Leading Healthcare Company Gains 3X Improvement in Recovery Rates in One Year
Improves Cash Flow and Customer Relationships Across the Board
Problem: Given the costs and risks of new capital, no business can afford to let accounts receivables drag down their own balance sheets. Strong recovery is essential to strong cash flow. But when our client, a leading Health & Wellness company, decided to choose a new collections partner, it wisely set a dual focus: recovery results and a strong reporting and communications process. Their goals stemmed from a prior experience with traditional collections agencies. Over time, they saw slower recovery cycles. But the impact was made worse by the lack of transparency and communication. Our client needed a better solution that would deliver both results and reporting at the highest levels.
Solution: Altus began the engagement with a clear understanding of the challenges of results and reporting. Before making one call, they performed a Rapid Creditor Analysis to quickly align with their goals and priorities. The process, conducted by the professionally certified Altus ARM Managed Service Team, created a smooth transition that allowed them to prioritize their efforts for maximum return. In collections mode, Altus employed a customized Smart Collections Outreach approach combining a smart mix of outreach strategies depending on the account need, all accomplished by the Altus collections network – the largest in the world. The recovery results were immediate and significant. As recovery soared, Altus’ Multi-Layered Reporting provided our customer full line-of-sight transparency. Key information such as debtor progress, payment histories, and call logs were all available in real time. This visibility allowed Altus and our customer to consistently operate on the same page.
Result: In less than one year, Altus completely reenergized the recovery and reporting process for our customer. Days Sales Outstanding (DSO) was reduced, recovery rates were accelerated, and customer relationships were improved. The dual focus and seamless transition produced a three-fold increase in collection liquidation in year-over-year reporting.
