5 Reasons You’re Collecting Less in 2021 & What To Do About It
The 5 Reasons You’re Collecting Less, And What to Do About It
There are certainly a variety of reasons why your agency may be collecting less than years past, and in the case of the pandemic, this may be completely out of your control. You could be experiencing high agent turnover and simply can’t find anyone to fill those positions.
Without diving into any of the areas that might be unique to your business, here’s 5 actions that can turn around slumping revenue and improve profitability.
- According to the latest collection industry data, not having this web payment feature may be cutting your online payments in half.
- How many consumers call in after hours to make a payment? We’re able to track that information, and it’s a lot! This cost-effective tool lets you take payments over the phone 24/7.
- Most collection letters or billing statements have one or more design flaws that reduce response rates and prompt payments. What are they?
- If collection agents simply shared this crucial piece of information, collection rates would jump significantly.
- A recent Case Study showed that sending consumers these messages every month increased payment portal traffic by 600% on average.
More Studies & Research
Communication & Payment Preferences of Consumers with Past Due Debt
We asked 1000 consumers how they prefer to be contacted about a past due balance, and which payment options they would choose if the balance was more than they could afford.
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The Top 5 TCPA Compliance Risks Your Business Should Not Be Taking
TCPA-related class action lawsuits have become a booming industry where debt collectors and healthcare billing departments have become the targets of litigation just for attempting to collect money they are owed. Here’s 5 risks you can’t afford to take.
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5 Communication Strategies for Reaching Millennials
The “Millennial Mindset” extends beyond an age group or demographic, it’s quickly becoming the consumer standard that all businesses must meet to succeed.
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Consumer Studies & Reports
How Higher Out-Of-Pocket Costs Are Changing Healthcare's Revenue Cycle
In a study involving 675 patients, we analyze the impact that HDHPs, higher out-of-pocket costs, and consumerism are having on healthcare’s revenue cycle.
GET STUDY
Communication & Payment Preferences of Consumers with Past Due Debt
We asked 1000 consumers how they prefer to be contacted about a past due balance, and which payment options they would choose if the balance was more than they could afford.
GET STUDY
The Top 5 TCPA Compliance Risks Your Business Should Not Be Taking
GET REPORT
5 Communication Strategies for Reaching Millennials
The “Millennial Mindset” extends beyond an age group or demographic, it’s quickly becoming the consumer standard that all businesses must meet to succeed.
GET STUDY
White Papers
How Electronic Foms & Patient Portals Reduce Expense & Increase Revenue
With higher out-of-pocket costs making patient collections more difficult, providers are looking for a more streamlined and proactive approach to patient intake and billing.