- 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.
Fairway Capital Recovery Blog
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.
Debt collection professionals make calls on the behalf of your company to customers who have past-due bills. Not just anyone can pick up the phone and successfully collect a debt—it takes a special skill set and a high level of professionalism. Great debt collectors exhibit all of the following five attributes:
Many businesses choose to outsource some or all of their debt collection activity because they don’t have the necessary resources or expertise in-house. When selecting a debt collection partner, many smaller businesses will understandably be drawn to small, local collection agencies. But the fact is, working with a small agency may not be the right choice—especially if you see any one of the following red flags:
When partnering with a collection agency, it’s important for you to be proactive to ensure you get the most out of the relationship. What does “getting the most” mean? It will vary depending on your business, but it could mean:
Many companies choose to outsource debt collection because they don’t have the time or
expertise to do it themselves. Hiring a collection agency ensures that your staff can devote their time to other value-added initiatives, instead of stressing over collection calls. But before you hire a collection agency, here are ten questions to ask to help guarantee they are the right partner for you: