11 Oct Collecting Debt with Kindness: Insights and Learning from Collection Experts.
The previous few years have been tough on everyone as the pandemic hit the world. It also came bearing the realities of society. We realized as a community what it is to be human, and most importantly, vulnerable. We came across some amazing stories of people coming forward to offer help to one another. This encourages a new avenue in the revolutionized world that we live in post-pandemic.
You choose to be kind
As an individual and in life, being kind is a choice that you make. Perhaps it’s time to make it an obligation in our business strategies as well. Doing any business today, in any industry has its complexities growing forward. Maintaining a structure that prioritizes compassion can be the contemporary strategy for future debt collection.
Experts say: Don’t say ‘’Yes’’ to the status quo.
As pioneers in providing solutions to healthcare providers, HospAid has revolutionized the blueprint of debt collection. We often hear, ‘’It is what it is.’’ however that’s how it is every time you step into this industry. Every individual, especially patients within the healthcare sector come forth with stories of their own. We listen to the experts, who advise debt collection strategy to be driven by empathy and the power of expertise to ensure results.
Experts say It’s time for technology to rule.
No one wants to be at the receiving end of phone calls from debt collection which can become embarrassing for the debtor. We have experienced that if approached with compassion and consideration at the beginning of the collection process, debtors respond better, and even extend their effort to maintain or arrange payments. By using the latest technology, and maintaining privacy, we use it in our favor and produce results without having to intrude. Unless necessary, we do not resort to harsh solutions.
Experts say: You should go for a smart collection.
Technologies allow new inventions, one of which is smart collections. It puts debtors in control of their payments and facilitates scheduling them. They may take a lead in planning their arrangements by keeping the collection agency in the loop. As the collector monitors the payments, the debtor is free to plan out and execute their overdue. This allows customers to engage with you at their convenience. To enable the smart collection, debt collections use powerful technologies such as artificial intelligence, analytics, and machine learning to boost insights and maintain control. Even though the debtors have the freedom to control their payments, the collections remain in charge and manage everything. Smart collections are the future.
Experts say: Digital delivers.
The digital world is not a post-pandemic innovation but was around even before that. Back in 2018, more than 70% of debtors made payments in a timely fashion when they were reached out digitally primarily through email or SMS. This was 4 years back, and a lot has evolved till then. Today, everyone carries a smartphone and prefers texts and digital means of communication compared to phone calls. The digital world and management produce more results than they did years ago.
Experts say: Be Kind
A collection agency should be kind towards customers and respect their pride. They aim to reduce your business burden and assist your finances. With compassion at the heart of their efforts, you will be able to retrieve your debt faster with a collection agency. It helps the debtor to put trust in your collection process and believes that your company empathizes. We know businesses are capital oriented, however, they are still dealing with human individuals. By having a softer approach, you will not only encourage debtors to pay on time but also ensure future loyalty from their end.
Go for a flexible and profitable future
We live in a world where power determines everything. Where this may be true, a successful collection strategy ensures the utilization of that power smartly, with flexibility and thoughtfulness. These are changing times, and we at HospAid encourage you and your business to go with a collection agency that not only has the intellect but also has a heart. Their services and strategies reflect your business and what you stand for. You must never compromise your Brand Name, and the best way to do that is to deal with kindness.