Provana helps AR Resources Manage Their Credit Disputes Using Automated WorkflowsCompliance Management
Overview
AR Resources is a full-service receivable management and collection company serving creditors throughout the United States. It was founded 19 years ago by a group of people who originated from NCO, the largest collection agency in the world at the time. Initially, AR Resources focused primarily on healthcare collections. They have around 75 employees and collectors working for them across the United States.
Challenge
AR Resources, recognizing the increasing demand for credit reporting from their clients, decided to streamline their operations by automating the dispute verification process (ACDVs). Realizing the potential challenges posed by the surge in Consumer Dispute Verifications (CDVs), they proactively took measures to ensure the efficient handling of the situation.
To effectively handle the volume of credit disputes, they needed to hire about 3 employees. By embracing automation, they not only aimed to manage the workload effectively but also anticipated significant cost savings compared to the traditional approach of hiring and training additional staff. This strategic move allowed them to continue delivering excellent service to their clients.
Solution
AR Resources started attending industry webinars and reading blogs and research papers to identify relevant technology solution providers who could help them automate their credit dispute process. During some of these webinars, Provana’s IPACS (Integrated Policy Audit and Compliance Solution) stood out as the most comprehensive compliance and dispute management solution in the industry helping its clients in the following ways:
- Manage disputes across multiple channels in a single platform
- Automated workflows trigger quick dispute resolution
- Make informed decisions through custom analytics reports
- Fast implementation to ensure quicker ROI
- Centralize all policies and procedures in one place
- Streamline employee training and testing customized test schedules and in-platform testing
“The collection industry has been slow to digital transformation. The pandemic helped us realize how important it is to infuse technology in our daily operations. And Provana is doing an excellent job helping the industry make a shift from fully manual operations to technology enabled solutions to unlock new avenues of growth and profitability.” said Craig.
Results
AR Associates leveraged Provana’s complaint and dispute management solution, IPACS for:
- Cost Savings: Reduced more than 60% of the cost on internal staffing to manage e-OSCAR disputes, estimated at two and a half FTEs
- Fast dispute resolution: Went from being able to respond to disputes on due date to about 3 and a half weeks ahead with 100% compliance in terms of dispute resolution after using IPACS
- Minimize errors: Automated workflows reduce manual errors while responding to ACDVs
- Effective time management: This allowed AR Resources to have an ample amount of time to collect all the required information and media for the account investigation and responding to the dispute with 100% compliance
- Focus on core business areas: With IPACS taking care of daily operations, we can now focus more on the strategic part of the business – revenue goals, expansion plans etc. to fulfil our growth plans
Most importantly, getting ahead of the problem has taken a big weight off the shoulders of the management team. “It was a huge sore a year ago, and now I can sleep better at night!”
60%
Cost savings on internal staffing to manage e-OSCAR disputes
Minimize errors
Automated workflows reduce manual errors while responding to ACDVs
Fast dispute resolution
Dispute resolution with 100% compliance after using IPACS