A veterinarian's experience
When asked if I was pleased with MoneyQuest’s service, my response was “Indeed I am” …and that is why I am taking the time to write this letter.
The main reason I am pleased with your services is due to your cost structure. Your small percentage cost is far less than the typical collection agency fees. We were paying about $2 for a single pre-collection letter and then it was 50% if we collected after that. As I said, your 5-10% fee is much more palatable. I also like that I am in total control of the process and that I can make individual decisions depending on the circumstances. We know our clients, and we can handle them in the manner we choose. We can put long or short term hold on accounts, so when they are making payments they are not receiving dunning letters after they have made payments or arrangements. They appreciate that.
It helps that the letters are sent on our behalf. It is basically an extension of the in-house system, but now it packs the punch of an attorney and the credit bureau, as well as, the threat of the agency. More weapons, produce more money. Besides that, it saves time and is totally automated as far as follow up.
[Your staff] is excellent to work with, upbeat, helpful…right to the point and you know that [they] will get the job done…always quick to respond and answer my questions [and] accountable when I call…and I get our few problems resolved right away….
We believe in affecting credit – because it works. It also holds a little more water when an attorney gets involved. When they hear that the doctor is calling it has more impact than a mere little office manager, and the same thing is true with the attorney impact, it just gets more response.
The reporting is clear and tells me exactly where I am. If I have a question I can go back and look later. I show the four doctors the reports…from time to time. I especially make a point to show them, so that when they get an emergency call, if there is a slow account, they know that they need to get cash if they were non-payers in the past. When we post this information for the doctor’s review, we code the accounts MQ – it helps the doctors recognize problem accounts. We also use a reminder note so we get our $25 delinquent billing fee, which we probably get over half the time. We charge the $25 but at the same time it is a great tool with which to negotiate. The fees help offset some time and money outlays.
Last but not least, I almost forgot about recoveries. With typical agencies bringing in less than 10% for veterinarians, you have surprised us all. We currently are running at 32% gross recovery on our delinquent accounts. That alone is a good enough reason to refer you to other vets. I am sure they will be as happy as we are, once they get on the MoneyQuest program and experience great results.
