What Debt Collection is Like During & After Coronavirus

The world halted when the World Health Organization (WHO) declared COVID-19 as a pandemic on March 11, 2020.  Since then, businesses, schools, offices, construction sites were stopped periodically, and remote working became the new normal for many.  

Debts continued to mount, and business owners had more unpaid accounts than ever before. In these tumultuous times, our experienced debt collectors can lend a helping through compassionate debt collection services. For over 28 years, we have helped our clients recover their lost revenue and rebuild their financials.

What We Do

We are changing the reputation of debt collectors, one customer at a time. As debt collectors during coronavirus provide their services, our customers expect compassion, understanding and urgency. There have been many businesses relying on collections during the pandemic to keep them afloat. Many businesses have relied on debt collection during coronavirus for help, including:

Medical Collection

Many think that COVID-19 will lead to hospitals overflowing with incoming revenue, but that is far from the truth. With elective surgeries put on pause, hospitals are dealing with insufficient funding, and without funding, medical debt during the COVID-19 crisis continues to rise.

In the last year, as hospitals became busy with incoming patients, many hospitals were furloughing staff and cutting salary benefits. Shortly after, congress allocated $100 Billion to help hospitals in financial trouble.

The money allocated went towards:

• Administrative
• Staffing
• Personal Protective Equipment (PPE)
• Maintenance

But what happened to the unpaid medical debts? As hospitals began prioritizing incoming COVID-19 patients, previous outstanding debts started to mount.

Nowadays, if a medical bill goes to collections, an ethical collection agency like Summit A*R is there to help. We are professional, trusted debt collectors working through the pandemic to get your money back and help ensure you are able to run your business the way you want it.

At Summit A*R, we provide secure and transparent debt collection. Our agents are equipped to handle every step of the collection process.

When you direct your unpaid accounts to us, we do what we do best and get great results by using our trusted practices:

• 100% HIPAA-compliant
• Recovery rates are twice the national average
• No unethical or hostile techniques
• Knowledgeable professionals with a minimum of 10 experience

In these difficult times, we want our clients to feel safe and protected in every step of the debt collection process. This is also important for our recovery rates with the veterinary clinics.

Veterinary Collections

Thousands around the world brought furry friends home during the pandemic, which led to busy clinics. As veterinarians tended to your pets, Summit A*R was there for their unpaid accounts. For veterinarians to continue to help with the pets’ vaccinations, illnesses, and surgeries, all bills require regular payments to ensure a fully functional clinic.

At Summit A*R, we offer a range of debt collection services during COVID-19, including:

• Commercial collections
• Consumer collections
• Dental collections
• Pre-collection
• Commercial tenant collections
• Residential & apartment collections

In the past 28 years, our agency has recovered over $140 million to our clients. Throughout the pandemic, we have resolved over 13,000 accounts and helped our clients restore their finances. We are committed to ensuring respectable and welcoming conversations. Our no-compliant policy and A+ Better Business Bureau (BBB) rating is a testament to our reputation.

Household Debt

In May 2021, the Bank of Canada raised concerns about piling household debt, calling it a significant vulnerability to the economy. Homeowners have had to take on large mortgages that have put thousands in severe debt. When more owners take on larger mortgages, there is a higher potential that businesses will rely on debt collection during coronavirus to collect the unpaid debts.

As the vaccine rollout continues and the end of the pandemic is in sight, the topic of household debt will continue to circulate, and there is a significant chance that looming amounts of debt will incur. In the next few months, we will see how household debt transforms and how it will burden the economy and homeowners.

Small Businesses

Small businesses make up to 98% of all employer businesses in Canada, which were significantly affected by the on-and-off-again federal closures throughout the pandemic. Now, there is a concern for businesses once the government’s financial aid ends. Statistics Canada says small businesses are more likely to have a year-over-year decrease in revenue and less likely to take on more debt.

This is when many small business owners will look at the past unpaid accounts to help keep their business afloat and rely on debt collectors.

What Happens Now That COVID-19 Cases are Decreasing

As today’s healthcare crisis slowly decreases, it’s of utmost importance to get these industries their money back. At this time, 43% of the US are fully vaccinated, which is a good sign for businesses and industries worldwide.

Although debt collection during coronavirus has always been a sensitive topic, with over 28 years of experience, our team knows the fine line between authority and compassion. We know it’s important to let the debtor know that we understand the difficult time, but money and unpaid bills will still need resolving.

Now more than ever, medical debt collection is essential. Unfortunately, the longer an account goes unpaid, the harder it is to retrieve.

Most recently, The Wall Street Journal reported that a national charity would buy a total of $278 million medical debt directly from hospitals, much to the relief of patients who shouldn’t have to be billed under the hospital’s financial-aid policies. While these contributions can change many lives, it goes without saying; millions remain with unpaid debt.

How We Can Help You

Times are tough as millions around the nation begin to grapple with how they will handle their unpaid debts. Businesses both small and large require the help of debt collectors like Summit A*R, who know how to treat debtors with compassion and transparency.  

When you team up with a debt collectors during coronavirus like Summit A*R, you can have confidence knowing your money will be returned. This is because we treat our customers with the utmost respect while still understanding the importance of the matter. Find out today how Summit A*R can make all of the difference after COVID-19.