As we approach the end of the year, now is a great time to reflect on your business practices from 2014. What worked? What needs improvement? Where should I focus in 2015?Read More
Fairway Capital Recovery Blog
If you are thinking about using a debt collection agency to mange your outstanding accounts receivables, it’s only natural to have some questions. Here are answers to seven frequently asked questions about engaging debt collection services:
- Debt Collecting takes Special Training and Skills: Unless you have a dedicated staff member who is properly trained in debt collecting and focused solely on that task, you’re leaving money on the table.
- Your staff doesn’t have the time: Again in most companies, collecting aged receivables is one of many tasks on an employee’s plate. As a result, there’s often too little time spent turning accounts receivable into cash.
- Your people hate doing it: Let’s face it: debt collection calls can be uncomfortable and difficult. If your staff isn’t comfortable asking someone to pay what they owe, they usually won’t be successful in recovering those debts.
- You’re unable to collect some accounts: You have a business to run and it’s not a debt collection agency. If your collection practices are not optimal, your team may struggle to collect your consumer debts. By hiring a collection agency that is trusted and trained, the money that is rightly owed to you for services rendered will most likely be paid.
- You’re in the dark: Not sure how effective your debt collection practices are? The lack of regular, structured reporting about your debt recovery efforts can hamper your collections. It’s tough to hold your team accountable for debt collection without a tracking mechanism in place. A quality debt collection agency will be able to analyze your accounts and provide you with reporting so you know where everything stands.
A staggering number was recently released by the think tank Urban Institute and debt buyer Encore Capital Group. More than 1/3 of all Americans with a credit report are currently in a stage of debt collection.
As part of Fairway Capital Recovery’s collection services we have created ARM to better demonstrate the levels of collection services available at our company. Our clients can choose one, two or all three of the services to meet their unique needs.
Debt collection for the medical industry is an area of specialization at Fairway Capital Recovery. To ensure we are well informed, we are members of industry organizations including the Healthcare Financial Management Association (HFMA) and the Association of Credit and Collection Professionals (ACA).
Forget what you know about a typical collections agency. Fairway Capital Recovery (FCR) is an Accounts Receivable Management company that not only can assist you with recovering debts, but is also able to help you set up those accounts receivable processes to minimize the amount of debts needing recovered.
Recent national news coverage about the collections industry has brought into question some of the actions of a minority of Collections Agencies. This coverage has cast a negative light on the industry, but does not accurately represent the actions or commitment of Fairway Capital Recovery.
Topics: collection agency, hire collection agency, accounts receivable management, debt collection, collection industry news, collection agency calls, questions about collections agencies, collections agency