hzairyarzms asked:
Let’s assume, a hospital buys products/services (be they medical equipment, vehicles for transporting patients, staff members, patient records, office supplies, furniture) on credit. And then, the hospital defaults on its payments. Where does this debt go? Does it get sold off to a collections agency or a debt seller? Could you be more specific as far as how this whole scene works?
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It goes to a collections agency. Whenever debt isn’t paid and no matter what kind of entity it is that owes money, be it an individual person, a small business, or a hospital – unpaid accounts will go to collections.
The collection agency will contact the hospital and request payment and it’ll go from there.
This would be commercial debt, and not handled in the same manner as consumer debt.
It depends on the creditors policies. Some companies have in-house collections and never use outside collection agencies. Large companies even have in-house attorneys and could bring suit to collect.
Other companies might hire collection agencies. Commercial debt isn’t charged off and sold to collection agencies as much as consumer debt.
Also, it is likely that things like medical equipment, vehicles, and even furniture would be repo’d if they weren’t paid for.
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