What Businesses Should Seek Out when Choosing a Collection Agency
Debt collection isn’t a new business. It has evolved dramatically since IC System’s founding over 80 years ago. With regulations, technology and a changing economy, organizations need a debt collection partner they can trust. Bryan Campbell, Business Development Manager of IC System, shared his expert advice for those that need help with receivables.
“A partnership focus where the agency is an extension of your business is key. It’s also important that they have a strategic and clear understanding of your needs and put together a solution to meet them. It’s not cookie-cutter,” Campbell said.
Companies typically engage an agency when their internal processes aren’t working. An uncertain economy and businesses not being able to keep all staff on the job contribute to the issues, especially in healthcare.
“Cash flow is critical right now. Providers and businesses are understaffed, or those in the office aren’t trained to collect. An agency helps remove this strain and bring in the money needed,” Campbell added.
Another important aspect of choosing a provider is technology and its ability to make things easier. IC System offers full capabilities on an online platform. They’ve also improved workflows by integrating with management software used by physicians, dentists and other organizations.
Campbell also noted that credibility and licensure matters.
“The U.S. population is very transient. You need an agency that can legally collect in all 50 states,” he stated.
He also urged businesses to think about how to measure success in the industry.
“Have they been doing this for a long time? Do they have endorsements? Like clients? Technology innovations?,” he said. “These are all good questions to ask.”
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