Medical collection agencies are always looking for new ways to raise their collection rates. A great collection agency must find new and innovative ways to create positive relationships with their clients and increase profits. If you own a collection agency, know that you don’t have to settle for call lists or mail notices. Technology has made it easier for collection agencies to connect with clients and debtors and get great results.
One of the newest technologies available for debt collection is skip tracing-data mining. This is the simplest opportunity to place revenue in self-pay buckets. Skip tracing-data mining gives collection agencies access to a wealth of information that goes beyond addresses. In only a few moments collection agencies get credit scores, homeowner information, credit history, and more.
Social media isn’t just for fun anymore. Now collection agencies can use social media to find more information about clients. Debt collectors can use social media to trace debtor behavior and to access their income levels, assets, or spending habits. So if a debtor claimed they can’t afford to pay a bill, collection agencies may monitor their social media accounts to see if the debtors are posting pictures of new cars, new homes, or other expensive items. Collectors can use more business oriented accounts like LinkedIn to see if debtors have attained new employment or promotions that will enable them to pay debts.
The use of technology can now increase transparency between collection agencies and clients. Transparency has proven to help build trust between collectors and clients. Great collection agencies give their clients almost unfettered access to patient information like collector notes, all recorded calls, patient payments, and more.
Another technology that has become popular with debt collection agencies is predictive dialing. Predictive dialing are computer based systems that automatically dial groups of phone numbers, and give live calls to collection agencies. The dialer technology will create data on consumer demographics and habits, so the next call can be placed at a more advantageous time.
Performing collection services has become more challenging, but technologies have also given collectors more tools to find debtors and information. If you have a medical collection agency or any other type of agency, turn to experienced payment processors like eMerchantBroker.com for help. EMB is the preferred processor for Industry Leading Collections Software and Collections. Call now to establish a debt collection merchant account.