place in our office once every 30 days, it may take the credit reporting agency up to 45 days to update the file on their end. Top |
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