The Debt Collection Letter 101
When you send the debt collection letter is just as important as what you say. One of the most powerful tools to use in debt collection services is the debt collection letter. This technique is also one of the most regulated in the industry, along with phone calls to the past due client. While establishing […]
Best Practices for Collecting Debt from Millennials in 2019
Millennials, those youthful consumers born after 1980, are about to overtake Baby Boomers as the largest living adult population in the U.S., with more than 74 million of them working and accruing debt. Speaking of debt, there is a lot of it; CNBC says the average student loan debt is around $33,000 – and yet that isn’t even the […]
How to Minimize Accounts Receivable Days and Streamline Your Revenue Cycle
Healthcare providers have always been under scrutiny to do more with less. Over the past decade, reimbursement has continued to decline, and healthcare costs have risen. The Advisory Board reports hospital prices have gone up; inpatient care rose 42% from 2007 to 2014. For employers, healthcare costs have increased by 5% annually for the past six years. There […]
What Is End-to-End Debt Collection?
An end-to-end debt collection service helps companies maximize efficiencies to improve accounts receivables. While many companies employ a debt collection service to supplement an existing collections team in one area, in fact, an end-to-end outsourced team can help you throughout the process of debt collection. How does end-to-end debt collection service work and how can […]
Top 5 Signs Your Business Needs a Collection Agency
From small businesses to enterprise organizations, companies often seek a partnership with a collection agency when past due accounts receivables begin to mount. Small businesses may have never conducted collections or found it was too time-consuming to pursue, and larger organizations may not have the technology to conduct debt collection efficiently. But at what point […]
Top Red Flags that Signal an Upcoming Debt Collection Issue
Failing to pursue past-due accounts until the 90-day mark is one red flag that a storm is brewing for your company. We know that the U.S. has a rising debt problem across most major industries. The Federal Reserve Bank of New York just issued their Quarterly Report on Household Debt and Credit. They found total household debt increased […]
How Innovation is Simplifying Debt Collection
Next-gen debt collection is here and waiting for you. Even the toughest jobs benefit from having the right tools and debt collection is no exception to this rule. Today, next-generation debt collection is transforming how we pursue your past due receivables. This technology is transforming how we conduct debt collection, making the industry smarter, more […]
Better Debt Collection Means a Better Customer Experience — Here’s Why
Debt collection should enhance, not harm your brand image. The days of debt collection run amok are over. Certainly, federal compliance rules cracked down on overzealous and sometimes rude debt collection firms. However, it’s really been the internet that has changed what we consider best practices for the industry’s approach to A/R recovery. Today, one […]
How to Improve Your Accounts Receivable Management in 2019
Is your accounting or collections team providing ROI on A/R? Is your business prepared for all that this New Year brings? Are you confident that operations will improve or are you worried that rigor and efficiency are declining? Sometimes what’s missing is an external resource to help tune-up and optimize current operational protocols. Take accounts […]
How a Collection Agency Can Improve Your Healthcare Organization’s Bottom Line
Hospitals struggle with past due A/R. Healthcare has a problem. The costs of care are skyrocketing, reimbursement continues to decline, and a recent report says more consumers are enrolling in high-deductible health insurance policies than ever before. The impact on the bottom line of the healthcare industry is troubling; Becker’s reported in 2018 that: Operating expenses are growing […]
