Show me the money! Collection Agency Software helps the collector beat their monthly goal.

Posted on February 16, 2012 by win_blogger

I recently visited a medical collection agency that installed Wincollect Software. The collector I was watching got a nice settlement for $5,000. She was telling me that she was getting close to getting a bonus that would be paid if she reached 125% of quota. Once she was finished with posting the promise to pay, she was happy to show me her sales objective panel. WOW she had 3 days left in the month and was at 115% of monthly target. She was proud to show me her progress toward her goal and assured me that she would blow away her 125% goal and might get to 150% and make an extra $500 for the month.
This woman was focused and was a great cheerleader for incentive based bonus payments. She told me she would check a few times during the day how she was doing toward her monthly goal and whenever she got a good PTP she would visit her personal target page.
Setting reasonable collection objectives and then providing rewards for meeting the objective and bonuses for exceeding those goals are good for collector performance. Some collection agencies take it to the next step and provide message boards that display daily targets and immediate recognition when a big payment is secured. Creating an environment that encourages performance and rewards high performers will generate excitement. Healthy competition is a good thing.
Collection software can provide real-time statistics with continual updates pertinent to each collector. Each collector can quickly pull his own statistics. Managers can access statistics for each of their collectors. Statistics are shown on collections, monthly goals, payment arrangements, accounts worked, accounts assigned, and NSF ratios. Collectors can drill down using the details buttons to see all their payments posted or upcoming promise to pay arrangements (PPA) new money.

What’s the latest in Debt Collection Software?

Posted on February 7, 2012 by win_blogger

Most collectors have their own personal desktop or laptop and are accustomed to using the Microsoft Windows operating system. The latest .net Collections Software front end provides the collector the ability to manipulate their collector screen making their desktop custom to their needs.
Monthly collector statistics are provided real time so they can see how they are progressing toward monthly goals. Revenues collected month to date against their personal objective and where they stand against their team can be a great performance motivator.
Microsoft SQL Server is an agile search engine that empowers the collection manager the ability to manipulate files creating collector queues on the fly, as well as, setting up the daily work effort in advance. Actions on accounts can be setup so that the customer’s workflows are established and automatically flow from one event to the next without the manager’s daily attention.
The latest Collection Agency Software can provide the client access to the debtor files so they can remotely make modifications including adding accounts, posting payments, changing status, and viewing current activities. The client can access their monthly reports via a web portal and can also print their invoices directly from their customized web page.
Collections software using the latest technology provides the systems administrator ability to “Micro-manage” account handling. The systems manager can easily group accounts by common elements then perform an action on the selected accounts. Examples of possible actions include moving the accounts to a new collection phase or changing the status and moving the accounts to legal status.
Well designed Debt Collection Software incorporates a module to easily import and export data files. In the past every time the Collection Agency won a new client, the agency would pay their software vendor a chunk of cash and wait 30 days or more before they could begin processing the new files. Today, with a loader module the files can be imported, fields matched with their appropriate field labels and the new client’s files can be ready start collections process in 30 minutes or less.
Workflows can be defined that take the new accounts from phase one with an introductory letter sent to final closure of the account with payment received in some cases without a collector ever touching the account.
Debt Collection Software technology has progressed to the point that the investment often can be justified by eliminating some job functions and by the increased productivity enjoyed.

Why do some Collection Agencies provide higher returns and make happy clients?

Posted on December 15, 2011 by win_blogger

Providing good service to your clients is the key to success. Collection agencies provide a service to its clients that entail many touches of the account by both the hospital and the agency. What is most important are providing a reasonable return on the accounts that are placed and the interaction with your client in resolving issues that come up.
The three primary pieces of the puzzle are software systems, your customer service and collections personnel, and reporting. The software systems today can eliminate many of the daily interactions that once took place between the client and the agency. Each client that the collection agency serves has distinct requirements with some commonality to all collections activities.
Medical collections which represent nearly half of all collection agency business in the US will be the subject of this discussion. Collections software provides the ability to manage the collection accounts so that many functions can be automated. Letters are automatically sent, accounts can move from one collection phase to the next based on rules that your management defines. Once your software rules are established, the accounts automatically move through those collection phases based on events. Those events may include payments received, status changes including insurance billing, bankruptcy filings, or attorney assignments. Collector queues can be determined daily based on these status changes.
Account status changes often are reported directly to the client hospital. The hospital’s patient account personnel in the past would call the agency to report payments received and provide new information that is provided by the patient or the ”responsible party”. These activities are time consuming requiring information be transcribed and then entered into the collections software database. With web portals, the client can now enter that information directly from the internet eliminating much of the time and potential for errors in entering the new information. Clients prefer to make these updates via the web portal. The web access is a substantial advantage over the old way of doing things.
Software services now provide the capability to perform most every task automatically. Events occur consistently and timely. Collectors can concentrate on talking with the debtors and supervisors can manage their people. Reports for the client can be provided on the web portal, so that the client can view monthly activity and performance when it is convenient 24/7.
Some think that the reduction in the daily calls from your client will have a negative impact on the relationship. What is important to the client is the return on the accounts placed and the ease of managing the daily activities on the accounts. The client will still call you, but it will be for the “exceptions from the norm”. Savings in personnel will be realized on both ends of the relationship.
A well trained and motivated staff will be the final determinate on how well you perform for your client.
Good software technology and well designed workflows will make a good staff finish way out ahead of your competition!

Credit Card, Medical, Utility, Commercial, Cable, Direct TV, Government Debt, Real Estate, Student Loans, Automobile Finance, Bad Check, and Telecom Bad Debt Collections

Posted on December 10, 2011 by win_blogger

Bad debt collections regardless of the type of product or service provided all require that you have a well defined strategy to get payment. Several bills have been sent to the client and possibly a few phone calls have been made to ask for payment. The account has now moved to a collection agency.
The first thing you do is send another letter. That will not likely get many payments, but that letter can start the process that will get eventual payment. This is part of the due diligence that is required to get some portion of the accounts paid. Some accounts will never make payment regardless of your efforts.
The key is to find out what is collectable as early as possible and not waste any further effort on that which is uncollectable. How do you find out what is collectable?
Send that letter that is required by FDCPA (Fair Debt Collections Practices Act) stating that you are attempting to collect a debt, then go to work. Second letter that is sent is that you will use all measures available by law to collect the debt. Then call, message, and attempt to contact the person that is responsible for the debt. If the balance is substantial and your client allows then credit report.
There are many factors that may require a softer approach, but generally if someone has not paid their bill and has ignored all your attempts to collect the debt, then credit reporting maybe the only means to get the debtor to take action.

Developing good collection habits –

Posted on November 16, 2011 by win_blogger

Anything worth doing is worth doing well. The same is true of the bad debt collections process. Certain things should be in place including good collections software, a process to work the accounts from the day they come in the door, a good collections staff that are well trained and motivated and the proper management of the collections staff.
The process of collecting accounts can be defined and with the latest software technology much can be automated. Tasks including when collection letters are to be sent, what accounts get pre-collections work including accounts to be skip traced because they have no telephone number, and when the initial phone call is made can all be determined by the software system.
Once the account is called and the debtor answers the phone, your success in collecting the debt can be greatly improved by preparing the collector with the proper “talk off”. With early out programs for medical accounts becoming more popular, the call is often approached as a means to gather the appropriate information so that the account can be “cured”. The hope is that the debtor has medical insurance that will cover most of the balance on the account. The information gathering call can become a collection call and will be more effective when the proper information is provided.
A good training program with frequent updates will help your collectors develop good habits making them more effective.

Collection Strategies – Getting to YES

Posted on November 3, 2011 by win_blogger

What works best when you get the debtor on the phone? My teenagers worked at a collection agency one summer and we talked about their experiences. They both agreed that people generally respond better when you try to help them pay their bill. They were collecting mostly medical debts and often times they would try to get insurance information. When insurance was available, then the agency and the debtor both come out with a positive experience.
When the collector makes the debtor feel good about resolving the debt, then all is good in the world. If the debtor was not willing to offer a payment resolution, it was often best to get off that call and on to the next. As they say, you cannot get blood from a stone.
Before dialing systems were introduced to the collections industry, the collector spent so much time getting someone to answer a call that they did not want to let go. Technology has provided more ways to make contact, so the key is to have a good presentation and a consistent approach to delivering the collection message. Informing the debtor of their responsibility to make payment for the services that have been provided should be the primary message. Handling objections to payment is a skill that can be honed with practice. When the promise to pay is not within reach, then end the call and move on.

Hospital owned Collection Agency leverages autodialer technology

Posted on October 7, 2011 by win_blogger

Fifty percent of the collection agency market is focused on the medical collections industry. The market includes hospitals, physicians, dentists, clinics, physical and occupational therapy, lab testing, X-ray and MRI. These groups struggle with dozens of appointment “no shows”, which results in a significant loss of revenue. Some have their administrative staff make appointment verification calls during slow times.
Most hospitals have cut back on staff, leaving little or no slow times to perform the calls. Some collection agencies are offering appointment verification services to these same groups. The same predictive dialer system that they use to do collections and early out programs for the hospitals can perform the job of calling hundreds of patients to remind them of their appointments.
The latest dialer systems have a feature that can take the data file and convert a person’s written name, the date and time of the appointment, and the doctor’s or clinic’s name in to speech. This feature is termed “text-to-speech” and is fairly accurate in pronouncing names. Some systems will let you record the names of the doctor or facility, so that it sounds as good as a live voice.
The system can receive the appointment file daily and then run the campaign totally unattended. If the person needs to change the appointment, the system can provide several options including: a live transfer to the facility’s office, a message to call a number to reschedule, or the person can leave a recorded message that can be sent electronically and listened to later.
Other functions that require the hospitals to make large volumes of calls include tele-recruiting appointments for blood, pre-registration calls, and reminder calls to take medicine. The dialer technology can easily handle all of these calling needs, providing additional revenue sources.

The path to successful collections for health care organizations

Posted on September 27, 2011 by win_blogger

A key to getting payment from many health care clients is identifying those who are able and willing to pay. You can, for those accounts, avoid unnecessary collections efforts while still experiencing increased revenue.

Achieving this requires a multi-step plan that assures that the patient or responsible party is contacted early. Remind them they are responsible to provide insurance information and must make arrangements to pay the bill.

Experts in debt collection will tell you they are successful because they identify those that are able to pay early and then provide that person the opportunity to make payment in various ways. While some people will never pay, finding those that can and will pay is the key to success.

Wincollect – Debt Collection Software

Serving the needs of today's Receivables Management industry

Category Archives: Health care industry