Lost Revenue Does Not Have to Be ‘Business as Usual’ for Financial Institutions
The lending climate has changed for financial institutions. It might feel counterintuitive for a bank to write-off a bad debt. After all, it is these financial institutions that specialize in maintaining a portfolio of loans as assets toward their future revenue. If banks aren’t effectively practicing debt collection, what hope is there for the rest […]
Three Debt Collection Agency Myths
The facts show third-party debt collections provide a needed service for businesses of any size. How much do you really know about collection agencies and how they work? Unless you’ve partnered with a debt collection agency, there’s a good chance that you’ve been misled about how the debt collection process works and the impact it […]
Healthcare Debt Collection Trends and Techniques
Don’t rely on old methodologies. We’ve seen so many changes in healthcare finance over the past decade, that most hospital CFOs confess to having battle fatigue. As if managing varying budgets, developing cost reduction initiatives, and developing and implementing financial processes to squeeze more juice out of the revenue cycle “turnip” weren’t enough, we also […]
The Secret Sauce to Success in Property Management
The property market will continue to be volatile in 2019. The ups and downs of the real estate market could make anyone shudder. Technology has added an interesting influx to the mix, and in both residential and commercial real estate, software has proven to be a big disruptor. Despite the swirling chaos in most markets […]
Government: Doing More with Less Has Consequences
Governments are increasingly cash-strapped. There is good news and bad news for government revenues in 2018. The Wall Street Journal reported that, while taxpayers are generally pleased with the reduction to their annual tax payment under the current administration, government revenues went down overall by seven percent in June. This includes a reduction in gross corporate and […]
Keeping up with A/R While Upgrading Your HIS
Maintaining A/R during a HIS conversion is very difficult without an external partner. Converting and migrating data from any legacy platform can be a nightmare. But in the complicated world of healthcare, the conversion can be even more difficult. Accounts receivables (A/R) is not something you can postpone while the conversion is happening, so how […]
Trust and the Collection Agency: Not an Oxymoron
Despite their reputation, today’s collection agency must approach the work in a way that reflects their client’s core values and integrity. You’ve heard the stories about collection agency staff that harass a past-due balance holder to the point where the agency receives a slap on the wrist from federal regulators. This is usually in the […]
Collections for Financial Institutions/Banks and Credit Unions
Banks are required to keep data safe. What happens when that trust is breached? Banking has always been about trust. Financial institutions are tasked with managing the assets of their stakeholders; those clients put their trust in the bank to handle their cash or investments. However, it can be a delicate situation when an account […]
2018 Debt Collection in the U.S. – Technology Changes Everything
Debt collection agencies must leverage technology to become more successful in improving consumer communications. In the Consumer Financial Protection Bureau’s June 2017 report, statistics showed that American consumers are vocal in their complaints about collection efforts. Debt collection complaints make up nearly one-half of the more than 1.2 million consumer complaints the agency receives every year. […]
Should CFOs Toss Time-Based Collections?
For many CFO’s, the answer to the question, “should I stop thinking of collections as time-based?” is simple: yes. If you and your collection agencies are still considering operating with time-based methodologies, you may be paying excessive fees to collection agencies and internal operations to collect on debtors with a high probability of paying. Conversely, […]
