Once a business is ready to partner with a debt collection agency, selecting one that can actually produce results can seem like a daunting task. Does bigger actually mean better in regards to how effective an agency will be in getting the debts collected quickly and efficiently?
Read on for more insight into how partnering with a smaller agency may actually have a greater success rate for your business.
Small Business? So Are We!
Small business owners and staff are known to wear many different hats. If your small business has dedicated staff that handles in-house collecting and credit management, partnering with a collection agency that has the knowledge and experience in working with debtors to get accounts paid is worth exploring to remove the workload and stress of accounts receivable from your employees. If your small business has limited employees, their time may be better spent focused on other aspects of your business rather than spending precious hours calling old clients and customers.
Dedication to More Training
The debt and financial industry, much like other ever-evolving industries, has new systems and practices that collection agencies must adhere to. If your internal accounts receivable employees lack training in this specific area, your organization will struggle with collecting and converting unpaid balances. Ongoing training is recommended to create strategies that are put into practice and then fine-tuned by experience.
The most successful agencies maintain ongoing training for their employees so that they are up-to-date on continuing education through the ACA and HFMA. This puts smaller agencies at an advantage to better position their employees for ongoing training simply because they have fewer employees to keep track of than larger organizations.
Small Agencies Can Offer Little to No Fees
Many organizations, particularly those that have fewer employees and lower operating costs, may avoid using a collections agency because they don’t want to incur additional fees for collecting the outstanding debts owed to them. Some agencies charge a fee regardless of the success of their debt collection attempts. As a smaller agency, one of our key differentiating factors from other agencies is that we operate with a no-collection, no-fee stance that is in alignment with our company values of providing high-performing results for our clients. These values go beyond just providing exceptional service to our clients, but also create and strengthen our culture of respect and integrity within our own teams.
No matter how large or small, debt recovery agencies can provide a lot of benefits for organizations looking to outsource their accounts receivable management. As one of the smaller organizations, Capital Recovery Partners believes that our commitment to excellence is evident in our ability to successfully recover debts placed and amounts paid. This commitment is further evident considering that the national average for debt recovery success hovers around 11.1%, and the percentage of recovery for debt placed and amounts paid for Capital Recovery Corporation currently around 25%.
By partnering with us, companies can shift their focus to their own businesses rather than their debt collections. We help organizations in healthcare and commercial accounts receivable management as well as insurance payment recovery. Reach out to our team today to learn how our agency can help.