Choosing when it’s time to start using a debt collection agency can be a hard fought and agonizing decision to make. Choosing when it’s time to replace a debt collector can be even harder. That’s why no matter what decision you face today it’s important to get the decision right. If you’re reading this article you’ve most likely already made the decision to seek help with your delinquent accounts and are looking to shorten your days in receivables and improve your overall revenue cycle. While you may have a great billing team in place, there are going to be accounts that a billing company will struggle to collect on. Utilizing a professional debt recovery firm should always improve the collection rate on accounts that are 30, 60, 90 or even 180 days or more past due. A collection agency is built around collecting these types of debts and should be uniquely qualified to do this work. But it’s important to know that not all collection agencies are created equal.
Applied Recovery Science Blog: Discussing Tools, Technologies and Techniques used in Revenue Cycle Management, Medical Billing, Billing Management, Collections, Debt Recovery, Call Centers and more.
As we explained in our blog post, Top Five Things Revenue Cycle Manager Should do to Maximize Their Collection Revenue in the First Quarter, November and December are the most important months to get placement files submitted to Simon’s in order to take advantage of many consumers' willingness to use their tax returns to get caught up on their past due bills. Getting your placements into Simon’s will get revenue in the door for your organization for the first quarter and throughout the year. This is especially true because Simon’s also takes its own steps to increase revenue for all of its clients for several months leading into the season while activating a strategic plan during the first part of the year that will run through April.
Some of the highlights of this plan are outlined in the rest of this article. But please remember, it’s not too late to get your placements in and working for you this tax season! Click this link to be taken to our Client Access Web Online Reporting and Placement Portal:
Some of you may remember the “good ol’ days” when files were kept in file cabinets that contained handwritten records and notes. When files were hand-delivered to collection agencies by courier and then filed into a queue cabinet and each time a call was made the file would be pulled out of the cabinet and a scribble of a note would be hastily written onto a card to record what occurred during the call. Once complete, it would be refiled to call again or manage as a payment arrangement.
According to the Federal Reserve’s “Consumers and Mobile Financial Services 2013” report, 87% of the U.S. adult population has a mobile phone and 52% are internet-enabled smartphones. 28% of all mobile phone owners have used mobile banking and 15% reported making a payment using their phone in the 12 months preceding the report (which is most of 2012). Additionally, the most common use of mobile payments was to make an online bill payment.