Our
collection effort follows a step-by-step procedure
that
enables us to track and follow up consistently with debtors.
The “life-cycle” of a collection account is as
follows:
1. Information
Is Received From Client – Prospective Client would
supply MED-REV Recoveries with the debtor’s information that
will enable us to begin the collection action.
2. CREDIT
BUREAU REPORTING - If Prospective
Client chose to report their collection accounts to
the Credit Bureau, MED-REV would ask for permission in
writing, and would provide this service free of charge.
3. Acknowledgement
Is Sent To Client - MED-REV would send a
verification within 24 hours via U.S. Postal Service, or
method preferred by Prospective
Client.
4. Generate
First Notice - The debtor is immediately notified
in writing that the debt has been placed with MED-REV. (Letter
is mailed to debtor within 24 hours of receipt from Prospective
Client). Debtor is instructed to contact our office
immediately and remit payment in full.
5. Skip/Trace
- In the event that our written correspondence is returned to
us due to a bad address, we attempt to locate the debtor’s
new address and phone number.
6. Initiate
Phone Contact - Debtor is contacted by telephone 30
days after the initial notice is sent. Demand for payment is
made. If requested, a payment plan may be implemented at that
time.
7. CRS
Software - The status of each account is constantly
monitored on our computers. By using the Collections Resource
System software, we are able to follow through, to the day,
when a payment promise has been broken, if a debtor has failed
to return a telephone call, or any other information pertinent
to the collection effort. One central file server is accessed
by our computer terminals. This enables each collection to
have up to the minute correspondence notations regarding the
debtor.
8. Further
Notices Generated As Necessary - The urgency of
each notice escalates as the account gets “older.” Our
software enables us to print payment schedules to remind the
debtor if they modify the original request for payment in
full. We also send reminder notices for payment promises, as
well as notices when a debtor has broken a payment
promise.
9. Continued
Phone Efforts - Debtor is contacted continuously,
until the debt is paid.
10. Decision
Point -
| A. |
Debtor
pays the balance in full, and the account is
closed. |
|
1. |
Payments
are forwarded. |
OR
| B. |
Debtor
disputes balance. |
|
1. |
MED-REV
would follow request a written letter of dispute, which
would then be forwarded to Prospective Client. |
OR
| C. |
Debtor
refuses to pay the bill - If all “in-house” efforts
are exhausted, a decision is made as to the next step
for the debtor’s account.
|
|
|
LEGAL
ACTION - MED-REV will advise
Prospective
Client as to the status and course of action
for each debtor. If it is determined that the account
should be referred to an attorney, upon authorization
from Prospective Client.
The account would be forwarded to our attorney.
If
proceeding with institution of suit is required, MED-REV
Recoveries will up-front all costs, saving your company
thousands in court costs and attorney fees. |
