Debt Recovery

 

Delivering exceptional collection results while engaging in compassionate patient interactions to maintain hospitals’ reputation are the core principles of our medical debt collections. We emphasize patient satisfaction and have a proven track record of successful late-stage debt collections.

Nearly all hospitals in America face a significant burden of unpaid medical bills. Emergency room visits, uninsured patients, those with limited insurance coverage, and the rising cost of healthcare contribute to an increasing portion of out-of-pocket expenses for patients.

Need a Collection Agency? Contact Us Using Epic Systems? Collection Utility is available too! Proudly Serving Hospitals Nationwide, References Available.

In addition to unpaid patient bills, hospitals often have outstanding receivables with insurance companies, which may delay or dispute claims for various reasons. An experienced hospital collection agency can manage these unpaid patient bills and even handle collections from insurance companies when necessary.

A medical collection agency should have a deep understanding of the patient-doctor relationship, insurance laws, HIPAA privacy laws, and several debt collection laws that vary by state. Hospitals also require a multilingual collection agency to recover money from Spanish-speaking patients.

Unpaid medical bills remain a persistent challenge for healthcare providers, impacting both financial stability and patient well-being. Here’s a closer look at the issue and contemporary strategies for tackling it effectively:

The Scale of the Issue

Unpaid medical bills constitute a significant financial strain on hospitals and healthcare facilities. According to the latest figures from the American Hospital Association, uncompensated care—which includes charity care and bad debts—totaled approximately $41 billion annually. These numbers can fluctuate due to changing economic conditions, evolving insurance landscapes, and healthcare policy modifications.

Why Do Medical Bills Go Unpaid?

Several factors contribute to patients failing to pay medical bills:

• High Deductibles: Rising popularity of high-deductible health plans leaves many patients facing large out-of-pocket costs.
• Insurance Issues: Lack of insurance or inadequate coverage leads patients to shoulder significant expenses.
• Complex Billing: Patients often find medical bills confusing and challenging to understand, causing delays or non-payment.
• Financial Priorities: Patients might prioritize other immediate expenses, such as housing and utilities, over medical bills.

Impact on Healthcare Providers

The financial strain from unpaid bills forces healthcare facilities into difficult decisions:

• Reduced Resources: Hospitals may cut budgets, reduce staffing levels, or eliminate less profitable services.
• Debt Sales: Many hospitals resort to selling unpaid debts to collection agencies at significant discounts, incurring considerable losses.

Consequences for Patients

Patients also face substantial repercussions from unpaid medical bills:

• Credit Damage: Unpaid debts sent to collections can severely damage credit scores, limiting patients’ future financial opportunities.
• Stress and Anxiety: Debt collection actions increase stress, exacerbating health problems and negatively affecting overall well-being.

Available Assistance Programs

Recognizing these challenges, healthcare providers and governments offer various assistance programs:

• Charity Care Programs: Many hospitals provide financial assistance or sliding-scale payments based on income and financial need.
• Government Assistance: Medicaid Disproportionate Share Hospital (DSH) payments help partially offset hospitals’ costs for treating low-income, uninsured patients, though gaps often remain.

Modern Solutions to Tackle Unpaid Medical Bills

Hospitals and policymakers are increasingly adopting innovative solutions:

• Transparent Pricing: Clear, upfront pricing helps patients understand expected costs, reducing surprises and disputes.
• Improved Financial Counseling: Enhanced counseling services guide patients through available payment plans and assistance options.
• Technological Innovations: Leveraging technology to simplify billing processes, enabling easy-to-understand digital bills and online payments.
• Insurance Reform: Policies advocating for broader insurance coverage and lower deductibles can significantly reduce unpaid medical debt.
• Collaborative Debt Resolution: Hospitals collaborating proactively with patients through structured payment plans or settlements, preventing debts from escalating to collections.

By adopting comprehensive, patient-focused financial practices and policies, hospitals can significantly reduce the impact of unpaid medical bills, improving financial stability for providers and patients alike.

Healthcare finance can change over time. It’s a good idea to check the latest statistics and policies for the most up-to-date information on this topic.

When you’re running your small business it can be difficult to stay on top of everything. In the middle of incessant daily workload, one aspect that may get overlooked is that an invoice may not get paid on time.

Whether you’re a doctor, a lawyer, or a dentist, the chances of a client’s invoice (or several invoices) going awry the inevitable. If you want to decrease the number of unpaid client invoices, your best bet is to stay on top of your practices and look for loopholes in your payment process.

So, here are 10 signs your invoice may not get paid on time.

1. Your Client’s Contact Information is Wrong

The most common way that a client invoice will not be paid on time is if their contact information is wrong. This is usually done in error, but if the client’s email, phone number, and address all are wrong, then it’s safe to assume this was done intentionally. These are the people who never planned on paying for your services in the first place.

The best way to catch these scammers is to test their contact information before delivering your service. If they don’t reply or answer to phone calls, emails, or other forms of communication, then you may want to consider handing them an invoice ahead of time or request a prepayment.

2. Your Client Pays with a Check

In today’s tech-savvy world, it seems safe to assume that your clients will want to pay by credit card, cash, or a mobile payment service like Venmo or Paypal. However, there are those select few who still hold fast to their written checks and try to use them as a payment method.

One of the reasons that payment in checks have fallen by the wayside is because they take longer to process, they can bounce, and they are ultimately less convenient. If your client tries to pay with a check, make sure to routinely follow up with the payment processor else your invoice may not get paid on time.

3. They Aren’t Organized

A client who is disorganized is instantly going to cause you problems. While being scatter-brained isn’t a deal-breaker, it should serve as a red flag about how the payment is going to be. These clients may be picky about what they want or they may change their mind multiple times during your agreement with them.

Either way, this sort of mentality should be a clear indicator that this client may have trouble remembering to pay their invoice. Either that, or they may ask for revisions for the delivered work or clarification before relenting to payment.

4. You Aren’t Organized

Understandably, running a small business requires you to lean on other people for support. But even if you have someone in charge of your invoice processing, it is still up to you to make sure that your invoices get paid on time.

Being unorganized is not a luxury that entrepreneurs can have. If you haven’t laid out terms for your services or you procrastinate on sending invoices, you will create a snowball effect that will ultimately collapse your enterprise. Not only should your finance department be organized with payment spreadsheets and reminders, but your employees should be dutifully aware of the process to get invoices paid on time.

5. You Don’t Have Multiple Payment Options

Payment options are a lucrative strategy to have in place simply because it serves as an incentive to get invoices paid on time. If you only allow for credit cards or checks, then you are doing you and your clients a disservice. Multiple payment options make it effective and easy for clients to pay you (on-time).

Payment channels such as PayPal offer safe and secure deposits. Most people these days are familiar with these services, so following up with a variety of payment options will motivate your client to pay on time.

READ MORE: Customer Relationship Management for Small Business

6. Your Client Questions The Invoice

Another obstacle that results in late payments is if your client questions your invoice. It could be that they are just confused about the formatting (which we’ll get to next) or there are additional fees that you didn’t disclose upon your initial agreement.

This is why it is vital to have a clear outline of your service or product and that your invoice directly reflects what your client received. Having a questionable invoice sets a precedent for your clients not to trust your business – and that can lead to a downfall in your reputation.

7. You Don’t Have Correct Invoice Formatting

Following up with that, it’s always important to have a cohesive and clear format to your invoices. Make sure to brand your invoice with company logos, contact information, and an address. Your invoice should also always be itemized, even if there is a contract in place that specifies the extent of your services. Having a clear invoice will make it next to impossible for your clients to question your services, therefore leading to invoices getting paid on time.

Here are a few other items you should have in your staple invoice format:

• Invoice number
• Invoice billing date
• Service start date
• Service end date
• Payment terms and options

8. You Don’t Follow Up

One misstep that will lead to a pile of unpaid invoices is not having a follow-up schedule system in place. You should always be aware of when your clients’ invoice should be paid, that way you can send out payment reminders. One study confirms that only 18% of 90-day invoices will actually get paid. So essentially, if you wait more than 30 days to send follow-up reminders, you are less likely to get paid at all.

On top of sending out invoice reminders, it’s important that you are sending the invoice to the correct person. This falls in line with your company’s organization. If you are a B2B business, then you may have to send the invoice to another department who takes care of payments. Ask the person you are working with directly who to send the invoice to. Then, do your due diligence to send the invoice and reminders to 2-4 people in that company so that someone knows to pick up the bill.

9. There Isn’t a Contract

Some freelance businesses don’t work on a contract basis for lack of knowledge on how to set them up. But working without a contract is like accepting a job without knowing the payout.

A contract is necessary to outline your company’s restrictions, payment options, fees, and expectations. It may seem like an unnecessary maneuver, but realistically it protects you and it protects your client should any of the conditions change throughout your business together.

10. You Don’t Assign a Late Fee

The most striking motivation to have your invoice get paid on time is to set up a late fee. Without implementing a late fee charge, your clients have nothing to lose by paying you late (or not paying you at all).

If you make it clear in your contract, invoice, and initial meeting that all invoices must be paid in full within 30 days, you will be more than likely to start seeing regular payments. If not, clients may take that as a sign that they are free to pay as much as they can whenever they can.

Contact a Collection agency

If you are finding it hard to get things in order or are stuck with too many accounts receivable, the do not hesitate to hire a collection agency. Do not attempt to hire a collection agency near you, instead hire one which is good, has higher collection rates.

Calculating your dental office overhead can be intimidating, but as soon as you lay out the groundwork, you can look forward to decreasing it. A limited line of overhead means a larger net income from your dental practice, whether you are a solo practitioner or you are working within a team. It’s important to have working systems for both your accounting needs as well as your personal goals for your dental office. Without these in place, decreasing your dental office overhead is going to be a bumpy ride.

You should have some form of accounting process in place to keep track of your profits and losses. That way, when it’s time to reevaluate your overhead, it will be clear where you need to make some cutbacks. Likewise, reaffirming your business plan can help lead you in the right direction should you need to recalculate your expenses later on.

Step 1: Look At Your Profit And Loss

The first step in calculating your dental office overhead is to look at your Profit and Loss sheet from the previous year or quarter. The P&L should start with your quarterly gross income, followed by a layout of your expenses. These expenses, naturally, indicate a loss of your profits which in hindsight will determine what causes your greatest overhead.

If you don’t have a P&L, well, it’s no wonder you’re stressing about your overhead costs. A P&L should always be intact for easy reference.

Step 2: Add Up All Your Expenses

Once you have an accurate P&L in hand, you will need to add up all of your expenses.

Your dental office expenses should include:
• Staffing (typically 30% of your overall expenses)
• Property, Leasing or Mortgage Expenses
• Depreciation of equipment and office furniture
• Loans and Credit Cards
• Insurance
• Licensing (business, DEA, etc)
• Office Supplies
• Lab Expenses
• Continuing Education
• Advertising
• PR and Promotions
• Sanitation Expenses ( PPE suits, Sanitizers, etc)

Variable costs that can change depending on the volume of your practice. They include:

• Dental supplies (gloves, masks, dental materials, etc.)
• Lab fees
• Marketing costs
• Continuing education or training costs
• Salaries for dental staff (dental assistants, hygienists, etc.)

Once that’s all added up, you can calculate your dental office overhead by dividing the total amount of your expenses by the gross income.

For example, if your expenses are $70,000 and your gross income is $1,000,000 then 470,000 divided by 1,000,000 equals .7 or a 70% overhead.

How Much Should Dental Office Overhead Be?

The national average is 75%. But considering that most offices are spending 30% of their income on staffing alone, the profit margin tends to get a lot more skewed. Staffing makes up the majority of your expenses, regardless of the size of your staff. This is due to the fact that your practice probably offers health, pension matching, and other benefits on top of salary or hourly compensation. Not to mention the employer taxes that are tacked on top.

Many offices won’t want to consider reducing their overhead costs in staffing because that generally means letting someone go or a decrease in pay. Instead, they’ll try to cut corners by buying lab supplies in bulk or by canceling magazine subscriptions, which only shaves off a fraction of the overhead in the grand scheme of things. Thankfully, there are other ways to reduce costs without having to downsize your staff.

How To Decrease Dental Office Overhead

Taking your P&L and expense sheet into consideration, there are a few simple yet effective ways to decrease your dental office overhead.

Increase Lab Bills

You may be thinking, “Isn’t this counterproductive?” Actually,- not really.

Think about it: if you aim to increase your patient service by just 10%, that instantly cuts into your overhead. You can do this by up-selling patients during appointments. If they come in for a cavity filling and you end up finding one more, you should inform the patient that you can fix both during the same appointment. That way, you’ll be saving money in terms of dental office salaries and equipment. It’s more beneficial for you and your patients to offer full dental services in one sitting instead of the atypical one-tooth-at-a-time strategy.

Marketing

Again you may be thinking this is a step in the wrong direction, but you have to spend money to earn money. One of the most common reasons dental offices produce such a stagnant or increase in overhead is due to the fact that they are underproducing. And the most effective way to get patients through the door is by marketing online or with direct mail brochures.

Direct mail can work, but considering the current social climate, you will see better results with consistent online marketing. Entertaining and informative blogs can catapult leads because you are attracting the attention of potential clients without being thought of as “junk mail.” You should also consider hiring someone to optimize your website for SEO and look into social media marketing for faster results.

Aim to spend at least 10% of your gross income on marketing. You can’t depend on new business solely on word-of-mouth. All of the aforementioned services will lead to new patients. Remember:

No marketing = no new patients = higher overhead

Work With Scripts To Reduce Staffing Overhead

Time and money are spent on staffing. This is especially true in instances where you lose an employee or someone calls in sick. Some offices opt to have a trainer in-house in case of these circumstances, but that adds to your staff overhead.

Instead, have a Standard Operating Procedure (SOP) handbook written up for all new and current employees to refer to. This makes it so that anyone can fill your administrative dental office positions at any time. You can hire a writer to develop your training manual so that your dental office implements strict systems. Your own ideas should be outlined in these procedures and they must be in writing.

You can also have scripts written as a guideline for your employees. This will make up-selling to patients all the more effective. Scripts can also be used for emails and phone calls. That way, your patients will know what to expect when they call and new patients can have their questions answered by any member of your staff.

With all of these devices laid out, you can decrease your dental office overhead from 30% to 20%. These staffing measures will produce less personnel turnover and simultaneously helps to create an effective and cohesive team for your dental office.

Focusing primarily on getting new clients and ignoring overdue accounts receivable can reduce your cash flow too. Invoices that remain unpaid during the first 90 days have a significantly higher chance of becoming delinquent.  Hire a collection agency if needed.

And most importantly, it saves you money.

If you are continuously looking for ways to set goals for your dental practice, your best bet could lie in your Dental AR benchmarks. Generally, when dentists discuss how to benchmark their practice, they will look at factors such as finding ways to reach new patient number goals. However, taking a look at your accounts receivable and delegating where your practice is having shortfalls will help in building a more profitable business structure.

Assigning dental accounts receivable (AR) benchmarks will help in not only growing a financially healthy business, but it will take off the weight that comes each time you sit down to pay the bills. And outlining methods in which your practice can meet these goals can only be done by laying out your current accounting situation and finding solutions.

Step 1: Set A 90-Day Goal

There is some debate on what the maximum age of your accounts receivable should be. Some believe only 20% of your AR should be over 60 days, while others suggest that you shouldn’t have any after a period of three months.

Falling in line with this strategy, you should at least set a benchmark for 90 days. That gives you three months to regulate your accounts receivable. At the end of those three months, your AR should, at the very minimum, make up 80% of your current patients’ payments. The other 20% can be made up of outstanding balances, but again, this number is pretty high. You can set your benchmarks for even better numbers depending on your current finances.

Step 2: Develop Sheets For Monthly Comparison

In relation to setting your dental AR benchmarks, it’s imperative that your monthly payment spreadsheets can be compared side by side. In other words, make sure you have your AR formatted so that you can compare January to February, February to March, and so on. At the top of each month, list your current AR followed by your goals. You should also have sections in these file dedicated to other contributors, such as the monthly number of credits, the amount or percentage of payments that are over 90 days, and the insurance estimation.

These sheets can also help highlight over the counter (OTC) collections which, as a general rule of thumb, should not exceed 45% of your office’s current production rate. In essence, a side-by-side spreadsheet of your AR will be immensely helpful if you are looking into news ways on how to benchmark your dental practice.

Step 3: Ensure Consistency in Payments

Besides automated computer filings, the spreadsheets like the ones mentioned above can help you see where there are inconsistencies in payments. Moreover, they will be able to easily indicate who is behind and by how much. These are the people you will need to reach out to first for payments (or risk sending them to collections). Then you can set a benchmark to determine the percentage of your collections so that you can make adjustments in processing payments.

In order to ensure consistency in payments, you need to have a strict regime about billing responsibilities. How often are reminders being sent out? Who is sending them out? Even with the trust in your team, it’s important to set standard operating procedures that indicate these responsibilities. You can implement a call log that references each time your office calls a patient for payment. This should be done for all email correspondences as well.

If your specific clientele is prone to missed payments, one way to help both them and your AR is to offer them a solution. It would be beneficial to accept credit partners like CareCredit from your patients to ensure your costs are being met at all times.

Step 4: Set Your Dental AR Benchmark at 1.0

This can be hard to master in a month-to-month benchmark goal. Having a dental AR benchmark at 1.0 can be difficult, but definitely not impossible. At this rate of performance, your production will be on par with your AR. In other words, if you’re producing $50,000 worth of production in your dental office in July, then your accounts receivable in July should reflect the same number.

In order to get to this benchmark, it’s important to follow the aforementioned procedures. But, like most financial hiccups, these things take time to remedy. If your AR is nowhere near this number, you should take your most recent AR numbers and use them to reflect in a year from now.

That’s right; you can take a full year in order to balance out your finances. But at the end of the year, if your dental AR benchmark isn’t met at the recommended 1.0, you may have bigger problems. However, a year will give you enough time to determine how much your collection rate is after taking out yearly production adjustments (i.e. charity or discounted procedures).

Step 5: Reduce Your Billing

And on top of everything, another benchmark that you should implement for your accounts receivable is a reduction in your billing process. And while you still need a regime for reaching out to patients for payment, this should be done in moderation.

Billing is radically overpriced; a single statement can cost anywhere from $5 to $10. Multiply that by the number of patients in your AR, and you have another hefty bill to deal with. And unfortunately, billing is a service all dentists need in order to run their business.

To cut back on costs, set a benchmark on how often you will bill your patients. By the end of the year, cut that number in half. You will want to send out bills well before the 90-day benchmark, and you can always send emails as an additional reminder. Whatever the case may be, a reduction in your billing will help ensure that your production and AR balance each other out by the end of the year.

If you need collections assistance in order to set benchmarks for your dental practice, contact us, we will ensure that your dental AR benchmarks will get easier by the year. We will assist you in reducing your accounts receivable by collecting money from unpaid bills, thereby improving your cash flow.

• Are you interested in hiring an easy to use collection agency with extensive experience in recovering dues for credit unions of all sizes?

• A collection agency that adheres to the same stringent data security standards required by banks and credit unions (GLBA compliance), ensuring your customer data remains secure and your organization stays compliant with all federal and state laws.

• Have you implemented a consistent and effective collection process? We understand how to maximize recovery, and in case you are short staffed we can perform low cost fixed fee service by sending low-cost reminder notices to your customers on your behalf.

A collection agency for credit unions can help you significantly improve your collection results while at the same time reducing the overall cost of collections.

It is essential to hire a collection agency that understands the importance of the delicate relationship with your customers. The collection process needs to use amicable strategies to preserve your reputation, while delivering outstanding recovery rates. 

Serving Credit Unions Nationwide Need a Collection Agency? Contact Us High Recovery rate. Referrals of existing Credit Union clients can be provided if requested.

Third-Party Relationships (and importance of customer’s data security):

Regulators are focusing on relationships with vendors, service providers, and fintech partners. Credit unions will be held accountable for any breaches of data or non-compliance with consumer protection laws by these third parties. Therefore your collection agency should be GLBA Compliant, means it should follow same security standards which financial institutions and credit unions must follow.

Credit unions are known for innovative products and friendly staff. Unlike big banks with a nationwide presence, credit unions cater to a limited region and usually have less than 5-10 branches. Debt recovery is a very tricky situation for credit unions in particular. They can get upset if they apply too much pressure on customers to recover the money. Having bad reviews in the form of word of mouth or online reviews on platforms like Google may do instant damage to the credibility of a credit union.

Implementing these strategies can help credit unions reduce their outstanding loan defaults:

1. Strict Loan Issuance Policies: Implement stricter policies when issuing loans. Conduct thorough credit checks and only extend loans to individuals with a strong credit history.
2. Loan Monitoring: Regularly monitor the status of loans. If a member is late on a payment, follow up with them promptly. Timely intervention can prevent a small issue from becoming a large problem.
3. Early Intervention: Initiate the collection process as soon as a loan goes into default. The earlier you start the collection process, the better your chances of recovering the money.
4. Offer Flexible Payment Plans: If a member is having difficulty repaying their loan, consider offering a flexible payment plan. This could involve reducing the monthly payment amount and extending the loan term.
5. Education and Communication: Provide education for members about the importance of timely loan repayments and the potential consequences of defaulting on a loan.
6. Incentives for Early Repayment: Offer incentives for early repayment of loans. This could be a reduction in interest or other rewards.
7. Collection Agencies: For loans that are significantly overdue, consider turning to a collection agency. This should be a last resort as it can damage your relationship with the member.
8. Loan Loss Provisions: While this won’t reduce the amount of outstanding loans, setting aside money to cover potential loan losses (a loan loss provision) can help protect your credit union’s financial health.
9. Regular Audits: Conduct regular audits of your loan portfolio to identify potential issues and develop strategies to address them.

Their comprehensive collection process combines flat fee reminders with contingency collections, efficiently sending your members the right messages at the right time. A collection agency can reduce delinquency rates without resorting to expensive collection actions that offend your members, along with automating your processes by sending low-cost payment reminders that boost recovery. Their services should be in 100% compliance with the new banking laws.

Credit Unions issue various loans. These include auto loans, student loans, mortgage debt, small business loans and credit card loans. They are also entitled to overdraft fees when withdrawal from a bank account exceeds the available balance. However, many customers cannot return the outstanding amount and the accrued interest to the credit union. Even those customers who fail to pay the overdraft fee often dispute it. Unfortunately, accounts receivable is an ongoing problem for Credit Unions nationwide.

Nearly all credit unions have an internal team that follows up with customers running behind their payment obligations and attempts to recover money from them. Depending on the type of loan and internal financial policies, an account is considered delinquent after it is more than 60 to 180 days past due. However, many of these accounts are tough to recover and often become too risky. Such delinquent accounts are forwarded to a third-party collection agency. A good collection agency should offer both pre-collection and standard collection services.

A collection agency’s efficient recovery process helps credit unions maximize their profit by reducing charge-offs while maintaining positive customer relations.

Hiring a collection agency takes the pressure away from credit unions since demands are made in the name of the agency. Equipped with advanced collection techniques and tools, the staff of collection agencies uses a diplomatic approach to recover money from debtors. According to the federal debt collection laws, debt collectors are prohibited from using abusive, unfair or deceptive practices to collect debts. Debt Collectors work with debtors by maintaining a respectable approach yet very effective. Debtors who cannot pay the entire amount are offered to make payments in installments.

Calls originating from Collection Agencies are impactful and effective. Collection agents are seasoned professionals recovering money for their clients all day long. They are well-trained on handling debtor excuses, and their mild pressure tactics are adequate to collect money from those hard-to-handle debtors. A collection agency for Credit unions is also required to follow specific security standards to ensure the safety of client data.

A credit union collection agency will offer various services, including Collection Letters, Collection Calls and Filing a Legal Suit if necessary. They offer both fixed fees and contingency services.

A combination of collection calls and a collection attorney notice is very effective for foreclosure debt.

Credit Union Collection Agency Services Include

Collection Letters Service

The upfront cost for 5 Collection Letters is about $15 per account. Debtors pay directly to you, with no other fees and a low-cost option. Good for accounts less than 120 days past due.

Collection Calls Service

Contingency fee only. No upfront or other fees. Agency gets paid a portion of the money they recover.  No recovery-No fees. Best for accounts over 120 days. A debt collector calls the debtor many times. If everything fails, a possible Legal Suit is recommended by the attorney.

 

Out of thousands of collection agencies in USA, only a few collection agencies offer their customers a dedicated “Client Portal” to manage all the debt collection activity online.

It is a great way to minimize complexities related to working with a collection agency. Our two favorite portals are KinumOrders.com and RocketReceivables.com. Kinum is a relatively lower-cost option for contingency collections. Rocket is backed by a larger collection agency – TSI.

Contact us if you need a good collection agency that also offers a self-service debt collection portal for your unpaid bills.

A self-service portal should be easy to use, yet your collection agency should offer a dedicated sales/support person who can address your needs if you need anything extra.

A secure self-service portal allows clients to do ten major tasks

1. Easily submit new accounts for collections. ( One-by-one, or Uploading in bulk using an excel document)

2. View all the current collection efforts done by the Collection Agency on your accounts.

3. Stop, Update or Pause the collection activity on an account.

4. Generate performance reports and check the recovery rate.

5. Upload debt verification documents if requested by the debt collector.

6. Transfer account from diplomatic to intensive collections.

7. Contact support staff using a standard online ticketing system, instead of calling or emailing support staff.

8. Ability to update login credentials for your client portal.

9. Notify the collection agency regarding any payment that you have received directly from the debtor.

10. Notify your collection agency of any significant updates or disputes regarding the debtor.

A self-service debt for collection portal is convenient and saves a lot of time. It also indicates that the collection agency believes in good customer service and maintains 100% transparency of their collection efforts with customers like you. Such agencies also provide a convenient way for debtors to make online payments using a credit card and in many other ways.

Offering a self-service portal for debt collection is not cheap; it requires hiring several software engineers to develop, hardware costs and efforts needed to keep the data secure. A Collection Agency which does not provide a Self Service Portal to its clients could be keeping its data in the old-fashioned way (in paper format), which is indeed very risky.

It is important to ask if the Collection Agency has got its Self Service Client portal audited for security by a professional security agency. Since you will be sharing a lot of personal data of your debtors, it is essential that they keep it secure.

Just a handful of collection agencies offers Self-Service client portal.

Contact us if you are looking for a good collection agency with a high recovery rate and also provides a self-service portal to their clients to manage and monitor all the debt collection activity.