The MaxCollect debt recovery process
MoneyQuest offers a revolutionary way to manage your debtor accounts: MaxCollect™. This site explains how our logical, automated process lets you recover YOUR money much FASTER and at a much LOWER COST than with traditional methods. Click the images and links on this page for more details. Prepare to be amazed!
An orthodontist: lower fees
Your fees averaged only 7% per dollar recovered when your competition wanted anywhere from 30-50%. [I’d] rather put the money into the practice instead of into some collection agency’s pocket.
[It’s important for us to] do all we can to maintain a good working relationship [with our patients]. The dignified method that you utilize helps us recoup our funds and just as important, we have been able to keep [relationships active].
The scrolling images at left each address an important debt recovery topic.
- Some provide comments by actual MoneyQuest clients, describing their outstanding results – turning late payers back into good customers.
- Others are key recovery concepts that you should consider when overhauling your debt collection strategies.
A dentist: better recovery
Your service...has performed far better than our previous service. [We] have collected close to 40% of the dollars submitted [and are] getting four to five times better recoveries...for a lot less cost!
75% of the patients [now respond] with a payment. [Your cost] is quite reasonable [and for us] should run from 5% to a maximum of 10%.
A veterinarian: better collection ‘weapons’
It helps that the letters are sent on our behalf [packing] the punch of an attorney and the credit bureau.... More weapons produce more money. We believe in affecting credit – because it works. [The] same thing is true with the attorney impact....
With typical agencies bringing in less than 10% for veterinarians, you have surprised us all. We currently are running at 32% gross recovery on our delinquent accounts.
A fire protector: MoneyQuest rewrote the book
MoneyQuest re-wrote the book and has recovered about 87% of all the money submitted.... It is nice to [count on] consistent follow up. [We] know the debtors will be contacted a minimum of 7 times including the attorney contacts. I frankly don’t have time to do that many [contacts] on my own.
Finally, it still amazes me...that we get an attorney and the credit bureau involved for a cost that averages only 10%.... I believe that is a major reason for your superior performance.
A motor repair service: Credible legal threat
I only wish I had done this sooner. [We started with just] one account [owing] $13,000....after months of my own attempts. [MoneyQuest got us] over $8,000...along with a promise for the balance, [now] down to about $400.
Without the capability to follow through with the attorney contacts, I know we couldn’t [legally threaten attorney action]. [We expect] an even greater impact on [our] other items. [With MoneyQuest] our cash flow will benefit, rather than our customers who may want to hold onto “our” money.
An Attorney’s experience: easy to use
[With] traditional collection agency [services, most] of our clients were unaffected by the notices sent.... [Few] of our accounts were paid in full from the agency’s efforts. [In contrast,] MoneyQuest has successfully collected many of our past due accounts.
MoneyQuest is...easy to use.... All of our account information can be accessed online. It is a quick and simple process to enter client[s] into the system and to update their information as they make payments.
Your debts depreciate in value over time
If somebody owes you $100, what is that debt really worth? You must discount each debt by your chances of actually collecting it. The older it is, the less likely it will be paid. This chart, based on U.S. Department of Commerce statistics, shows how the risk-adjusted value of a $100 debt could drop to $10 or less. Each industry, region, and company has its own depreciation curve...but the bottom line is clear: You MUST do everything possible to collect debts EARLY.A medical association: diplomatic recovery
[MoneyQuest] provide[s] the most diplomatic recovery techniques we have seen. [It is] designed to maintain your patient relationships while expediting your cash flow. MoneyQuest will enhance your office staffs’ efforts...providing some much needed relief.... In just fifteen minutes you’ll learn [how your staff] can collect more money, faster, and for a dramatically lower fee. It may be the most profitable fifteen minutes you spend this month.
For effective recovery, use an automated process
Time and again, debtors have been shown to respond best when faced with prompt, vigorous, unrelenting contacts. If they you send them invoices for half a year, and then begin sending letters each month, what\\’s the hurry in paying you? You haven’t shown that you\\’re serious!Instead, you need to alert your delinquent debtors as soon as their accounts are at risk, and follow up with frequent contacts that steadily increase in pressure. Your debtors must have no doubt that serious consequences are coming – like clockwork.
You need to motivate your debtors
Debtors with past due accounts usually are over their heads – they owe money everywhere, not just to you. Each month, most debtors usually manage to pay a few bills...until they run out of funds. You need to be sure that your bill is at the top of the stack. You can do this by utilizing the best set of proven recovery techniques –- strong messages
- delivered through a consistent process
- backed up by credible legal threats
It’s your money...and you need to get it back.
Your debtors are holding onto your money – instead of paying you as agreed. You need to take positive steps to motivate payment. By applying the right leverage, you can see tremendous improvements, and start collecting far more money, faster, and at a much lower cost than with traditional methods.Outsource your receivables process
For effective debt recovery, you need to be certain that debtor contacts will proceed correctly, consistently, and efficiently. Reliable follow-up is essential.An automated process is best – you don’t want to have to rely on an employee’s memory or daily schedule. You need to be able to review all your outstanding receivables at a glance, and monitor progress as debtors are taken from step to step. Using MaxCollect from MoneyQuest lets you focus on your business – leaving the drudgery to outside specialists in the recovery process.
To learn more about how MoneyQuest can help your organization, visit the links on this page; or contact us for more information.
