Once you’ve reviewed the marketing materials from any prospective collection agency, it becomes clear that there’s potential to save big money – or, at least, recover lost profit. So to distinguish between collection agencies, ask them what else they can do for you.
A great collection agency can save you time and money, as well as ease heavy-burden tasks off your shoulders.
- Employee Development
Once you’ve enlisted a collection agency to go after your funds, you get that time back in your own schedule, and that of your employees. Your nurses aren’t chasing calls, your appointment setters aren’t patrolling payees. Your people are freed up to do what you hired them to do or even participate in ongoing education and other opportunities at your workplace.
- Call Recovery
Recovering from a negative collections phone call may take more time than the few seconds to just hang up the phone. A collection agency can pack up all of that negativity, place it in a secure box, and tie it with a pretty ribbon for you, simply presenting you with the revenue that’s returned. You save on both ends of the spectrum – worrying about that call before you make it and stressing over it after you do have to call.
- Law Learning
In some sectors, if you don’t know the latest terminology and legal matters, collections can become a snake pit or spider web. In the medical industry, for example, HIPAA laws are incredibly stringent and a single mistake, such as private information left on an answering machine, could get you in extremely hot water. Why not let an educated, dedicated collection agency take over this task for you? It’s the job of a collector to know these laws inside out. You’ll have a trained expert on your side.
- Information Outlay
For you to truly be successful at collections, you have to act like a collections company. That means specialized software and letters with specific language – both are things that your organization would have to invest a serious amount of time in for setup and maintenance. When you align with an existing collection agency, all of that work is already in place.
- Automation
We love our “set it and forget it” apps and reminders, don’t we? From things that pop up on our phones to that bedside alarm clock, it’s great when we can leave the remembering to someone or something else. Here’s where a collection agency can save you time, too. When you “go it alone,” you have to constantly remember who you’ve called, what level of call they’ve received, whether the person has paid completely, partially, or not at all, whether the payment went through, and it goes on and on. That’s a lot to keep track of when it’s more than one person and when it’s not your job or skill set. Collections companies have this part of the process down pat.
Download our free guide to choosing a collection agency for more tips.
