CARM – Collections and Receivables Mgmt
- Industry: Outstanding Medical bills and other household bills
- Solution: 3rd Party Collections, Reminder letters, Dispute Management
- Results: TTP reduced to 12 hour, COA reduced by $2.6M (65% improvement) in 4 months
– As a result of recession, the paying propensity of the consumers of the well known hospitals has significantly gone down. Some well known hospitals of East coast decided to put their new and old medical bill portfolios directly placed with a collection agency cum a law firm. They were looking for an experienced company to team with to reduce their bad debt so that cash flow could be improved.
– The company selected must be able to change and adapt as their business continues to grow and change. They were also looking for HIPPA and FDCPA certified collectors.
- IDC solution: A team of collection experts from IDC India office would crate a customized plan for increasing collection efficiency and overall cost reduction.
1. Identify and organize customer disputes for prompt resolution.
Time to process payments significantly reduced as IDC will to process payments on clients platform, using their web payment option.
2. Reduce costs significantly as IDC would bear the cost of sending fax letters and deploy a toll free number dedicated to the process.
3. IDC offering a 14 hour window and six days window to collect on client accounts; unlike the 9 hour window used by collectors based at the client end.
4. IDC to offer a dedicated dialer resource and skip team of three agents at no extra cost to the client.
– As a result the client experienced an overall reduction in the debt portfolio, COA reduced from $4MN to $1.4MN in just 4 months.
– To maintain the achieved levels of service and support, various root cause analysis reports were generated and reviewed monthly to ensure efficiency. These reports detail the status of IDC’ collection efforts, down to the invoice level, thus allowing for business shifts or changes to be caught early and addressed pro-actively.
– With businesses looking for improved bottom line performance, better account receivables management, collections is a key focus area along with timely and accurate billing for organizations across industries. An effective collections strategy:
- Increases receivables recovery rates
- Reduces bad debts
- Rationalizes costs through streamlined collections processes
Early and Late Stage Debt Collection
– Accounts receivable activity is often defined by the age of the receivable assigned for collection. Typically early stage collection references debt placed for treatment 90 days or less from the point of delinquency. Conversely, the term late stage refers to older accounts or those previously placed with one or more collection agencies or attorneys.
IDC’s accounts receivables collections practice provides :
- Strict adherence to legal and regulatory issues involving third party collections and debt recovery
- Increased response rate from delinquent customers
- Increased inflow of payments helped by a multi-channeled collections strategy
- Mitigating write-offs by efficient accounts receivables management
- A broad range of payment recovery, first party and third party collections solutions
- A strong focus on delivery with a highly qualified operations team
Early stage Collections
– Our Early stage Collections are performed on your behalf and in the name of your company or business. To start, we will perform an upfront analysis of what is currently being done, leading to a proposal of what should be happening based on our experience and knowledge.
– Revised workflow maps and collection processes, as well as dispute management matrices, are developed for approval by our clients that cover:
- Workflow/Collection Queue
- Portfolio Penetration
- Identify Root Cause
- Adjust Workflow
- Adjust Frequency of Outbound Calls or Letter Series
- Establishment of Audit Control Points
- Sarbanes-Oxley Compliance
- Proactive Audit Controls
- Daily Reconciliations
- Automated Variance Alerts
Benefits of Early Stage Collections services:
- Lower costs through efficient resource deployment and higher workflow throughput
- Improved results by pinpoint targeting of accounts requiring actions
- Increased productivity with use of automated system tools
- On-going improvements with analysis of reports provided for performance measurements of
– Productivity Reports
– Customer Service Reports
– Aging Reports
– Audit Reports
– Portfolio Reports3rd Party Collections Services- IDC provides a wide range of services, for collecting on your past due accounts, utilizing a global source of experienced, and highly-trained personnel.
- Our 3rd Party Collections are implemented with IDC acting on your behalf, but in our name, to work with your debtors to have them make prompt, complete payments.- Choose from collection letters, third party telephone contact, up through legal litigation with the ability to have a continuity of services and processes from one resource. The chance you will be able to collect on a debt decreases dramatically over time, therefore costing you money ever day you delay!
- Experienced collectors quickly identify and target the most viable potential accounts to achieve the highest potential net back
- Claims handled in appropriate compliance with FDCPA regulations, and all applicable state/local laws
- No minimum/maximum dollar amounts or number of claims you can file
- Collection efforts initiated within 24 hours of filing
- Online web access provides 24/7 claim filing, account status and reports
- Benefits of Third party Collections:# Expertise – Industry knowledge combined with business experience, materials and training to provide maximum efficiency and effectiveness# Access – On-line customer access 24/7 for electronic payment, services or reports# Results – Up to 75% collection success rate within the first 90 days of assignment.
For more information on IDC Technologies, located in Milpitas, CA please call 1-844-IDCTECH