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Displaying Matches 65 thru 79 of 295 Found. BACK NEXT

Coupon Books Simplify Billing and Improve Collections
Patients at Edina (Minnesota) Orthodontic Associates pay for treatment the way most people pay for cars--by mailing in a coupon with a check for a set amount each month.

Using this system, which is a familiar one to consumers, the group of five dental specialists not only cuts delinquencies to a bare-bones minimum but also saves the time and expense of monthly billing.

Credit Manager Katherine Fullerton explains how the procedure works and why it works so well. Also...

Whether or not they run credit checks
How credit cards fit into the mix
What percent they typically require to be paid upfront
What percentage of their patients have dental insurance
The unique and very personalized method they use for delinquencies initially, and then what comes next

. . . keep reading

Does This Action By An Agency Fall Under The FDCPA?
Betty Clark was "flabbergasted," as she put it, when the store called to tell her that her check had bounced. Why, she'd never had such a thing happen before. Would she come right down with the cash to cover the check? they wanted to know. Well, of course she would. She certainly didn't want a reputation for that. This case study examines a situation in which a debtor bounces a check, breaks a promise to make it good, then ignores collection efforts by both the store she wrote it to; and then an agency hired to follow up. she claimed their letter-writing was too aggressive and they were violating her rights under the Fair Debt Collection Practices Act, treating her like a criminal. So she sued them. Can she collect? . . . keep reading

Assuring Collector Accountability and Responsibility
There are few things more disconcerting for a credit manager than to review an order pending and find that the credit notes do not provide enough information to make an informed decision about whether or not to release the order. Collectors should be told that it is simply not good enough to call regarding a past-due balance but fail to follow up for payment status.

Five ways this credit pro encourages personal accountability and responsibility with his collectors... . . . keep reading

Faster, More Accurate Billing and Follow-Up Improve Clinic's Cash Flow
The web, the postal service, and a letter-writing company - used in conjunction with some revamped in-house procedures - have improved cash-flow dramatically in the first three months of a new credit and collection program at this Los Angeles clinic.

how their letter-writing campaign is structured
details on the changes they made to their billing and collection procedures
how they deal with patient expectations when insurance pays less than they think it should

. . . keep reading

Medical Collections by Phone
While acknowledging that a series of letters can be useful in medical collections, Dorothy Sweeney, vice president of the Health Care Group, Inc. (Plymouth Meeting, Pa.) contends that the telephone is much more effective. Learn...

The importance of preparation before making a collection call
Five questions you should know the answer to before you make your collection call
Other preparation you should make make prior to each call and why it's so important
A very specific, seven-step process once the call is made
The pros and cons of allowing the debtor to speak with the physician
Specific strategies to use once you determine which category the debtor falls into (slow payers, hardships)
Positive collections: Four specific ways to offer encouragement that may help bring payment in
When to give up and turn the debt over to a third party

. . . keep reading

Small Business Collection Manager is Thorough - And That Pays Off
"I review every invoice before it's mailed to make sure that it's clear, mistake-free, and contains the information the customer requires--in the format the customer has requested," says one veteran collection manager. Then, 10 days before the invoice due date, I send a 'will be due' letter, calling attention to the date that payment is expected and asking if there are any problems."

This article covers the benefits of this collection manager's system, along with details of how he manages the new customer setup and invoicing processes. . . . keep reading

Two-Way Trust
"It's easy to open a store account," says a small-town merchant who has asked not to be unidentified. "All you have to do is ask and you have one, and we have very few credit problems." If you think this is an example of comfortably doing business in a community where everyone knows everyone, think again.

"Our success with credit comes from the way we operate the business, not just because it's a small town," he says. "It's true that there's trust on both sides. Customers trust that when they place an order and pay cash, we'll deliver. In turn, we trust them to pay when it's on credit. But the real secret is a few simple policies for handling accounts receivable backed by computer software designed specifically for our type of business."

This article explores the five key policies this retailer uses! It covers his credit-granting philosopy; collections philosophy and strategies; the mechanics of their statements; when they get tough. . . . keep reading

Customer-Friendly Collections Work
While the customer-friendly approach to consumer collections has been gaining favor in recent years, one executive has been using the concept since the 1990s. "The reason is simple," this senior bank vice president says. "It works." This article explores:

the four starting points which are a part of their organizational philosophy - it's a balancing act and emphasizes collecting, as well as helping their customers
The three important strategies for putting their philosophy in action
Some examples of the positive phrases they use to finesse in tough collection scenarios
The importance of bridging (true listening) skills in the collection process

. . . keep reading

Is This Suit - Filed in the Wrong County - a FDCPA Violation?
This legal case study examines a situation in which a creditor sued a debtor in the wrong county for a bad check. The debtor claimed he was protected from such a suit because it violated the Fair Debt Collection Practices Act. The creditor countered that he was prosecuting a fraud because of the bad check, rather than collecting the money. And further, because he did not intentionally file in the wrong county, and had procedures designed to protect against such mistakes, a suit against the creditor would be fruitless. Who's right? . . . keep reading

Avoiding Mistakes
Even though it has been years since this credit manager was a full-time collector, she tries to make at least a dozen collection calls a day. In particular, she tries to handle some of the more seriously delinquent accounts personally to make certain that the right amount of pressure is being brought to bear to motivate customers to remit payment as quickly as possible. Her goal is to be assertive but not aggressive, and to be insistent and persistent about getting paid quickly. Here's an interesting situation she ran into that taught her some good lessons about thoroughness in collecting, along with the three key principles of collecting that she became "reaquainted" with. . . . keep reading

Entrepreneur: Hardball Collections Pay Off
One very successful entrepreneur we know acknowledges that he owes his effectiveness in managing credit and collections to one supplier he had soon after he started his business. "I was late paying him, and he put me on COD for six months, no exceptions," he remembers. "And since this was a supplier I relied on heavily, I was forced to visit the plant weekly to pick up material and pay by check. Even if the supplier had been willing to extend 10-day terms to me, I would have jumped at it. It was a real inconvenience to be on COD. Now he is in the position of implementing his own collection and credit philosophy and he learned a lot from the past. Here's his strategy and how it works...

the surprising way he handles initial credit and personal guarantees (we've never seen a policy quite like this before!)
learn how his policy on collections works.
and the results, in terms of sales and DSO.

. . . keep reading

Force Majeure Clauses
This case study looks at the effect of a force majeure clause in a purchase order. Does a sudden war allow the customer to simply cancel a custom-made order after it's already been ordered and finished? What do force majeure clauses mean and how do they work? . . . keep reading

Case Study: Is This Collector in Trouble Under the Fair Debt Collection Practices Act?
In this legal case study, we examine a situation in which a collector calls a debtor who is three months behind in his payments, only to find he's out of work. After some conversation, the collector offered an implied threat that he'd come over and repossess his furniture. Is this kind of threat going to get him in trouble with the Fair Debt Collection Practices Act (FDCPA)?

Read on for an interesting case, along with the answer and our analysis of this situation, in particular, what the FDCPA says about the collector's actions. Also learn: what property is exempt. . . . keep reading

Contractual Conditions and Collections
by Rene Sacasas, J.D.
This legal case examines the concept of conditions in contracts, and explains the three major forms of conditions:

conditions precedent,
conditions subsequent, and
conditions concurrent.

. . . keep reading

A Business Improvement Team Revamps Collections
When collection costs topped $30 million on $1 billion in revenue, one Northeastern utility created a business process improvement (BPI) project team to thoroughly review the collections process and make recommendations for improvement. The eight-person team was composed of both management and union employees and included representatives from Collections, Information Systems, Finance, Call Center, and field operations.

Meeting behind closed doors virtually full-time for 22 weeks, the team's first goal was to create a process vision, which was: "To create a proactive, cost-effective process designed to reduce write-offs through a consistent and targeted approach by evaluating customer credit risk and performing timely collections." Also . . .

What motto the team developed and what it's four elements are
What the composition was of the focus groups they created
The three major flaws in their existing collections process uncovered by the focus groups
The key recommendations of the focus groups, and how they implemented them.
The three components of their Credit Matrix Redesign (a new scoring system)
The key recommendations and solutions, including their high-risk collection and special needs teams

. . . keep reading

Displaying Matches 65 thru 79 of 295 Found BACK NEXT

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