Top 10 Attributes of a Successful Collection Agency Presented by: Mike Korte The Affiliated Group.

Slides:



Advertisements
Similar presentations
CLASSROOM ASSESSMENT FOR STUDENT LEARNING
Advertisements

CARE Credit Abuse Resistance Education Program provided by the United States Bankruptcy Court for the District of Colorado.
PRP specializes in working with its client to achieve the maximum recoveries on their accounts receivables. Through review of your current processes and.
IBM Corporate Environmental Affairs and Product Safety
Today … companies/service providers are looking for viable ways to differentiate themselves as an value employer to maximize talent! Many companies claim.
What it can do for you and your
COMMERCIAL FACTORING What it can do for you and your business…
M IKE R OME H OLDINGS, LLC Leaders in Commercial Collections & Debt Recovery.
Insurance Claims Resolution and Self-Pay Recovery Spend more time with patients, and less time worrying about receivables.
For over 23 years NCS has focused on providing wholesale fixed fee collection services to Membership Associations and Large Volume Accounts! Now, we are.
SHELLY GUFFEY MAKING THE MOST OF YOUR REVENUE CYCLE MANAGEMENT TECHNOLOGY
Integrity Asset Partners (360) Commercial Receivables
ACCOUNTING FOR RECEIVABLES
Handling Customer Complaints
Managing Cash Flow. Cash Management The process of forecasting, collecting, disbursing, investing, and planning for the cash a company needs to operate.
Shwet TM – Make Recruitment Easy !. Did you ever ask yourself? Why are we expensing lots on online job portals even when we have strong internal database?
Small Business Resource Power Point Series Factors in Buying a Going Concern.
Building a Better Patient Experience…
STARTING A CAREER ENG 302 – Project 4 Mary Cozzi, Jade Hansen & Fanjin Meng.
Richard Angliss Home Buyer Systems Home Buyer Systems The ‘Next Generation’ The ‘Next Generation’ Sourcing System Sourcing System.
Completing the Accounting Cycle. The Adjustment Process  At the end of a fiscal period, we have to make sure that all our financial statements are 100%
HealthTranz Payment Solutions Total Payment Solutions for Healthcare Practices.
©2012 Experian Information Solutions, Inc. All rights reserved. Experian and the marks used herein are service marks or registered trademarks of Experian.
Track B: Sales, Marketing & Business Development Workshop B-2: Customer Service: It’s About More Than Just Answering the Phone.
Educ8 Training Ltd passionate about training committed to excellence The training company that Cares.
LEARN COLLECT EXCEL USING OUTSIDE COLLECTION AGENCIES Gary M. Sabean.
Learning About Credit Advantages and Disadvantages.
2007 MASFSA Annual Conference COLLECTIONS 101 Moderator: Presenter: Chris Nye, Director of Training, ARM Recoveries NCO Financial Systems, Inc.
People Health Audit Frank Newman, C.H.R.L. Newman Human Resources  35 years HR experience  Finance Industry, Pharmaceutical Manufacturing, Semi-Conductor,
Managing Credit as a Team for Your Cooperative Harvest Land Co-op October 18,
A summary of feedback from service users and carers: Adult Social Care – what does good look like?
Copyright © 2008 Pearson Prentice Hall. All rights reserved. 1 1 Professor Donald P. Linden LEAD 1200 CRN Workforce Development and Critical Thinking.
Taking Control of Your Cash - Eliminating Debt. Happiness Is… Making Informed Financial Decisions Although money may not be able to buy happiness, it.
1 Customer Service I PG Diploma in Hospitality Management Customer Service and Quality Systems – Session 1.
5/21/15 BR: WHEN INVESTING MONEY WOULD YOU RATHER HAVE COMPOUND OR SIMPLE INTEREST? EXPLAIN YOUR ANSWER.
Ways to Maximize Effective Collections – Tracy L. SpearsFebruary 17, Ten Tips for Maximizing Cash Flow SEABA June 30, 2011 Presented by: Steven.
Optimizing Marketing Spend Through Multi-Source Conversion Attribution David Jenkins.
Ways to Maximize Effective Collections – Tracy L. SpearsJune 4, Ways to Maximize Effective Collections June 4, 2009 Presented by: Tracy L. Spears.
Nursery Management Understanding and Managing Finance Session 9.
TOP TEN LIST OF COACHING BELIEFS CURRICULUM 511 DR. PECK BY: HALI PLUMMER.
The tools to help you MIND YOUR OWN BUSINESS. 2 Two Phase Conventional Collection Approach Phase I: In-House Collection Efforts Total Cost = $31.60* Day.
Using Financial Information and Accounting Chapter 19.
Presented by: Robert Higginson Vaughn Mordecai 6975 Union Park Center, Ste 450 Salt Lake City, UT
How to Maximize the Value of Your Client, Inc.. Why do you Care?? n Business is an investment n 1st or 2nd largest personal investment you have n Someday.
Concepts in Enterprise Resource Planning Fourth Edition
More paperwork, less return, more frustration More paperwork, less return, more frustration Collections Piled Up? Collection Denials? Bills.
Accounting: Measuring how Efficiently and Effectively Resources are Creating Value and Profit © 2007 The McGraw-Hill Companies, Inc., All Rights Reserved.
Safety Culture and Empowering Safety Robby Jones, Supervisor NC Department of Labor, OSHA.
10 Insider Secrets on How to find the BEST Credit Repair Company DELETE ( )
©Towers Perrin June 30, 2004 David Kaplan MD Employer View of Disease Management Some Bold Predictions About the Future.
LEADERSHIP IN HUMAN RESOURCES MANAGEMENT ZALEHA BINTI MOHAMMAD PREPARED FOR : PROF. MADYA. DR. NURHAZANI BT MOHD SHARIFF.
February 28, 2011 Objective: Students will identify the purpose/components of the Balance Sheet & Income Statement.
Back to Table of Contents pp Chapter 26 How to Get and Keep Credit.
UMBC Women’s Leadership Summit April 15, 2009 Utilizing Dependable Strengths for Success.
1 Chapter 7 Sales and Collection Cycle. 2 Business Process Making a sale and accounting for sale - related Decisions - what to sell, how, much to sell.
©2012 Experian Information Solutions, Inc. All rights reserved. Experian and the marks used herein are service marks or registered trademarks of Experian.
​ UNIT 3: MONEY MANAGEMENT By Jakob Kramer 2/25/16.
The NEW Easy to Use Medical Scheduling Software That Looks Like the Paper-Based System You're Familiar With. Prints superbills, encounter forms, has HIPAA.
Loughborough University
MONEY MANAGEMENT BY: ERIC WALKER REVIEW UNITS 1-4.
Initials, Inc. Joyce Davis 12/8/14 PASSION TO REALITY.
Internal Control Principles
New Technologies in Servicing and Collections
Culture Survey This document provides examples of how we analyze and report our clients’ culture survey data. It includes data from several clients in.
(1888 PressRelease) Benjamin, Chaise & Associates Offers a 5% Discount for Prospective Clients
Presented by Harry A. Strausser III Collections Industry Consultant
ACCOUNTING: RELATIONSHIP WITH COMMISSION ON AUDIT (COA) Kristina A. Rosales.
A modern platform for Corporate Performance Management
Ski Clubs and E-Commerce
Presentation transcript:

Top 10 Attributes of a Successful Collection Agency Presented by: Mike Korte The Affiliated Group

You know the feeling … Am I making the right choice? How do I know? How do I know they are right for my organization? Do they understand the values and philosophies of my organization and can they mirror them? Did I check enough references? What do I track going forward to gain confidence that I chose the right company to work with?

TAG’s Top 10 Attributes of an Awesome Collection Agency

People Positive attitude Professional/Integrity Collections with Empathy ACA-certified collectors Problem-solving mentality Active in the industry Dependable, knowledgeable sales representatives who truly know how to serve Involved ownership and management Do you like them?

Results Not the lowest fee What kind of netback do you see? Better than national average recoveries Good, conservative legal council Does the agency share their work standards? Do they ask for your input? Are work standards tailored to your kind of debt and your philosophical views?

Technology Is your data safe? Does the company have an adequate disaster recovery plan? Is redundancy built into their system? Do they provide a web portal to access reports, review data, place accounts, etc.? Can they satisfy HIPAA concerns? Is predictive dialing important from an efficiency standpoint?

Customer Service Do the CSR’s understand your business and how you want things done? Are they available? Responsive? Accurate in their information and advice? Flexible? Do they have the proper service mentality? Do they care about your business? Are they easy to do business with?

Compliance Do they have proven processes that abide by HIPAA, FDCPA, FCRA, etc.? Do collectors utilize specific scripts while remaining conversational? Are they monitored and graded on a regular basis?

Compliance … continued Are complaints kept to a minimum? How are complaints followed through upon? Are you allowed to view the complaint log? Does the agency behave in a manner consistent with your service philosophies? Have you toured their facility to get a feel for how things really get done?

Collection Processes Are all processes available in picture form so you can see exactly what will be done with your accounts and when? Are work standards created that are unique to your debt when deviations from generic work standards make sense? Do you get the feeling that your accounts are being worked diligently or in the agency’s “spare” time?

Collection Processes … continued What skip-trace processes are utilized? How does the agency determine when legal action might be required? Is there a specific process employed? Are sound, conservative attorneys used by the agency?

Reporting Are you able to get the information you need it and in a timely manner? Can you get customized reports when needed? Do they have an online web portal? Is their web portal easy to use and capable of providing decision-ready information immediately??

Auxiliary Services Is the agency experienced and talented at serving your needs in other areas of the revenue cycle? Early-stage delinquencies First party outsourcing Credit policy review Purchasing debt The trend is to work with business partners who can bundle several talents. In Accounts Receivable Management, this starts when the customer walks in the door and doesn’t end until you are paid.

References Have you checked references that the agency has provided? Gives a chance to probe on some of these other attributes. Do the references like the agency people? Are the references similar in size and scope to your needs, to demonstrate that the agency is experienced in your needs?

Trust It all adds up to trusting that the agency is a true business partner Are you confident of their honesty and integrity? Do they do what they say they are going to do, when they say they are going to do it? It is better to under promise and over deliver

Trust … continued A/R is always the first or second largest asset on the balance sheet … have they earned the right to work with yours? Do you feel that their sales people are in concert with operations people? Does everyone understand the agency’s capabilities … no more, no less?

Picking an Accounts Receivable Management partner is not easy … There are thousands of them They all say they are the best They all collect the most money They all provide the best customer service You’ve heard every pitch in the book! But, which ones have earned the right to serve you? Following these guidelines will give you confidence that you’ve found the right match.

Thank You … … For allowing us to address this issue with you today. Best wishes for continued success! Mike KorteGreg Young The Affiliated Group