profit recovery service - soft collections
DESCRIPTION
Would you spend a nickel to get a dollar? Of course you would. Now I can show you how you can turn a nickel into a dollar in your business with our MaxCollect Profit Recovery Service.TRANSCRIPT
The Outsourcing Solution For Accounts Receivables
Payment Automation Network, Inc.
In partnership with
MaxCollectTM Service
Outsourcing Solution
Automated
Low Fee
Higher Recovery
Faster Recovery
Customer/Patient Retention
Understanding Past Due Accounts
How Your Money Depreciates
0
10
20
30
40
50
60
70
80
90
30 90 150 210 270 330
0
10
20
30
40
50
60
70
80
90
30 90 150 210 270 330
Account Aging in Days
PE
RC
EN
TA
GE
Based on U.S. Dept. of Commerce StatisticsBased on U.S. Dept. of Commerce Statistics
Status Reports
29% Recovery
Rate
Average Age
302 Days
54% Recovery
Rate
Average Age
105 Days
What Are The Alternatives?
In HouseIn HouseLegal ActionLegal Action
Write OffWrite Off Collection Collection AgencyAgency
In House
• Costly
• Inconsistent
• Time Consuming
Legal Action - Hire An Attorney
• Legal Action
• Costly
• Judgment
• Small Claims Court
Write Off
• No More Costs
• No More Recovery
• “Easy” Reputation
Collection Agency
• Lost Customers
• Limited Recovery
• Expensive
The Solution -MaxCollect™ Written Communications
Automated Telephone Call
Attorney
Credit Bureau Reporting
Online Portal
Online Portal to MoneyQuest• Add and Update
Up to Four Letters Sent
From the Client
Neither MoneyQuestNor MaxCollect is
mentioned in the letters
Automated Telephone Call
3 Attorney Letters Sent
Attorney Contacts
• Call Placed
• Caller ID
“Attorney at Law”
• Final AT- Demand
Litigation
• Arrange with attorney
• Contingency plus court costs
Credit Bureau Reporting
• Unpaid Accounts Reported
• Interface Maintained
What are Your Results?
0
10
20
30
40
50
60
Gross RecoveryCollection CostNet Recovery
Collection Agency MaxCollectTM
14%
34%
9%
41%
10%
37%
Based on average recovery and age placed for each alternative ...
Why Does MaxCollect Perform Better Than Other Options?
TOOLS
TIME FACTOR
DIRECT PAYMENT LOW FEE
Client Fees – The System Written Communications
Automated Telephone Call
Attorney
Credit Bureau Reporting
One Time - Setup Fee
$495– Web based input and
reporting system
– Retains Attorney
– Credit Bureau Reporting
– Staff Training
– Customer Support
Processing Fee
• $12.95 per account
• 7 letters every 14days
• Thank You Letter
• Auto Phone Calls
• Offset by Delinquent Billing Fee
Time Driven Fee Schedule
Days/Aging 1-60 61-120 121-180 181-365 366-731 Attorney
Fee Percent
5% 10% 15% 20% 25% Phone, etc. 25%
Litigation 35%
Convenient Monthly Billing
• Account Processing
• Client Receives Payment
• Stop Action
• Billed Resolution Fee
Customer Service
• Web Based 24/7 Access
• Initial Call to Review
• Periodic Contact
• Printed and Online Help
Features that BenefitHealth Care Providers
• Website – Password Protected 24/7
• No Software Needed
• Detailed Reporting and Sorting
• Easy Submission and Easy Reporting Payments
Features that BenefitHealth Care Providers
• Settle an Account – No % Penalty
• Recall an Account – No % Penalty
• Short Hold an Account – No Tickler File Necessary
• Additional debt while in Process
Features that Benefit Health Care Providers
• Aging based on Last Financial Activity
• Maintaining Relationships – 30-60-90days
• Thank You Letter – Maintain Patient
Collection Agencies vs. MaxCollect™
• Collection Agencies1. High Cost – from 30% to
50%2. Accounts skimmed, based
on balances3. Loss of Control – agency
receives payment4. Lack of detailed reporting to
client5. Limited recovery due to lack
of impact – no implied harm to credit
6. Loss of customers – most are offended
• MaxCollect ™1. Much Lower Cost – low as
5%2. All accounts worked equally,
regardless of amount3. All money paid directly to the
client4. Detailed monthly reports;
access 24/7 on website5. Increased recovery with
credit bureau, attorney letters, phone calls, litigation
6. Maintain customer relations by sending “Thank You” letter
The Next Step
• Contact Payment Automation Network, Inc. to sign up for the service
• Complete the paperwork – Agreement– Attorney Retainer
• Issue check for $495 to MoneyQuest Corp
• Start recovering past due accounts
Payment Automation Network, Inc.
• Call toll free 800-813-3740
• Email [email protected]
• Visit us on the web www.PaymentAutomation.net