David R. Glezerman © 2017, The DRG Group, L.L.C., All Rights Reserved

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Presentation transcript:

David R. Glezerman © 2017, The DRG Group, L.L.C., All Rights Reserved Early Intervention: Collecting More Money While Retaining More Students David R. Glezerman © 2017, The DRG Group, L.L.C., All Rights Reserved

Issues and Concerns Retaining students Cash flow Customer service Minimizing bad debt

Techniques Financial Wellness Outreach Pre-Collect

Financial Wellness Educate students Enhance experience Enter into sound payment practices

What is “Outreach”? The act or process of reaching out. A systematic attempt to provide services beyond conventional limits, as to particular segments of a community: an educational outreach to illiterate.

Why Use Outreach with Student Accounts? Resolve delinquent accounts. Understand reasons for delinquency. Keep bad debt levels low Help with retaining students – enrollment management.

When Do You Use Outreach? Before Canceling students’ registrations when the bill is due. Placing holds or service restrictions Referring an account to 3rd party collectors

When Do You Use Outreach? After Installment payments are missed. Final installment is due Placing holds or service restrictions

Where Do You Perform Outreach? Schools/colleges Departments Other service offices

Who Do You Involve in an Outreach Program? Financial Aid Housing Academic Affairs Student Affairs Enrollment Management

How Do You Use Outreach? E-Mail Text Telephone Voice Blasting (Robocalls) Mail

How Do You Use Outreach? Deliver the Message Short To the point Describe what you want/need Tell when you need resolution

Pre-Collect Options Offered by many collection firms Combination Letters Phone Calls Fee-based models

Pre-Collect Identify test groups Focus on account resolutions Evaluate results

David Glezerman david@thedrggroup.com Questions?? David Glezerman david@thedrggroup.com

Coming Up Next: Dealing with Stress – Don’t let the job or your students affect your physical and mental health!!! Wednesday, August 2, 2017 at 1:00 pm (ET) Register today at: https://attendee.gotowebinar.com/register/2697470742503654914 Webinar ID: 356-667-579

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