First Party Collections

As part of our First Party Collections program, we work with our clients to develop recovery strategies and priorities. All techniques and processes used while servicing or collecting payments are reviewed and approved by our clients to ensure alignment with the company values and brand. As an extension of your company, our dedicated team of customer service and credit professionals will contact customers or patients on your behalf. Following your established procedures and our high standards of excellence, we will remind them of their obligation to pay and resolve their account resulting in a positive experience.

Inbound Call Centers

It is important to have a great product or service, but it is even more vital to have proficient and prompt inbound Customer Care and Customer Support. Are you unable to meet the grueling demands of customer support in-house lately? Wouldn’t you like to reduce your burdens and concentrate on the thing that tops your priority list - Your business? We at Credence are here to shoulder your burdens by helping you with your inbound customer support. We are a well-established and reputed outsourcing company with the experience of managing inbound customer service operations of numerous global organizations, across an extensive array of domains over the years. Our high-tech infrastructure, skilled call center professionals and usage of latest telecommunication software helps us provide efficient call center support and phone answering services 24x7 that are tailor-made for your custom needs.

Third Party Collections

Credence Resource Management, LLC offers third party collection services across pre-collect, primary, secondary, tertiary, quad and warehouse placement categories in healthcare, telecommunication, insurance, utility services, retail and financial services verticals. We at Credence deliver outstanding results for our clients using a combination of automated technology, sophisticated analytics and highly trained customer service and credit professionals to yield the highest return on investment.

Data Enhancement Verification and Authentication (DEVA)

Credence Resource Management’s DEVA service follows an enhanced waterfall enrichment procedure with a manual validation built-in to ensure 100% accuracy of the enriched information.

Our statistically validated workflow model incorporates business intelligence at all levels of engagement. This methodology maximizes recoveries by improving the customer outreach under a customized contact plan most likely to communicate effectively with consumers on a timely basis.

Service Offerings

1. Phone & Address enrichment: This service returns three best phone numbers and one best address for the consumer, after going through a de-dupe algorithm for the phone and address data on file. The data is sourced from leading data vendors in US which also include latest information on consumer’s credit file. Based on the quality of input data, the new information hit rate ranges from 15% to 90% and contributes to an average lift of 30% in the contact rates. This is provided as an automated service to our clients.

2. Bankruptcy and Deceased Scrub: We provide this service to our clients for scrubbing the bad debt accounts for Bankruptcy and Deceased. Typically a bad debt portfolio would return 2% to 7% hits. We also provide watch monitoring services where accounts reported under this service are watched for further hits on Bankruptcy and deceased for the period desired by our clients.

3. Cell Phone finder: The recent TCPA regulations has made this scrub mandatory for all who is attempting to collect a debt. We collaborate with various leading data providers to provide you with the most recent information if a phone is a cell phone. The phone numbers are scrubbed against the databases of the service providers to identify and flag them as cell phones. Burgeoning cell phone market has seen 55% to 65% of the phones been identified as cell phones for the bad debt portfolios.

4. Insurance finder & Eligibility check: We partner with established search engines in the US market to find missing insurance information on the patient accounts. The insurance information is validated through an eligibility check process for the services rendered. This is a crucial process for all medical, and para-medical service providers in revenue cycle management. It assists in a speedy recovery of the charges and helps in quick determination of the true self-pay type accounts.

5. Insurance Claim status check: This is another very important aspect of revenue cycle management, where information on the status of the claim is not received back from the insurance companies in a timely fashion. We provide a two pronged approach to find the statuses of these claims. The first one checks for the status of claim on various insurance payer sites. On claims that still do not return a result, we have an AR follow up team calling up the insurance payers and speaking to the insurance representatives to find the status of the claims and document them accordingly.

About Us

Credence Resource Management, LLC (Credence) provides best in class business solutions that help enhance your service, compliance and recovery goals. Headquartered in Dallas, Texas Credence offers right-shore solutions leveraging arbitrage and technology to produce a hybrid engagement model that permits intensive efforts to improve liquidation performance while being sensitive to customer experience and regulatory compliance. We attribute much of our success to the initial collaboration with our clients, our world class leadership team and our commitment to hiring the best and the brightest at every level of the organization. With a focus on customer satisfaction and improving our client’s recovery results we have been able to target our training efforts in order to maximize the skill sets of our associates to meet your needs.

Credence means belief. We believe in our mission to optimize operations. We have faith in our methodology because precision and thoroughness enhances efficiency. At Credence, we choose not to look to the accomplishments of the past; but instead look to the opportunities of the future.

Driving Value through Experience, Innovation and Consistency

With deep domain expertise, our company partners and C-level management have a combined 120+ years of experience in the Finance & Accounting (F&A) industry. We believe in building long term strategic partnerships and as a result our current client relationships span from four to twenty years. Our esteemed organization is partner funded, has zero debt and complete flexibility in fueling business growth. Our business model gives us the ability to scale up rapidly, maintain cost and deliver a significant value arbitrage. At Credence we continue to find ways that enhance our operations as we seek out, collaborate and align with other best in class organizations. At present, Credence has three US based offices in Dallas Texas, San Jose California and Bellevue Washington respectively, along with two large centers in Pune, India. Our offices are home to over 1500 frontline agents and staff in a state-of-the-art and secure facilities.

Our consistent approach to client engagement ensures each of our partner’s unique needs and goals are always our priority. By engaging with our client partners directly and consistently we are able to offer the most appropriate solutions that maximize results, minimize costs and ensure compliance to their unique and ever changing work standards.

Right Shoring and Leadership Migration Experience

We at Credence Resource Management, recognize that each of our clients brings with them, a unique set of skills and challenges. Our ‘Right shoring’ approach to staffing allows us to partner and analyze the complexities of the client’s business and recommend solutions to fit their needs. With a major emphasis on compliance and security our approach engages industry experts and best-in-class talent to maximize results, automate processes and control costs.

Security Certified Collections Operation

Security Certified Collections Operation

Key Differentiator

Case Study

Case Overview

Credence’s collections services offer outbound calls to customers in the early stages of delinquency. Credence’s unique approach helps fine tune the debt recovery process with automated solutions and focused analytics offered by 6 global delivery centers.

Situation

A leading provider of emergency and non-emergency medical transportation services & fire protection services hadcomplications with unpaid debts accounts for more than 1,73,000 accounts in Pre-sales, with over 2,45,000 accounts in Advance claim &another 2,45,000 accounts with Advance Claim– Pre-sales.

They had previously tried using two Debt Collection Agencies with unsatisfying results and a littering of false promises. They found that there was a lack of transparency from the outset and negligible results and return.

After initiating collection efforts on the accounts placed in June 2016, it was identified that these accounts did not undergo the early out process. It was observed that several patients on these accounts had not received a billing statement and some of the insurances on the accounts were not billed. Credence had started receiving numerous complaints from patients, and the entire collection activity had been halted on this inventory. The accounts with payments was supposed to be reviewed by Credence andthe Instruction Company to ascertain if those are required to be refunded.

Solution

With an ever increasing portfolio of bad debts, a decision was made that they needed a solution that would derive results and would also help manage the reporting and accounting efficiently.

Credence was determined to provide a one stop comprehensive solution for their needs. The focus was to optimize results and operational service in a cost effective manner whilst conducting Debt Collection activities in a professional fashion adhering to the rules and compliance. Following are the key points to be focused on while proving the solution:

• Clear Agreement
• Transparent fees Structure
• Strategizing the process
• 12-month Cash projection
• Clear Reporting& Accountingformat
• Detailed Bad Debt holder Records maintenance
• Detailed Invoicing processes
• Dedicated Managers Appointment
• Development & Training
• Collecting the revenue in backlog

Result

The instructing Company conducted a 6 month review of the partnership and reported their ‘great satisfaction’ on reviewing the initial results.

There was a 200% increase on Collections compared to the previous agency at the same stage with a 50% reduction in cost on a prorated basis. This was a direct result of the far more proactive Debt Collection strategies applied from coupled with a more diligent pragmatic approach.

• By Month 5, Credence achieved 110% of the 12-month projection accelerating cash
• At Month 5, Credence achieved a cumulative 158% of the projected collections for the first 5 months
• Credence achieved a cumulative 93% of the projected collections by month 2
• Collection numbers for month 3 are till mid-August 2016
• System with balance over $12,000,000 were identified as clear bad debt accounts, which can be pursued for collection
• The 13,000 accounts are having date of service prior to July 2014
• 10% of accounts from the July 2016 ‘Advance Claim’ placement were identified as either Bankrupt or Deceased

They also cited that their own internal reporting had dramatically improved due to Credence’sonline reporting facility, dedicated accounts manager and detailed invoicing processes.

Conclusion

• The instruction company is able to concentrate on their core business and does not need to waste time on accounts & bad debts
• Today, there’s a myriad of laws that govern the debt collection industry, and well-informed customers won’t hesitate to sue if their rights are violated. Being well versed in these laws, Credence is knowledgeable in both federal collection laws and the laws that govern the state. Allowing Credence to recover unpaid debts on their behalf eliminates the legal risks involved with attempting to collect debts
• Be your own boss (BYOB) helps create a customized process for the instruction company as they have unique set of needs
• Enhanced Business Cash flow

Case Study

Case

Credence offers an entire suite of solutions to enhance collection efforts in the early stages of delinquency. Credence’s unique approach helps fine tune the debt recovery process with automated solutions and focused analytics offered by 6 global delivery centers.

Situation

A leading provider of emergency/non-emergency medical transportation services & fire protection services had complications with unpaid debts accounts for more than 173,000 accounts in Pre-sales, with over 245,000 accounts in Advance claim & another 245,000 accounts with Advance Claim/ Pre-sales.

This company had previously tried using two different Debt Collection Agencies with unsatisfying results and a numerous false promises. They found that there was a lack of transparency from the outset and negligible results and return.

After initiating collection efforts on the accounts placed in March 2016, it was identified that these accounts did not undergo the early out process. It was observed that several patients on these accounts had not received a billing statement and some of the insurances were not billed. Credence had started receiving numerous complaints from patients, and the entire collection activity had been halted on this inventory as a result. The accounts with payments were reviewed by Credence and the provider to ascertain if those are required to be refunded.

Solution

With an ever increasing portfolio of bad debts, a decision was made that the provider needed a solution that would deliver results and would also help manage the reporting and accounting efficiently.

Credence Resource Management, LLC was determined to provide a one stop comprehensive solution for their needs. The focus was to optimize results and operational service in a cost effective manner while conducting Debt Collection activities in a professional fashion adhering to the rules and compliance standards.

Our key focus areas were:

• Clear Agreement
• Transparent fees Structure
• Strategizing the process
• 12-month Cash projection
• Clear Reporting& Accounting format
• Detailed Bad Debt holder Records maintenance
• Detailed Invoicing processes
• Dedicated Managers Appointment
• Development & Training
• Collecting the revenue in backlog

Result

The provider conducted a 6 month review of the partnership and relayed back their ‘great satisfaction’ on reviewing the initial results. There was a 200% increase on Collections compared to the previous agencies at the same stage with a 50% reduction in cost on a prorated basis.

This was a direct result of a far more proactive Debt Collection strategy applied coupled with a more diligent pragmatic approach.

• By Month 5, Credence achieved 110% of the 12-month projection accelerating cash and a cumulative 158% of the projected collections
• Credence achieved a cumulative 93% of the projected collections by month 2
• Collection numbers for month 3 are till mid-August 2016
• System with balance over $12,000,000 were identified as clear bad debt accounts, which can be pursued for collection
• The 13,000 accounts are having date of service prior to July 2014
• 10% of accounts from the July 2016 ‘Advance Claim’ placement were identified as either Bankrupt or Deceased
• They also cited that their own internal reporting had dramatically improved due to Credence’s online reporting facility, dedicated accounts manager and detailed invoicing processes

They also cited that their own internal reporting had dramatically improved due to Credence’s online reporting facility, dedicated accounts manager and detailed invoicing processes.

Conclusion

• The provider is able to concentrate on their core business and does not need to waste time on accounts & bad debts
• Today, there’s a myriad of laws that govern the debt collection industry, and well-informed customers won’t hesitate to sue if their rights are violated. Being well versed in these laws, Credence is knowledgeable in both federal collection laws and the laws that govern the state. Allowing Credence to recover unpaid debts on their behalf eliminates the legal risks involved with attempting to collect debts
• Bring your own business intelligence(BYOBI) helps create a customized process for the instruction company as they have unique set of needs
• Enhanced Business Cash flow