Financial Recoveries utilizes an inbound/outbound contact management system designed to create a highly efficient method of contacting consumers. It is fully integrated with the system databases, resulting in maximized productivity by relieving representatives of the dialing function, reducing “wait time”, and providing a continual flow of “live” contacts.
Increased Productivity
- Contact rates three times greater than manual dialing
- Automatic Number Identification (ANI)
- Calls are routed based on account ownership via automatic account searches
- The Progressive-Pool pacing algorithm sends answered calls to the next available representative, reducing hold time and hang ups
- All activity is on-line and real time
Unattended Messaging
This technology gives Financial Recoveries the ability to contact large volumes of accounts by leaving a pre-recorded message specifically designed to induce a return telephone call. It can be used successfully in a variety of ways but is most effective when directed at high volumes of low balance accounts that would otherwise not be cost effective to work.
Verified Contacts
Utilizes text-to-speech technology to play a personalized message to the contacted party and asks for the right party by name. If the call is answered by an answering machine, the system leaves a message meeting all legal requirements. Calls answered by the right party are transferred to a live representative.
Interactive Voice Response (IVR)
IVR allows account holders and clients to check balance information, make payment arrangements and complete other transactions through a touch-tone phone, eliminating human intervention.
This product works with automatically delivered call information and user-entered information (account number, Social Security number, zip code, etc.) to identify, locate and route accounts.
Benefits of the IVR include customer service availability 24 hours a day, seven days a week. Callers needing additional service during business hours can be transferred to an account representative; calls after hours are directed to a voice mail system for the next day’s follow up.
The Voice Trak feature records conversations between representatives and contacts. The recordings are stored for later review by management or for playback. Benefits are as follows:
- Record inbound and outbound calls.
- Play a previous conversation during the current conversation.
- Review a conversation during litigation as evidence.
- Train a representative.
- Verify transaction for accuracy.
- Access online transactions for review or playback.
- Record calls systematically or manually.
- Set recording criteria.
Voice Trak stores recordings - each recording includes:
- Date
- Time
- Duration
- Recording type
- Name of contacted or calling party
For healthcare clients, Financial Recoveries utilizes an all claims, all payer system which facilitates the automated download of payer specific claims and the electronic submission of these claims to payers. Both the UB-04 for institutional health services and the CMS-1500 for professional services are transmitted in the 837 format.
We use a payment predictability product, which rank orders accounts based on their predicted collectability. This process helps us prioritize our collection efforts according to the debtor’s historical likelihood of making payment.
Financial Recoveries uses an information service which provides address and telephone number information on individuals. New referrals lacking a home telephone number are electronically submitted on a daily basis where a search of a national database is then made. Updated information is returned electronically.
Our system allows on line accessing of credit bureau information from the two largest credit bureaus in the nation - Experian and Trans Union. With Credit Bureau Inquiries, we have the ability to view the most recent credit report of any account referred to us. This is used as another skip tracing tool and also to determine an account’s ability to pay.