Questions and Answers
How do you collect my accounts receivable?
Most clients have our Premier Service called the Integrated Receivables System. With its three stage approach, this service is extremely comprehensive. The Stages are Communication, Recovery, and Litigation. Accounts start in the Communication Stage which includes Written Notices, Phone Calls, Text Messages, Emails Messages, and Credit
Reporting. The Communication Stage can last up to 120 days and include up to 96 attempts to reach your debtor.
This the maximum number of attempts allowed by law. Any accounts not resolved in the Communication Stage can
be transferred to the Recovery Stage for extensive follow up. The Recovery Stage includes advanced services including
Skip-Tracing, Asset Searches, Private Investigator visits, as well as continued follow up via Written Notices, Phone Calls,
Text Messages, and Email Messages. The Recovery Stage is scheduled follow up for a minimum of three years and a
maximum of seven years, which is the maximum statute of limitations. When warranted, and with your approval,
cases can be transferred to our Litigation Stage for Attorney involvement. The minimum balance that we would refer to
an attorney is $2500 and the debtor must have verified assets. In these cases attorney involvement may include
notice of intent, filing a lawsuit, obtaining a Judgment, garnishing wages and even seizing assets. We use a National
Attorney Network of several hundred attorneys. If your accounts are collectable, the Integrated Receivables System
offers every remedy available by law to recover them.
At what age should I send accounts to Point Credit Solutions?
The Integrated Receivables System will achieve the highest recovery ratio if you place your accounts at the 90 day aging point. If you never had another account on your books over 90 days, where would you focus your internal efforts? On the 30 to 60 day slow pays, right? If you could focus 100% of your internal efforts on these 30 to 60 day slow pays, what
percentage of them do you think you could prevent from reaching the 90 day aging point? Our clients say that they
could prevent MOST accounts from reaching the 90 day point. Now, if you have a reputable collection agency, with all
of the tools that Point Credit Solutions brings to bear, what kind of recovery ratio would you expect us to achieve? Our
clients agree that we should be able to recover MOST accounts you place with us, and under these circumstances, we do!
If, on the other hand you choose to wait and place accounts with us at a later point, each month you wait costs you more
time and money internally, and will reduce our recovery ratio by at least 10%. Eventually accounts become practically
worthless. Time is money, and the older the account is when you place it with us, the less likely we are to recover it.
What recovery ratio should I expect?
There are about 7900 collection agencies in the US. Each year the American Collectors Association surveys their members on this very question. Year after year the recovery ratio they report is between 17% and 20%. In 2019 that number was 17.9%. If you use your Integrated Receivables System properly, our goal is to provide a recovery ratio of
more than 50%. While a 50% recovery ratio is more than double the national average, we have many clients experiencing
recovery ratios of 70%, 80% and even 90%! Over four times the national average! If your recovery ratio is less than 50%
with us, it is our commitment to understand why, and help implement any changes necessary to increase this ratio.
When do you send us money collected from our customers/patients?
On the 15th of each month we process all payments received from the previous month. You will receive a check from us and a very comprehensive statement of each payment received. If the payment is received during our Communication
Stage you will receive 100% of the received amount. If the payment is received during our Recovery Stage or our Litigation
Stage, you receive will the amount recovered less our fees. Each of these recoveries will be detailed on the statement.
Currently we do not charge our clients or debtors any fees for credit card processing.
Should we accept payment from our customer after it goes to collections?
Absolutely! This your best opportunity to continue your relationship with the customer as well. Accept the payment first, and schedule that next meeting or follow up visit so you can retain the relationship. Then, simply notify us of the payment inside your portal using the Account Update form to stop the collection process.