Recovering bad debt is a monthslong process for many medical practices, according to a new survey.
TSYS, a global payments company that serves 800,000 merchants nationwide, surveyed about 640 patients and 100 medical practices nationwide in January. It asked respondents how much time they projected is necessary to recover bad debt.
Fifty-six percent of medical practices surveyed estimated three months or longer, while 21 percent estimated more than two months.
Fourteen percent of medical practices surveyed estimated more than one month, and only 9 percent estimated up to three weeks.
"This is lost cash flow that could be used for new equipment, technology, education, office improvements or other needed updates and improvements. It also means wasted time trying to chase down debt," the researchers wrote.
Read the full survey results here.
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