The tax overhaul that took place last year has some consumers up in arms over their tax returns in 2019. Some of this can be traced to the loss of certain deductions but the main culprit seems to be that the IRS is making an effort to more closely match the amount withheld from paychecks with what is actually owed. So, while these same consumers had fatter paychecks over the last year, their tax returns are proving to be significantly lighter. In general, this is a good thing as the consumer isn’t allowing Uncle Sam to, in essence, use their money interest free for a year, but it is going to have an effect on tax season for the accounts receivable management (ARM) industry.
Turning Red to Black Blog: Discussing Topics Related to Revenue Cycle Management, Debt Collection, Debt Recovery, Debt Management, Billing Operations and Billing Procedures
Courts are finding that when consumers sign a contract with a company and establish a bargained-for exchange they can no longer revoke consent to be contacted. This has broad implications for the collections industry as it relates to an agency’s ability to contact consumers on behalf of the clients they serve.
Organizations may think they are better off selling their debt to a debt buyer but they can make more money by utilizing a third-party agency, plus the debt buyer has no interest in preserving the reputation of the debt seller, so they may use less than desirable techniques than a debt collector.
In July of 2018 I had the pleasure of being on the team representing Simon’s Agency at the HFMA 2018 Annual Conference in Las Vegas, Nevada. I have previously attended many trade shows and conferences throughout the years in various industries as a participant, presenter and exhibitor. The professionals I met at HFMA are the top tier across the board.
We work with many clients throughout the country and every single one of them provides a valuable service to their own customers, patients, members, and clients. Many, in fact, provide an expert level of care in fact. Whether it’s the teamwork involved in prepping a patient, performing a surgery and caring for the patient during recovery or the coordination involved in securing a loan for a consumer to purchase their next vehicle or fund a home improvement, our clients provide their customers with a very high level of care. This is care they should expect to receive from their partners and vendors as well.