Turning to a collections agency is a great way to recover unpaid and past-due balances, but it’s important to find the right one.
Regardless of what industry your company is in, if your patients, clients or customers have unpaid or past-due balances, it’s going to hurt your bottom line. And, if your company is like most, there’s a good chance that you don’t have the internal resources to follow up and collect on those balances. This leads many companies to hire collections agencies, which is definitely a step in the right direction. However, it’s also important that you hire the right collection agency, and that will take a little more research on your part. Here are a few questions to help you find the right collections agency for your needs:
#1. Do they have the necessary licensing and insurance?
In order for any collections agency to effectively do its job in actually collecting debts, they need to be properly licensed, insured and, in some states, bonded. In addition, in order for a collections agency to get licensed, they have to comply with a number of requirements, giving you added peace of mind that they have all of their ducks in a row.
#2. How do they approach the collections process?
When you send patients or clients to collections, it’s usually because you’ve exhausted all other possible avenues available to you. But, many times, your patient or client won’t see it that way, and if you work with a collections agency that uses overly aggressive tactics or makes insensitive or rude remarks in the collections process, it will not only reflect poorly on the collections agency but also on your company. When you hire a collections agency, it’s important for them to be willing to treat your patients and clients with the same respect and kindness that you show them.
#3. Have they worked in your industry before?
When it comes to collections, different industries have different laws and rules in place, and the best way to ensure that your collections agency will follow all of those laws and rules is to make sure that they have worked with other companies in your industry in the past.
#4. Do they have up-to-date technology?
The collections industry has come a long way over the past few years, becoming more efficient and effective than ever before, and that is largely thanks to advances in technology. For example, skip-tracing technology makes it a lot easier for collections agencies to track down patients or clients who have moved without providing you with a new address. When you’re looking for the right collections agency, make sure that they have the latest technology in place.
There are so many things to look for in a collections agency, and here are Bonded Business Services, we believe that we have what it takes to fulfill all of your needs. We offer a firm yet friendly approach to collections that will help your bottom line while protecting your reputation, and we utilize the latest, most advanced technology to provide you with the best results. Contact us today to get started.