Debt Collection for Vets – Effective Help and Advice
Debt Collection for Vets – Effective Help and Advice
Are you the Manager or owner of a veterinary practice that is suffering from overdue and unpaid vet fees? Have your customers used every excuse under the sun as to why they cannot pay what is owed?
If so, you will need a dedicated, professional debt collection for vets solution to help recover the money you have lost. Veterinary Debt Collection is a crucial service to ensure the industry stays sustainable.
Federal Management, alongside their partners Frontline Collections, have played an important role in minimising the severity of debt collection for vets scenarios. For a long time, veterinary practices across the UK have had to deal with non-paying customers and bad debts regularly.
Sadly, the occurrence of unpaid invoices and vets fees has shown no signs of stopping in recent years. Unpaid animal treatment fees is nothing new yet there are options to recover what you are owed in a professional manner.
The British Veterinary Association highlighted that around nine in ten vets have carried out treatments that have not been paid for at least once. A loose estimation would suggest that over 10% of veterinary fees are not paid on a regular basis.
This was outlined in its ‘Voice of the Veterinary Profession’ survey, which aimed to get a better understanding of the problem regarding unpaid vet bills.
Veterinarians are busy individuals by nature, which can make the situation of owing money even harder. Having your practice chase unpaid vets bills can be a dramatic drain on resources, time and money. Working with a specialised Veterinary Debt Collection Agency can mitigate this.
In this article, we have provided guidance and assistance on the best way of collecting money off customers that fail to pay for veterinary treatments.
Veterinary Debt Collection – When Might You Need It?
No business deserves to have money owed from their clients and customers, and this is especially true for veterinary practices.
Veterinary practices are a key asset in any community, considering the type of service that is provided by them for pets and their owners.
Also, they tend to be small businesses that require a steady cash flow in order to properly thrive as a company.
This means, as with every business, that every service they provide has to be paid on time and in full, no matter the circumstances.
Most vet bills are to be paid within a period of time following the treatment, however, the bottom line is that some customers will simply refuse to pay.
A common reason for this is that as the procedure or treatment has already been carried out, they feel they are more likely to get away with not paying due to this.
Actions can be taken to reduce the need for debt collection for vets, such as:
- Request that the vet bill is paid for upfront, nullifying the chance of non-payment.
- If payment upfront is not feasible, discuss payment terms with the customer.
- Get the payment terms signed by the customer, forming a legally bound document.
- Contact the customer as soon as any vet bill payment becomes overdue.
Whilst it is true that these credit control measures can be put in place to prevent customers from not paying, some debtors may still slip through the cracks.
Why do delinquent customers feel they can get away with not paying after a vet has taken care of their sick pets?
When this happens, a cost-effective and professional veterinary collection service for debts is required.
The solution for this is to use a leading debt recovery agency such as Federal Management.
The Solution for Debt Collection for Vets
It is a veterinarian’s job to treat sick and needy animals, not to collect debts that are owed by customers who haven’t paid.
Also, operating a veterinary practise can be a challenge in itself without having to worry about whether you are going to be paid on time. Tacking the issue of unpaid vets fees can be a chore in itself. A proactive and pragmatic debt recovery services will take the stress away from having to do this alone.
Federal Management is a specialist debt collection agency that has demonstrated experience recovering unpaid vet fees for veterinary practices. We are renowned for being the leading commercial debt collectors in the United Kingdom.
Since 2004, we have continued to recover thousands of pounds in overdue vet bills monthly for our clients. Our Veterinary debt collection service guarantees to minimise the cost, effort to recover unpaid animal treatment fees.
The highly experienced debt collection for vets service we provide is authorised and regulated by the Financial Conduct Authority. Our professional methods of operation will protect your brand also and is the reason why we are rated best debt collection agency on trustpilot.
Our debt collection for vets solution focuses on minimising costs whilst maximising results. When it comes to recovering unpaid vet fees, our success rates are up to 90% and above on average.
No matter the situation, we only act professionally on behalf of our clients. This ensures that relationships between the client and the debtor aren’t jeopardised during the debt collection process.
Veterinary practices are highly regarded and as such need a debt collection agency that can act as an ambassador for their business.
If you are a veterinarian or the owner of a veterinary practice that hasn’t been paid, do not hesitate to contact our specialists today!