Finding the Best Utility Debt Recovery Service
When it comes to debt collections, certain businesses in have special needs and requirements. To help maximize the chances of making back all outstanding bills, you should hire a collection agency that specializes in your specific debt recovery.
What to Look For in a Utility Collections Agency
As a utility company, you serve a wide range of customers, so you face a greater risk of delinquencies. An agency that is skilled in utility debt recovery will have these credentials and offerings:
The collection agency should be licensed in multiple states. While many people move from one state to another, utilities customers often move when their services have been shut off, and those moves are often across state lines. In addition, many otherwise-paying customers who are in the middle of a stressful move may simply forget to pay their final bills. That is why you need a collections agent that can find the customer's new address and has the power to act in another state.
No Charge for Non-Collections
Many times a utilities customer who is delinquent on an account will return to the company for new service. They may have forgotten they owe the money or may have only recently recovered the ability to pay the debt. Because you have received payment on the old debt and set up new service, you no longer need utility debt recovery. The agency needs to keep excellent records to identify customers as they come and go.
Multiple Attempts at Payment
Utility debt recovery is often a matter of pursuing a host of relatively small debts, held by a number of former customers. Your collection agency should prove their ability to pursue this type of debt, often through multiple attempts at reaching the customer.
Outsourcing Accounts Receivable
A smaller utility company may not have the financial means to keep a large accounts receivable or collection department in-house. But many utility debt recovery companies can also act as accounts receivable for their smaller partners. They can handle late payments even before they become delinquent and make payment arrangements to ensure the utility company gets paid more quickly and increases its cash flow.
These companies may also assist businesses with other aspects of customer service, such as answering billing questions and initiating payment reminders. Better service on the front-end of accounts receivable can result in fewer accounts becoming delinquent.
A collections company can assist a small utility business in recovering delinquent payments. The best agency will be experienced in utility debt recovery, and can help decrease the amount of money a utility company loses in unpaid accounts.
Medical Debt Collectors
Companies that specialize in medical debt collection know the health care industry operates under a different set of rules. Doctors must keep their equipment, software, and insurance up to date to stay competitive in the industry, and that means the expensive work they perform needs to come with a guarantee of payment. A proven collection agency can be a safeguard when bills have been ignored and your practice is risking its longevity by shortchanging operating expenses.
An agency known for successful collection saves you time and limits the hassle associated with collecting patient and company debts. Instead of sweating over the process and forcing your staff to spend time on an unproductive, non-medical task, you can outsource the job. The convenience is well worth the percentage a collection agency takes.
When you shop around for medical debt collectors, ask about their training programs. The best shops coach their team members to approach every piece of correspondence with tact, keeping the long view in mind. Even if the initial contact is unsuccessful, well-trained employees who act professionally on your behalf will eventually get results.
In the health care industry, many outside frustrations enter the debt collection process. Patients might be angry about the cost of the services after the fact; they might have seen their health condition worsen; and they may have lost insurance or encountered other financial problems. Taking a careful, measured approach to medical debt collection is essential, or you might find your bills unpaid forever.
When you need an agency to collect on unpaid bills, remember that a special kind of tact is required. Choosing the right company for your specific industry will save you time and limit stress while getting you the best results.Ready to Compare Collection Agencies Price Quotes?