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.