Speakers discussed new technology, training tips and how to use data to improve your operations.
7/15/2020 15:00
The opening day of ACA International’s 2020 Virtual Convention & Expo was jam-packed with rigorous educational opportunities at every turn, covering countless hot topics. Here are some highlights from the July 15 sessions:
Don’t Let Your Fear of Failure Stop You From Exploring New Technology
Nobody wants to be on the wrong end of a class-action lawsuit or regulatory action, but Jeff Freedman, co-CEO of MRS BPO, LLC, pointed out that these fears have caused the accounts receivable management industry to lag behind modern consumer communication preferences. In a Wednesday morning session, he shared each step of his company’s digital transformation, which was not without some bumps.
For instance, the company’s first stab at a conversational IVR system was a complete flop. They learned that Alexa and Google Assistant applications were not conducive to call center conversations. But company leaders took what they learned from that failure to find an even better technology. Today MRS BPO has Adam, a virtual collection agent that has collected more than $4 million so far in 2020.
“Only through failure did we learn to keep pushing and challenge ourselves,” Freeman said. “Failure is the reason we have Adam today.”
Credit Reporting: Let the Data Tell You If It’s Worth It
As Managing Editor Anne Rosso May wrote in the May issue of Collector magazine, there is a tremendous cost involved for ARM companies that choose to credit report. The resources required to process and respond to disputes, deal with litigation—both legitimate and frivolous—and comply with often-outdated rules and regulations can make any agency owner wonder: is it worth it?
At the Creditors Lunch & Learn on Wednesday, Dennis Barton, owner and managing attorney at The Barton Law Group, LLC, outlined similar concerns and urged companies, especially smaller companies, to dig into their data.
“It would be good from an operations standpoint to validate that all the expenses and expenditures are worth it,” he said. “Find out: Is it helping you?”
Take a look at how much money you are actually bringing in because you credit report, and use the data to guide your next steps.
How Can You Be an Extension of Your Health Care Client?
Instructors Beth Conklin, account executive at State Collection Service Inc., and Irene Hoheusle, vice president of collections and education at Account Recovery Specialists Inc., discussed health care trends and training tips for working with clients Wednesday afternoon.
“Train what you know,” Conklin said, adding that it’s important to have regular training.
Make sure your agents know your clients’ expectations for working with consumers and that you are aware of your clients’ decisions on office policies and credit reporting, for example.
Hoheusle and Conklin offered the following tips:
- Connect with your client at least once a month
- Stay up-to-date on your business associate agreement
- Make sure your agents are familiar with charity care, financial assistance options, settlement offers and other options for consumers.
- Train, train, train.
“The more knowledge you have of your client, the better the relationship is going to be,” Conklin said.
What's Ahead
Thursday will kick off with the main stage session Life Would be Easy, If it Weren't for Other People at 10 a.m.
This session opens with remarks from President Scott Purcell on his vision for his year as president. Purcell will be joined by Keynote Connie Podesta, who will take you right inside the minds and personalities of the people you deal with every day—bosses, colleagues, partners, customers, friends, and family—so you can act, rather than react to whatever life throws your way.
Educational sessions on compliance, legal topics and operations will continue throughout the day Thursday, as well as exhibitor showcases. The Expo Hall on ACA’s 2020 Virtual Convention & Expo virtual platform will continue to be available through Sept. 30.
Also on the agenda Thursday, U.S. Rep. Ann Wagner, R-Mo., will join ACA International board members Roger Weiss and Jack Brown III, plus ACA staff, for a fireside chat about the myriad of issues facing the accounts receivable management (ARM) industry in the House Financial Services Committee during ACA’s 2020 Virtual Convention & Expo at 4:10 p.m.
Please take a second to check out our ACPAC Silent Auction, also available on the Resources tab while logged in to the Virtual Convention & Expo platform.
ACA will feature coverage throughout the 2020 Virtual Convention & Expo in ACA Daily.
ACA encourages you to share your experiences and photos on Twitter and Facebook using #ACAConv20 or by email to [email protected].