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 […]
New Challenges in Hospital Self-Pay Collections
Hospitals and medical practice providers are facing a brave new world where the realities of high-deductible insurance or no insurance at all have yielded a higher group of self-pay patients. How can hospitals stay on top of accounts receivable management with a burgeoning population of people that are sick – but cannot pay? Debt collections […]
Security Risks and Your Healthcare Organization: Driving Patient Satisfaction
Keeping data safe is one way a collection agency can protect the relationship between you and your patient. Federal law requires healthcare organizations to safeguard personal health information (PHI). As we discussed in our previous article around ransomware and insider threats, healthcare organizations may often struggle to keep data safe, and increasingly fall victim to […]
Collections for Financial Institutions/Banks and Credit Unions
Banks are required to keep data safe. What happens when that trust is breached? Banking has always been about trust. Financial institutions are tasked with managing the assets of their stakeholders; those clients put their trust in the bank to handle their cash or investments. However, it can be a delicate situation when an account […]
2018 Debt Collection in the U.S. – Technology Changes Everything
Debt collection agencies must leverage technology to become more successful in improving consumer communications. In the Consumer Financial Protection Bureau’s June 2017 report, statistics showed that American consumers are vocal in their complaints about collection efforts. Debt collection complaints make up nearly one-half of the more than 1.2 million consumer complaints the agency receives every year. […]
The True Cost of Compliance
Debt collectors are required to follow strict compliance guidelines. It’s not surprising that top-level executives are very guarded when it comes to debt recovery. Whether they handle their collections in-house or outsource, any compliance violation can cost them – both financially, and their reputations. The Consumer Financial Protection Bureau (CFPB) is the entity tasked with […]
The Statute of Limitations and Why It Should Matter to You
Statute of Limitations (SOL) is a time period allowed by the state for a creditor to assert their claim on a debt. The time period varies greatly depending on the type of contract (oral, written, promissory note or open-ended) and the state where the debtor resides. For example, the SOL can range from two years […]
What you should know about filing a Proof of Claim
What is a Proof of Claim? A Proof of Claim is a written assertion to the bankruptcy court, trustee, debtor and other interested parties that you, the creditor, wish to assert your rights to a distribution in a bankruptcy case. Filing a Proof of Claim may be your only avenue of potentially being paid by […]
Managing Accounts Receivable Portfolios in Troubled Times
We recently came across an article from 2001 written by Emil Hartleb, former Executive Director of the Commercial Collection Agency Association (CAAA). And although the article – entitled “Managing Accounts Receivable Portfolios in Troubled Times” – dates back more than a decade, its principals and teachings are very much applicable for today’s businesses and especially […]
Did You Open Your Business to Specialize in Collections?
Entrepreneurs, specialists and CEOs who operate companies did not open their respective businesses to collect on past-due accounts. Each started their business to provide a good or service to fill a need. Often, there is not sufficient time, resources or understanding of the best way to collect on past-due payments. Many wonder: How soon after […]
