10 Tips for Successful Debt Collection in Healthcare
The unique challenges of debt collection in healthcare require a balanced approach that respects patients’ financial situations while ensuring that healthcare providers can maintain financial viability. Here, we will explore the essentials for successful healthcare debt collection, offering insights and strategies that are both effective and empathetic. 1. Understanding the Patient’s Financial Situation The cornerstone […]
The Psychology of Debt Recovery
Debt collection, often perceived as a purely financial transaction, is deeply rooted in psychological principles. Understanding the psychology of debt recovery is crucial for collectors aiming to improve their success rates. Communication Strategies and the Psychology of Debt Recovery 1. The Human Element in Debt Recovery The psychology of debt recovery begins with recognizing the […]
10 New Year Resolutions for Debt Collection Recovery
Make 2024 Your Year Of Success in Debt Collection Recovery As the New Year unfolds, it’s a perfect time for debt collection organizations to set resolutions that can drive their success. The industry is evolving rapidly, and staying ahead requires a strategic blend of the right technology, analytics, and traditional collection wisdom. Here are ten […]
Navigating Call Blocking Challenges
The landscape of debt collection is facing a significant challenge due to increased call blocking and spam labeling. This trend has created a barrier to legitimate communication between debt collectors and consumers, leading to a notable decrease in effective communications and right-party contacts. Navigating these call-blocking challenges can be, well, challenging, especially if you don’t […]
Understanding the New Safeguards Rule
The Federal Trade Commission (FTC) recently announced a pivotal amendment to the Safeguards Rule, marking a significant shift in data security protocols for institutions. This new rule mandates all institutions to notify the FTC within 30 days of specific security events. The New Safeguards Rule represents a considerable advancement in the realm of data protection […]
Credit Card Debt At New Highs
The Federal Reserve Bank of New York’s Center for Microeconomic Data recently released its Q3 Quarterly Report on Household Debt and Credit, unveiling a concerning trend in American financial health – “credit card debt at new highs.” This report provides crucial insights into the patterns of household borrowing and indebtedness, including mortgages, student loans, credit […]
What Is Solution Selling?
Nearly every day, you open your email inbox and are inundated with sales pitches and product-centered strategies. But what if those pitches weren’t pitches? What if they were targeted to your specific agency’s needs? Solution selling, which was developed in 1975 but is finally getting its due almost fifty years later, stands apart from traditional […]
Medical Debt Credit Change: Implications for Debt Collections
The debt collections industry is poised to experience significant shifts following a notable proposal from the White House. Central to this change is the medical debt credit change initiative that seeks to remove medical bills from consumer credit reports. This move comes in the wake of concerns over the undue burden of unforeseen medical expenses […]
A Look At The Fair Debt Collection Practices Act
In the field of debt collection, compliance with the law is paramount. The Fair Debt Collection Practices Act (FDCPA) plays an instrumental role in shaping the practices of our industry. We provide a look at the Fair Debt Collection Practices Act, its key provisions, implications for debt collectors, and rights for consumers. First, let’s start […]
Balancing Compliance and Compassion in Debt Collections
Debt collection is a necessary and often misunderstood aspect of the financial industry. The traditional perception of debt collection is often tied to strict adherence to laws and regulations. However, the emerging trend of compassion in debt collections is changing this perception, creating a new paradigm that blends legal compliance with understanding and empathy. The […]
Managing Stress in Debt Collections: Effective Policies and Procedures
The debt collections industry is often perceived as high-stress and demanding. Managing stress in debt collections becomes pivotal to ensuring employees’ well-being and maintaining a productive work environment. We’ve compiled actionable tips to enhance mental health and reduce stress for your employees. Actionable Tips for Employees For those working in the industry, there are several […]
Leveraging Outsourced Call Centers in Debt Collections
Leveraging outsourced call centers in the debt collection industry is more than just a strategic move – it’s a necessity. For our industry, this approach provides a valuable lifeline in navigating the challenges associated with hiring and staffing, helps to reduce costs, and keeps up to date with federal and state regulatory standards. The dynamic landscape […]
Are You Compliant With July’s New Debt Collections Industry Regulations?
This past July brought several new debt collection industry regulations. From text carriers announcing new requirements to Colorado’s new Data Privacy Act, we have compiled some of the new debt collections industry regulations you must be aware of. Text Message Carriers Make Changes Major text message carriers such as AT&T, T-Mobile, and Verizon have announced […]
The Impact of Medical Collections on Seniors
Many older Americans are facing significant challenges when it comes to medical collections and debt. A recent study by the Consumer Financial Protection Bureau (CFPB) sheds light on this issue and reveals its impact on seniors’ financial well-being. The study, titled “Issue Spotlight: Medical Billing and Collections Among Older Americans,” examines the prevalence of medical debt among […]
Benefits of Buying Collection Software from a Single Source Provider
Efficient management and organization of data, streamlined communication channels, and robust analytics are crucial for successful collections. To enhance their collection processes, businesses often rely on collection software and associated solutions for workflow automation and improved efficiency. While there are various options available, obtaining these solutions from a single source consulting provider offers significant value. […]
Harnessing the Power of Live Chat in Debt Collections
Utilizing live chat in debt collections is not just a trend; it’s a game-changer that is redefining the way we approach debt recovery and one more way to utilize the digital space to enhance our industry. But what are the options and their associated benefits for both the collections industry and the consumer? Let’s first […]
Five Ways to be Prepared for the ACA International Convention
Conferences, like the ACA International Convention, can be an incredible opportunity to network, learn, and grow your business. However, to make the most of ACA International, it’s essential to come prepared. In this blog post, we’ll discuss five ways to ensure you are thoroughly ready to attend this year’s, leaving you with actionable items and […]
Innovative Collections Technology Solutions by TEC Services Group
TEC Services Group is a leading provider of debt collection technology solutions that help businesses manage their accounts receivables and improve their financial performance. With a strong focus on innovation, we offer a wide range of cutting-edge products and services that cater to various industries, including healthcare. In this blog, we will explore our collections […]
Preparing for the Overturn of Biden’s Student Loan Forgiveness Plan: A Guide for Debt Collectors
As summer approaches, it is becoming increasingly likely that President Biden’s student loan forgiveness plan will be overturned. This development has significant implications for debt collectors, as a large number of student loans could potentially go into collections. In this blog post, we will explore the reasons behind the potential overturn, discuss the challenges that […]
New Rules Affect Visa Cards and Debt Collection
New rules that affect Visa cards and debt collection went into effect for collection agencies on April 15, 2023. In this article, we will take a closer look at what these new rules are and what they mean for consumers. The New Visa Rule In late 2022, Visa announced to its business network a series […]
