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:
The following list identifies areas where Simon’s adapts its operations during tax time in order to maximize its ability to take advantage of consumer’s extra disposable income from their tax returns:
1. INcreasing trained Staff and Utilizing Advanced Technology
Simon’s has been hiring personnel consistently over the last year and that was no different in the fall as we added and trained a half dozen people to our collection staff alone. Our newer members allow our veterans to focus their attention to new accounts and obtaining new arrangements while the additional staff can manage preexisting arrangements and work with new incoming calls. This strategy has proven to help increase overall company productivity and the timing of bringing in and training new collectors has been carefully orchestrated to fit directly into having an increased presence of experienced personnel for the first quarter and beyond. Additionally, Simon’s utilizes a 3-shift operation that allows all legal collection hours to be covered in full and is elastic enough to allow all personnel some flexibility in their schedules. Saturdays are also fair game and Simon’s offers both voluntary and mandatory overtime during tax season. Lastly, our automated predictive dialing system allows our team to maximize their time negotiating payments rather than trying to get ahold of people.
2. Tax Season is a Company-wide Focus
Our Collections Team isn’t the only group focused on maximizing Simon’s recovery efforts. In fact, all areas of the company align and contribute to this goal. Our Admin team works tirelessly to get every account into the system quickly and accurately while still being available to work with clients directly to meet their needs as they arise. Our research department also kicks into full gear and providing our team with the undated information they need in order to reach consumers. Even sales and marketing contribute with our Sales Executives kindly reminding their clients to get placements in and even working with new clients on their first placement process. While marketing writes articles like this (ahem!) and remains an old collection pro who can pinch hit where needed. Of course leading this charge is a management team with over 150 years of experience in the industry.
3. Prepping Accounts as far back as August
Our most experienced collectors are prepping certain accounts for tax season as early as the end of summer by working with our highest rated consumers to make monthly payment arrangements that will culminate in lump sum payoffs when their tax returns are received. This process happens for months leading into return season and is a tool our veteran collectors can use to work with their best debtors. Seasoned personnel are capable of extending intelligent arrangements due to their experience and because Simon’s utilizes a proprietary profiling system that allows our staff to make rapid determinations about what arrangements they can and should offer to different subsets of consumers. This analytical process is conducted when any account is placed with Simon’s and helps direct an individualized process for each consumer.
4. Data Scrubbing
Upon placement, Simon’s runs through several immediate data-scrubbing protocols that are prioritized and accelerated during tax season. Not only is every account run up against our own records but they are linked to any of the hundreds of thousands of records Simon’s has on file if they match allowing us to immediately identify the payers and start the communication process. Accounts are then profiled using Simon’s proprietary method and our research department begins to leverage our Skip Tracing systems to identify the best means of contacting each consumer.
5. Credit Reporting
Credit reporting is a very effective means of spurring action from consumers as well, though credit reporting does not happen immediately and all consumers are given an opportunity to repay their debts before Simon’s reports them to the credit bureaus. This is one of our most effective tools but, because of the timeframe we must allow for consumers to respond and setup arrangements, it is very important to get your placements over as soon as you can to take advantage of this tool in combination with tax season refunds. It is Simon’s goal to have consumers satisfy their debts rather than reporting each one to the credit bureaus, however this tool remains effective for those who do not.
6. Upgrade and Technology Freeze
Eight months out of the year Simon’s strives to continually improve upon is operations and technology infrastructure. However during tax season, Simon’s pauses on improvements to focus strictly on running the cleanest and most efficient collections operation it can. Between changes in technology and regulations as well as process analysis, process improvement, and stress testing, Simon’s is able to stay on the very cutting edge compared to much of the Collections Industry, so during tax season, Simon’s puts this work in the background to allow for any improvements and changes to realize their full potential without exposing the operation to inevitable glitches that accompany staying on the cutting edge. Simon’s extends a lot of effort to a continual cycle of operational improvement that culminates in our company-wide focus to maximize our ability to recover your debts during tax season and throughout the rest of the year.
CONCLUSION:
Simon’s is uniquely adapted to handle your accounts all year long but we position ourselves to maximize every effort to achieve the best success we can throughout tax season. As long as you get your placements into Simon’s leading up to and during the early weeks of the season we will be able to deliver the best recovery results to your organization during this season when consumers have the most disposable income they will have all year long. Simon’s strives to provide consistent results for our clients all year, but during tax season we can deliver even better results, as long as your accounts have been placed for us to work!
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