Improving Collections Has No Blueprint
The outside firm immediately went to work, starting with the oldest accounts first, because, as Gold notes, "The older an account becomes, the harder it is to collect."
Gold says he has a "practical" attitude toward the idea of working with another company on collections. "I'm not afraid to ask for help. I think our organization's strength was being able to surrender a little bit and understand and acknowledge that we had issues and attach a sense of urgency to that, which has been directly related to our results."
In addition to getting external help, Gold says Promise also looked within the organization, calling on employees in the finance area to improve internal collections processes.
"I told everyone the fact is we are not collecting at the rate that we should be, so let's pick some metrics for where we want to be and get moving towards it. That is all about style and leadership and how you get things done," he says.
Gold created a task force and charged those involved with coming up with ideas and solutions. The biggest issue identified by the task force was the need to improve the accuracy and completeness of the bills that were being submitted to the billing office.
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