Debt recovery is not really a very pleasant business when seen from a lay person’s point of view. It’s about handling debtors who would be continuously trying to evade you, not taking your calls or making endless excuses for non-repayment.
For instance, in the Hospital industry an initial advance amount is collected for treatment for in-patients. But at the time of discharge family members may bargain or plead they would pay later. .In such situations the hospital administration is left with little or no choice but to discharge the patient and follow up later on the pending dues. Unfortunately this becomes an arduous task by the hospital staff as they are not trained in recovery procedures. Besides dealing with patients is a delicate task. They may speak ill about the hospital to friends and relatives and list a number of reasons for not clearing the dues. There is also the possibility of patients spreading unnecessary rumors. The hospital has to literally tread on eggshells. It is highly likely that the paper work requested by the hospital is incomplete, out dated or not updated that the patient may not be traceable.
In cases like this collection agencies are a blessing. Debt recovery is their profession. They have the means and know-how and expertise to handle these demanding situations. The debt recovery agency can also provide advisory support for a fee. The agency’s can be used in re modelling and fine tuning the current performance in the industry. The agency advisor’s may suggest means to better the hospitals approach to patients, ensure fool proof paper work and have a cordial customer support team to manage relationships .
Thus by following the correct procedures and the right attitude in dealing with clients debt recovery can be a lucrative business. An otherwise excruciatingly uncomfortable process; can definitely be made engrossing and profit gaining. Besides recovering the monies relationship with the debtors can be re written afresh. Networking will not only build contacts ,but plant and grow relations.
For More info : Commercial Debt Recovery