5 Tips for Selecting a Debt Collection Agency

5 Tips for Selecting a Debt Collection Agency

Hiring a debt collection agency for your business or healthcare facility can be an overwhelming choice. With plenty of options out there, finding the right one that can drive results can be quite the selection process. We get it. You’re looking for a company who identifies with your values, who will follow the rules and ultimately help your bottom line. So what things should you consider and look at when making this decision? Well, it doesn’t hurt to consider the following:

Their Values: Take a look at the company’s values. Do they treat those who work for the company with respect? Will they treat your customers with the dignity they deserve? Finding out if their values align with your company’s will make for a smooth relationship and reflect what the working partnership will look like.

Their Track Record: Ultimately, you’re looking for results when it comes to collections. What’s the company’s record on this? You’ll want to ask them to provide this information so you know how effective they’ll be working with your customers to get the debt paid down.

Data and Security: When it comes to working with people’s personal and financial information, it’s critical the right security systems are in place to prevent any loss or theft of information. And if you’re involved with healthcare, you’ll want to ensure the company adheres to HIPAA regulations. It also goes beyond IT security, employees should be thoroughly vetted when they’re hired and external security should be of the highest quality.

Compliance: Since debt collection is heavily regulated, you’ll want to ensure the agency is abiding by all laws and regulations. Working with an agency that potentially skimps on the rules can be trouble not only for them, but also for you. Ask about their employees’ training and continued education to stay on top of regulations.

Ask for References: Much like when you hire an employee, you ask for their references - the same principle applies to hiring a debt collection agency. Ask them to provide you a list of clients they work with and get a feel for the services and satisfaction they provide.

If you’re in the market for a debt collection agency, we’d be happy to connect with you. You can learn more about CBE Companies by visiting our website here or contacting us for more information here.