Case Studies

The Situation:
Employees were responsible for tracking hundreds of collection files manually. Legal documents were created through the use of outdated software which increased the chance of data entry errors. Collection actions were taken only after receiving authorization from the property manager. Miscommunication regarding authorizations was common. Property managers lacked the time and desire to track accounts and manual status reports were outdated by the time received by the client. Files would become inactive or stale waiting for the manager to request the next action on a file. Attorneys and staff were constantly reviewing files to advise managers of the status of accounts. Delays in collecting delinquent accounts caused friction between the attorney, the property manager and the client. All of these problems increased exponentially as the volume of work increased.

The Challenge/Objective:
To change their collection practice from a reactive, inefficient and marginally profitable one to a proactive, efficient, and highly profitable practice.

The Solution:
Collectronics® created an automated collection system (called CollectMinder®) that provided 24/7 real time access to accounts for managers, firm employees, board members and attorneys, tracked the collection process from the beginning of an account until it closed and automated the preparation of legal documents.

The Results/Benefits:
Revenues from collection work have increased over 10 times. The number of accounts the firm now manages at any given time has increased more than five times the number before using the CollectMinder® system. Each employee now comfortably handles more than 5 times the number of accounts as before CollectMinder®. Time spent locating and reviewing files and preparing status reports has dramatically decreased. Client satisfaction has dramatically improved through more timely turnaround of accounts and better communication through 24/7 real time access to account information. The quality of work product has greatly improved by virtually eliminating routine clerical errors.

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