Another year, another ACA Fall Forum marked as one for the books. Not only do these conferences allow Provana to showcase an array of debt collection solutions, but they also create an opportunity to discuss important industry topics.
We had a great time in Chicago at the 2018 ACA Fall forum connecting with fellow thought leaders, and had the chance to hear a myriad of shared experiences across all levels of the debt collection ecosystem. With topics that ranged from agentless and electronic collection methodologies to important data security measures, the conference sessions had insights for everyone. Here is what we believe were some of the noteworthy takeaways and what these trending topics seemingly foreshadow about the future of collections.
Digital Communication is On the Rise
There are a lot of questions around how compliance, consent and other aspects of the industry are going to shift as the act of collections gears toward the digital space. We typically think of email and text in this arena, but with the rise of bots and applications on the forefront of adoption, industry compliance leaders such as BCFP would like to address these technology advancements in a more tactical manner.
Tackle Complaints with Software Solutions
Complaints flow through the debt collections ecosystem in various ways. While we know that not all complaints are avoidable, many insights were shared to remedy some of the more troublesome cases.
When formulating a concrete bona fide error defense, compliance management is vital to success. It is important for policies and procedures to be up-to-date and for all staff to be trained with proper documentation. Compliance management solutions can easily present employees with the latest versions of documents, notify them of changes and track their acknowledgments.
While compliance is key for preventative measures, data analytics assist in the process of evaluating high-risk calls. These analytics can tell the effectiveness of increased calls and revenue weighed against the potential cost of suits, helping to shape a strategic process around common complaints.
Call Baiting – Prevalent More than Ever
Call baiters are an ongoing issue that put a call center’s compliance in jeopardy as regulations continue to evolve. Speech analytics software is recommended to avoid call baiting mishaps. With the help of speech analytics, all calls can be monitored and can incorporate call baiting trigger words such as “date of discharge.” These calls can then be flagged and the agent and call center managers will be notified to mitigate future risks with further training and testing.
Hospital Mergers and Acquisitions Are the Future
For anyone who works with healthcare clients, it is important to note that mergers and acquisitions aren’t going away any time soon. On the contrary, these transitions continue to rise as hospitals are experiencing a significant variation in patient volume. This is largely due to balance sheet problems, the Affordable Care Act, technology advancements and the constant flow of changes in regulations. Insurance companies are also enforcing stipulations that require patients to visit ASC’s for many medical procedures, making it harder for hospitals to budget.
Agencies continue to get displaced during these mergers and acquisitions. Expanding service lines will give an agency leverage over competition with an increased chance to retain clients. While collection rates are still extremely relevant, it is important for agencies to educate and inform healthcare clients on the compliance measures they’ve taken to reinforce a positive brand image and avoid risks.
While the sessions uncovered significant insights into the debt collection industry, we also had the opportunity to showcase a no-obligation, free trial of our speech analytics platform, ICAP. Take advantage of this opportunity today and connect with Provana.