Blog & News

Change for the Better


By Travis Pasch - July 18, 2018

“We can't be afraid of change. You may feel very secure in the pond that you are in, but if you never venture out of it, you will never know that there is such a thing as an ocean, a sea. Holding onto something that is good for you now, may be the very reason why you don't have something better.”
-C. JoyBell C.
Too often in business, and in life, we let the small success of our current situation hold us back from achieving our true potential. The fear that a wrong step will lead us down a dark and winding path keeps us from seeing the fact that a single step in the right direction can bring us face to face with our goals.
This may seem like I’m simplifying a day at work, but if we do not take this life seriously and wholeheartedly, what do we have? The idea of achieving true potential may feel like a far-fetched notion, but when we let fear of change stop us from doing what we know needs to be done, we are only hurting ourselves and our colleagues.  Often times, a current solution or business rule is barely letting us stay afloat. We know there are better options out there, or more complete solutions, but we let the fear of change act as an anchor to hold us down.
When is the last time you took a hard look at your collection procedures? I’m sure everyone can find some fault in their process, although many may not admit to it, but the opportunity to change for the better is always available. Often, the hardest things to change is something that is working. Although many people realize that there are better alternatives out there, many stay with their current technology out of convenience. The one question you must ask yourself is:
“Have your collectors been given all the tools they need to succeed by you and your team?”
In the ever-changing world of debt collection, we must be willing to change and grow with new solutions to allow our teams to be as successful as possible. In an industry that changes every day, the average collection group moves slowly to adapt to the environment. Does your current solution help you to stay ahead of the curve? Or do they hold you back from becoming the most successful company you could be?
Flexibility and customization are two of the pillars that ADS is founded on. ADS and its employees strive every day to stay ahead of the constant changes affecting all of us on a daily basis. That’s how we survived in this volatile industry for over twenty-five years.
One thing that isn’t going to change anytime soon is debt! Consumer debt continues to rise yet collection rates are falling. This is due in large part because of the failure to find the right system that will help you grow into the future. We want nothing more than to be the solution that pushes you over the top!
The real question is; will you be the one to survive and recover all that money?
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Account Linking

Linking Related Accounts in AdvantEdge 2.0

By Daniel Reinig - July 9, 2018

 

In the collection industry, efficiency is extremely important in making sure that the organization is productive in their collection efforts. There are many ways to achieve increased efficiency. These can be accomplished through the workforce, through business processes, and through advancements in technology. One of the big changes to come to AdvantEdge version 2.0 is the Linking functionality. This feature allows collectors to quickly and easily find and pull up accounts that are related to a specific debtor. In many situations, organizations will have a single debtor with numerous accounts. If these accounts were not all established together, they will sit independently from each other in a collection portfolio. With the Linking feature, accounts with the same debtor can be linked together so that a collector can work numerous accounts for a single debtor at the same time. While many industries see these situations arise, one example of where this can be consistently seen is in the medical industry.

 

In the medical industry, it is not uncommon for someone to be admitted to the emergency room, then admitted to the hospital, then scheduled for follow-up visits and appointments. While these may be surrounding one incident, because the individual visits different doctors and locations, they may have numerous billed accounts. If the individual does not pay their invoices and is taken to collections, their accounts will be separate. By linking these together, collectors can prioritize which account should be paid first, highest, etc... The linking functionality can be set up to automatically post payments to specific accounts in the linked group based on specific business rules of the organization. This can be true for many different industries, and because of this, different industries will have a specific set of business rules to follow when collecting on linked accounts.

 

Another benefit to linked accounts is the ability to negotiate past due invoices together rather than separately. In most collection departments, there are specific business rules that tell the collector how much they can settle for depending on the financial situation of the debtor. When a collector is not able to see all the accounts attached to a specific debtor, the overall financial state of the debtor is not as accurate. By being able to quickly identify the linked accounts, collectors will be able to reach payment options on the batch of accounts more successfully.

 

AdvantEdge has been designed in a way to make it easy to link accounts. The software highlights numerous fields in the collections screen to help the collector identify linked accounts. These accounts can be linked on SSN, name and address, driver’s license numbers, accounts numbers, or agency numbers to name a few. Payments can be applied to a lead account in the linked group, or payments can be spread throughout accounts. Please contact ADS to learn more about how AdvantEdge Linking functionality can work for your organization.

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AdvantEdge Toolbox

AdvantEdge Toolbox for Users

By Daniel Reinig - July 9, 2018

One of the big changes of the 2.0 release is the “Toolbox”. The new Toolbox gives the client more options to perform custom inquiries for their business rules without the need for IT custom programming. This gives the client the power to wrap AdvantEdge around their business rather than having to “fit” their business into a rigid software system. Another benefit of the Toolbox is that in the event you do need some custom programming done, the IT staff at ADS can get it done quickly without having to do a whole new update of AdvantEdge. If you have IT talent on your staff, they will love our open Microsoft SQL platform that will allow changes to be made easily and effectively. However, if you do not have your own IT staff ADS would be more than happy to assist in setting up and using the new Toolbox application.
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