3rd Party Debt Collection
Third Party Debt Collection involves the enlisting/hiring of a company (collection agency) to collect a bad debt. The 1st Party is the business to which the debt is owed. The 2nd party is the consumer/business that owes the debt.
First Recovery Solutions collection agency specializes in 3rd party debt collection for a wide range of industries, including:
- Medical (Radiology, Dental, Vision, Hearing, Prosthesis, Pharmacy, Hospital/Physician Groups, and Clinics)
- Delinquent personal checks
- Cellular phone service contracts
- Internet and cable service contracts
- Financial (loans and lines of credit)
- Schools (Tuitions and supply fees)
- Municipalities (Fines and tickets)
Our staff has the tools, experience, and the flexibility to work with all types of debt recovery from commercial collections and business debt to accounts receivable collections, federal debt and medical collections.
There is no business that is too small to perform recovery services for, from the one employee small business owner to large medical establishments. No matter what the industry or size of your business, our goal is to make contact with your consumer, patient, or guarantor, then resolve the underlying issues creating the account delinquency, and recover the amount as efficiently and professionally as possible.
Collaborative Collection Concept
First Recovery Solutions has adopted a Collaborative Collection Concept account recovery process. This debt collection ‘style’ helps a consumer develop a repayment strategy that is achievable and agreeable to both parties, resulting in reliable increased revenue for the business client of First Recovery Solutions.
How It Works
The Collaborative Collection Concept is essentially the development of the relationship between the debt collector and the consumer.
If after being prompted to first pay in full, a consumer explains ‘that is not a possibility’, the collector is trained to acquire information regarding a consumer’s account and financial situation.
Having done this, a discussion takes place regarding what payment options are available to a consumer under the determined situation, essentially collaborating with the consumer on the development of an acceptable repayment plan.
This collaboration often times is a discussion regarding different financial tools available to the consumer to get their account paid in full, such as home refinancing, tax returns, applying for certain types of loans, or credit cards. The taking of a guarantor’s insurance information to submit or re-submit to a 3rd party payer could also be part of this discussion.
A consumer that feels like they have contributed to the solution and developed a rapport with the collector is a consumer who will pay their account, and return to your business as a paying customer.