Fairway Capital Recovery Blog

Is Hiring a Debt Collection Agency Right for your Medical Practice?

Posted by Kelly Kramer on Thu, Nov 13, 2014

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:

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Topics: outsourcing debt collection, accounts receivable management, medical collections

Five Reasons to Outsource Debt Collection Services

Posted by Kelly Kramer on Wed, Nov 05, 2014

How do you know if outsourcing debt collection services is right for your company?  Here are five signs partnering with a collection agency might be right option for your debt recovery solutions:
  1. 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. 
  2. 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.
  3. 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. 
  4. 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.
  5. 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. 
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Topics: outsourcing debt collection, hire collection agency, Hire a collection agency

Tips for Hiring a Collection Agency

Posted by Kelly Kramer on Wed, Sep 10, 2014

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Topics: outsourcing debt collection, hire collection agency, Hire a collection agency

3 Tips for Communicating with Your Collection Agency

Posted by Matt Alkire on Thu, Feb 13, 2014

As in any successful partnership, open communication is vital when working with a collection agency. Here are three simple tips for getting the most out of your collection agency through great communication:

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Topics: collection agency, outsourcing debt collection, debt collection agency, collections agency

Why Your Collection Agency Should Be Licensed, Bonded & Insured

Posted by Matt Alkire on Wed, Nov 20, 2013

You may often hear collection agencies refer to themselves as “licensed, bonded and insured”—but what do those things really mean? In this article, we’ll take a closer look at each of these concepts and why they are important.

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Topics: collection agency, outsourcing debt collection, accounts receivable management, questions about collections agencies, Collection agency license

Talking Points for Good Collection Agency Calls

Posted by Matt Alkire on Wed, Oct 30, 2013

Great debt collectors remain professional and respectful at all times, which is no mean feat considering they are in an inherently uncomfortable situation—few people enjoy talking about their finances. Besides, many of the customers they are calling are experiencing feelings of shame, frustration, anger and other strong emotions.

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Topics: outsourcing debt collection, debt collection services, Debt collector, collection agency calls

How to Build a Case for Outsourcing Debt Collection in 5 Steps

Posted by Matt Alkire on Mon, Oct 21, 2013

As with any change, the decision to outsource debt collection will require you to communicate with key stakeholders and get their buy-in before you can move forward. Follow these five steps to begin building a case for outsourcing debt collection at your company:

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Topics: collection agency, outsourcing debt collection, hire collection agency, outsourcing, accounts receivable management, debt collection agency

Six Things Your Collection Agency Doesn’t Want You to Know

Posted by Matt Alkire on Thu, Oct 17, 2013

There are a lot of great collection agencies serving the needs of businesses all over the country, but there are also some who do not have the best interests of their clients at heart. Here are six things that some collection agencies do not want their clients to know:

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Topics: collection agency, outsourcing debt collection, debt collection services, hire collection agency, financial regulations

Six Tools Collection Agencies Use to Collect Debts

Posted by Matt Alkire on Mon, Sep 30, 2013

Debt collection agencies use a variety of tools and tactics to successfully collect debts on behalf of their clients. Professional collection agencies often use the following six tools to maximize debt collection: 

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Topics: outsourcing debt collection, hire collection agency, debt collection agency

Five Attributes of a Great Debt Collector

Posted by Matt Alkire on Fri, Sep 27, 2013

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:

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Topics: collection agency, outsourcing debt collection, Hire a collection agency, Debt collector