Contributor: Art Hernandez
In Part I of my Taking the Pain Out of Collection Claim Processing series, I described the importance of maximizing recoveries. In Part II I describe how you can use collection agencies as a strategic resource to help you maximize recoveries. In Part III I discussed the challenges that occur in the traditional claims process. In Part IV, I will describe the benefits of automating the collection claim process.... read more
Contributor: Art Hernandez
In Part I of my Taking the Pain Out of Collection Claim Processing series, I described the importance of maximizing recoveries. In Part II I describe how you can use collection agencies as a strategic resource to help you maximize recoveries. In Part III I will describe the challenges that occur in the traditional claims process.... read more
Contributor: Art Hernandez
In Part I of my Taking the Pain Out of Collection Claim Processing series, I described the importance of maximizing recoveries. In Part II I will describe how you can use collection agencies as a strategic resource to help you maximize recoveries. When you have an agency relationship that is built on close collaboration, there arise multiple opportunities for you to leverage their expertise from either a 1st party (outsourcing) or 3rd party (claims) collections perspective.... read more
Contributor: Art Hernandez
Most credit managers or directors manage multiple collection agency relationships for their B2B collections, yet the process of managing these relationships can be highly manual and complex creating lack of efficiency and transparency for both the company and agency. For many companies I come across, the placement of claims with a collection agency is a critical stage in the pursuit of past due payments. When one of your customers lets their accounts go past due and then fails to pay despite repeated reminders, your firm has already absorbed the cost of goods sold, financing expenses, and collection costs. Upon placing the debtor with a collection agency, any recoveries of the past due amount will incur collection fees, but that is better than the alternative of no recovery and a bad debt loss. Agency placement is often a critical step required to get certain debtors to respond to requests for payment. ... read more
Contributor: Art Hernandez
I recently had the opportunity to moderate a panel discussion on increasing cash flow through standardization & automation and I thought I would share a few insights that I took away from that discussion. The panelists included credit professionals from three different industries – wireless/telecom, manufacturing and pharmaceuticals. All had automated their accounts receivables processes at their current companies but also at previous companies. An industry consultant from The Hackett Group was also on the panel. ... read more
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