Debt Collection For Vets: Top 5 Recovery Tips
28th September 2022
Within the veterinary industry, unpaid vet bills is sadly very common. As such, this has resulted in an increase in practices needing a dedicated solution for debt collection for veterinary practices.
In their ‘Voice of Veterinary Profession’ survey, The BVA stated that around 9 in 10 practices have performed treatments and not received payments.
Debt Collection for Vets – Contents
- Why Might You Need Veterinary Debt Collection?
- 5 Tips on How to Recover Unpaid Vet Bills
- Debt Collection for Veterinary Practices
Across the UK, veterinary practices that struggle with unpaid vet bills are left with disrupted cash flow.
The impact of needing debt collection for veterinary practices will not only cause financial hardship but can largely drain a company’s time and resources.
Do you run a veterinary practice that needs the help of an expert to recover unpaid vet bills?
The solution to this is to contact DCBL’s experienced debt resolution agents in the field of veterinary debt collection.
We understand the stress and strain that this can place on your business, especially due to the nature of the service that you provide. It is unfortunate that owners will happily let you nurse their sick pets to good health and then end up failing to pay.
Have a read of our expert guide to help advise you on the best ways of collecting your money from customers who have not paid their veterinary bills.
Why Might You Need Veterinary Debt Collection?
The majority of veterinary practices in the country are small unless they are part of a larger chain. As such, this will require them to have a steady cash flow to operate.
Most veterinary treatments will receive a payment within a set period of time following the treatment. This may not be the case, resulting in the need for debt collection for vets.
Whilst the non-payment of vet fees may not be as damaging in the short term, this can impact the business long term if a solution is not put in place.
Failing to recover these quickly can have detrimental effects on the company’s finances, which is the main reason why you need veterinary collection.
The bottom line of local practices being able to operate is that they must collect debts when they arise.
You should instruct veterinary debt collection experts to help save thousands of pounds in non-payment of bills.
5 Tips on How to Recover Unpaid Vet Bills
Unlike pet insurance monthly payments, the bills resulting from vet treatments are usually larger one-off payments.
Pet owners that have missed a payment for treatment can be placed into two categories: those who can’t pay and those who won’t pay.
Regardless of the category, you need to take action to recover what the debtor owes.
Here are our top 5 tips to help you recover unpaid vet bills and reduce damages to your cash flow.
1. Put in Place Effective Credit Control Measures
Having a process in place that deals with any accounts issues will help to negate the impacts of bills that go unpaid.
In the interest of money being owed, this could include the likes of regularly sending out payment reminders.
Even better, having a credit control or accounts team will reduce the amount of time that you will spend chasing the veterinary bills.
2. Request That Payments Are Paid Upfront
It goes without saying that if you request that the customers pay for treatment upfront, this will completely reduce any need for debt collection for vets.
This may be difficult, however, as many vet treatments may change cost depending on how long the animal stays at the practice.
3. Discuss Payment Plans as Alternative Methods
Discussing payment plans is a good solution for customers who cannot immediately pay their debt.
It may make them feel better about paying for the treatment if they know they can do this in instalments.
4. Have Payment Terms in Writing
Getting the pet owner to sign the payment terms will provide you with a backup should they refuse to pay.
If they have acknowledged how much they have to pay, then there should be no excuses.
5. Contact the Customer When Bills Become Overdue
Verbal conversation through phone calls can help to understand the reasons why people haven’t paid their outstanding bills
Should they fail to provide a proper reason for not paying, it is time to contact a professional (DCBL).
Debt Collection for Veterinary Practices
It is not a vet’s job to collect an owed debt, their duty is to provide care for sick animals.
Enforcing a professional debt collection service will ensure your company’s finances are not hindered by unpaid vet bills.
If you are struggling with bad debtors, DCBL is the best solution for your business’s need for debt collection for vets.
DCBL’s professional communication with our client’s bad debtors, means client and customer relationships are not jeopardised during debt collection processes.
Veterinary debt collection is fundamental for practices to stay open, and therefore the need to successfully retrieve debt is high.
If your veterinary practice has not been paid, get in touch with DCBL today!