Consumer Debt Continues to Climb as 2018 Concludes
Consumer debt in the US is about to hit $4 trillion. Consumer debt continues to climb as 2018 comes to a close. Recent figures estimate that consumers will carry $4 trillion in debt by the end of the year. How will this affect consumers and the agencies that continue to offer them credit? How can […]
How a Proactive Approach to Debt Recovery Helps Your Business
How can a company pursue debt collection proactively? Here’s the truth: pursuing debt collection early mitigates the non-payment risk. That’s because the longer you put off pursuing past due A/R, the less likelihood of collecting on the debt. It’s a simple exponential curve, which makes pursuing proactive debt recovery imperative for any business. But what predictors […]
How Patient Satisfaction Impacts Revenue for Healthcare Organizations
Under value-based reimbursement, patient satisfaction scores impact account receivables. In 2018, keeping a patient happy with the service your healthcare organization provides matters more than ever before. That’s not just because healthcare has grown to become a service-driven commodity just like any other business. Today, the move to value-based care means that reimbursement will be […]
New Report Offers Valuable Insight into Student Loan Defaults
Over 250,000 student loans go to debt collection every quarter. The Urban Institute points out the numbers, which are staggering: 250,000 federal student loans go into default every quarter. Up to another 30,000 people default on their rehabilitated federal student loan payments. Going to school and seeking a better life shouldn’t be this hard, but the […]
Debt Collection Services and Cyber Attacks: Minimizing Your Risk
Data encryption is just one of the ways we help keep your data safe. Here’s the new reality: There is a criminal out there that wants your data. It seems like every month there’s a high-profile data breach, from hospitals attacked with ransomware to consumer credit card data stolen from some of the biggest retailers in the nation. […]
3 Things to Avoid When Collecting Outstanding Receivables
Dictionary.com defines credit as “confidence in a purchaser’s ability and intention to pay, displayed by entrusting the buyer with goods or services without immediate payment”. If we break down that definition into its most critical parts, we can better understand the importance of collecting outstanding receivables. 1) Misplaced Confidence If you drop your wallet in the street, who will […]
Protecting Customer Data in the Utility & Telecom Industry
Protecting consumer data and vital architectures in the utility and telecom industries is increasingly important. We’ve heard a lot lately about cyber terrorism. From ransomware attacks taking down the City of Atlanta to attempts to hack utility infrastructures in Connecticut, it’s clear that hackers are going beyond their search for client data to probe the very infrastructures that […]
Lost Revenue Does Not Have to Be ‘Business as Usual’ for Financial Institutions
The lending climate has changed for financial institutions. It might feel counterintuitive for a bank to write-off a bad debt. After all, it is these financial institutions that specialize in maintaining a portfolio of loans as assets toward their future revenue. If banks aren’t effectively practicing debt collection, what hope is there for the rest […]
Three Debt Collection Agency Myths
The facts show third-party debt collections provide a needed service for businesses of any size. How much do you really know about collection agencies and how they work? Unless you’ve partnered with a debt collection agency, there’s a good chance that you’ve been misled about how the debt collection process works and the impact it […]
Healthcare Debt Collection Trends and Techniques
Don’t rely on old methodologies. We’ve seen so many changes in healthcare finance over the past decade, that most hospital CFOs confess to having battle fatigue. As if managing varying budgets, developing cost reduction initiatives, and developing and implementing financial processes to squeeze more juice out of the revenue cycle “turnip” weren’t enough, we also […]
