The Ultimate Dialer Checklist

Transcription

1 The Ultimate Dialer Checklist 14 Essential s to Extend Your Collection Strategy By Steve Stone, Ontario Systems

2 Table of Contents 14 Essential s to Extend Your Collection Strategy. 2 The Ultimate Dialer Checklist Introduction 1 Automated Contacts 2 System-Initiated Dialing 3 Verified Contacts & Message Delivery 8 4 Answering Machine Detection 5 IVR Automation 10 6 Agent-Initiated Dialing 7 Agent Management Blended Call Routing 9 Cloud-Based Discovery 10 SIP Architecture Native Compliance 12 Call Recording 13 Expert Advice 14 Advanced Analytics 22 About Ontario Systems

3 Introduction 14 Essential s to Extend Your Collection Strategy. 3 The Ultimate Dialer Checklist For many collection agencies, asset purchasers, law firms, and healthcare offices, business lives and breathes with the dialer. Executing collection strategies depends on it. But that s where many operations go wrong: Collection strategy should drive your dialing strategy not the other way around. No doubt about it, when collection strategy employs a strong dialing strategy the latter becomes the conduit for delivering solid performance and bottom-line results. But what may seem like a tactical approach is actually only partially related to the dialer itself. To identify and implement the right moves for your business, you need to examine your entire collections effort. And that means making the dialer an extension of your business account strategy. That goes beyond the number of lines you can dial: It means setting predictive levels, developing perfect messaging scripts, using answering machine detection capabilities and a lot more. That s why you need more than just one or two weapons in your arsenal. This is the Ultimate Dialer Checklist, describing the tools you need no matter your vendor to make the most of the predictive dialing (auotdialer) technology that drives your business*.

4 The Ultimate Dialer Checklist 14 Essential s to Extend Your Collection Strategy 1 Automated Contacts

5 5 The Ultimate Dialer Checklist 1 Automated Contacts When it comes to dialing smart, controlling when accounts are worked, and who works them, is of paramount importance. That s because the most efficient method to increase agent productivity is providing them more time to do what they do best talk with the most collectable customers. Of course, the best way to enable their power is by automating contact. Your dialer should not only relieve your agents of the dialing function, it should automatically remove accounts that have been worked from a dialing campaign. And it should certainly note calls with the date, time, phone number called, account representative ID or code, and dial result. All of these functions can and should be left to the system to handle so human error becomes less of a business error, and more time is spent on profitable activity instead of administrative obligation. Perhaps more than any other part of your dialer, automated contact can help collections operations increase productivity, eliminate unnecessary calls, and report on all financial and production figures for efficient scheduling and account monitoring.

6 The Ultimate Dialer Checklist 14 Essential s to Extend Your Collection Strategy 2 3 System- Initiated Dialing Verified Contacts & Message Delivery

7 7 The Ultimate Dialer Checklist 2 and 3 System-Initiated Dialing and Verified Contacts & Message Delivery If calling in volume is the name of your game, system initiated dialing (SID) (sometimes referred to as predictive dialing) and verified contacts and message delivery should take up at least two pages in your playbook. When you re dialing en masse, they re usually the best routes to take. SID predicts, based on experience, (a) how long it will take for a collector to become available, and (b) how long it will take for a contact to answer the phone. Using that information, the dialer can call ahead to connect with someone immediately after an agent becomes available, resulting in shorter wait times, and more connects. Furthermore, predictive dialing gives multiple collectors working the same campaign the ability to take ownership of new business pooled into a single repository when they receive a promise or payment. So even when dialing en masse, consumers still get the individual attention they need. Verified contacts and message delivery, on the other hand, drive a dialing campaign without agents logged in at all, with the goal of achieving right-party verification. When a contact is verified, the call is sent to a live agent to be worked. But when the system detects an answering machine, the dialer will leave a text-to-speech message designed to meet your compliance requirements automatically, using the customer s name and variables you ve entered on the account functionality that can be used during campaigns employing live agents as well. And in the event no agent is available? Verified contacts and message delivery present the customer with an interactive script rather than a canned message. That helps improve accuracy for right-party ID, and when used in concert with SID, can help drive high connect rates to help ensure compliance.

8 The Ultimate Dialer Checklist 14 Essential s to Extend Your Collection Strategy 4 5 Answering Machine Detection IVR Automation

9 9 The Ultimate Dialer Checklist 4 and 5 Answering Machine Detection and IVR Automation Why waste your representatives time, and your revenue, when you can let the technology do the work for you? Answering machine detection and integrated voice response (IVR) automation are must-have tools in any high-volume receivables operation. Ask yourself a couple of questions: When your agents talk to answering machines, are they leaving the same consistent, compliant message? Are they following your company s standards and guidelines every time? An agent can spend more than a minute leaving each of those messages, an expense that s cut significantly when the system can detect and leave them for you. Technology with those capabilities drives consistent, compliant messaging every time, and frees agents to make more calls and get more live parties on the line. In the event an answering machine is passed through to an agent, IVR enables that agent to transfer the call off to the system, which can leave your compliant message directed specifically at the consumer. In fact, IVR gives you the option to eliminate the need for live-party agent support entirely, given the right circumstance. That s because IVR can work with automatically-delivered call information, like DNIS and ANI, in concert with user-entered information like account numbers, Social Security numbers and zip codes to identify and verify the party being called and their corresponding accounts. It can also give the person on the line the ability to input real-time account, client and agency information, enabling collectors to quickly acquire account data like balances, or last payment amount and date. Finally, it can give the consumer the option to set up acceptable payment arrangements and facilitate a PCIcompliant environment using seamless integration with e-payment providers All without the need for agent intervention. In effect, using IVR and answering machine detection can drastically increase the number of hours your agents spend working on more complicated accounts that aren t so easily resolved. So it s important that you at least consider their deployment when making decisions about your collection strategy.

10 The Ultimate Dialer Checklist 14 Essential s to Extend Your Collection Strategy 6 7 Agent- Initiated Dialing Agent Management

11 11 The Ultimate Dialer Checklist 6 and 7 Agent-Initiated Dialing and Agent Management For particularly difficult accounts, or those that need special attention, Agent-Initiated Dialing (AID) lets agents pull up information about a customer prior to the call. This more intentional method of dialing provides two major advantages. First, because collectors using AID are already logged into the dialer, they can take advantage of the system s other features, like call receipt directly to the desktop, rather than a cold call to their telephone. That means a more integrated experience for the agent, and more informed customer service. Second, having collectors working directly on the dialer enforces which accounts are worked, and the pace at which they re completed. In other words, AID gives your operation more control over who it calls and how quickly. If supervisory staff are interested in tracking a campaign down to the call, AID gives them that capability. Of course, maintaining that control means keeping track of the way agents are interacting with customers. Agent management functionality gives you the tools you need to monitor, intercept, and command calls while tracking key agent statistics. AID is the method of choice for the most complex campaigns, and the most complicated accounts. That s why it s an important piece in any collection strategy, especially when combined with robust agent management.

12 The Ultimate Dialer Checklist 14 Essential s to Extend Your Collection Strategy 8 Blended Call Routing

13 13 The Ultimate Dialer Checklist 8 Blended Call Routing Blended call routing enables you to set up agents to work on both inbound and outbound calls in the most efficient manner possible. Inbound calls are without a doubt the most profitable kind of contact, but unfortunately they can t be scheduled. Call blending continually adjusts agent workload according to inbound traffic, adjusting outbound efforts as the inbound load increases. When no inbound calls are available, the system launches outbound calls to keep your staff productive. Aside from the obvious financial benefit, blended call routing also allows agents to place outbound manual calls while they skiptrace, do follow-up work in their route, or work the queue and receive inbound phone calls. There s technology available to set preferences for which inbound calls go to which agents, including the ability to route calls directly to the agent who has ownership of an account. That gives the entire calling floor a far greater degree of flexibility one that can mean big savings, and bigger profits.

14 The Ultimate Dialer Checklist 14 Essential s to Extend Your Collection Strategy 9 10 Cloud- Based Delivery SIP Architecture

15 15 The Ultimate Dialer Checklist 9 and 10 Cloud-Based Delivery and SIP Architecture Moving your dialer to the cloud means less hardware to maintain and replace. It means investing less in software upgrades and maintenance. It means lower costs, and fewer resources devoted to IT management. The best accounts receivable technology goes beyond scalability it provides flexibility and agility too. While premise solutions require long-term telecommunications commitments and often lengthy installation times, cloud solutions enable users to rely less on hardware that eats up hours. And while all of these benefits help your business on a daily basis, in times of change and turmoil they become especially valuable. Dedicated agencies, asset buyers, and law firms have seen new markets emerge as old standbys have dwindled. Healthcare offices and their representatives have seen decreased reimbursement from insurance companies, and a greater percentage of portfolios made up of selfpay accounts. Cloud-based contact management solutions have given them the flexibility they need as their respective industries have turned over, because adding additional capacity is only a phone call away. But there are obvious concerns when it comes to placing such an integral part of your business under someone else s watch. That s why an SIP-based software telephony engine is an essential component should you choose to bring your dialer to the cloud: It runs in a secure data center, with redundant servers, and leverages the routing and load-balancing capabilities of a dedicated IP to simplify its enterprise network. It s the foundation for an SaaS solution that performs in top form, in every form. Insisting on a cloud-based, SIP-built solution is an investment not only in cutting-edge IT infrastructure, but a shield against costs that come as a result of change.

16 The Ultimate Dialer Checklist 14 Essential s to Extend Your Collection Strategy 11 Native Compliance

17 17 The Ultimate Dialer Checklist 11 Native Compliance Compliance needs are a reality for any receivables operation. Whether they re new federal mandates set forth by the Consumer Financial Protection Bureau (CFPB), existing federal laws like HIPAA, state laws, or otherwise, every collections agency, asset purchaser, law firm, or healthcare office has certain rules they need to follow beyond their own policies. There are obvious risks associated with those rules. Stop for a minute and consider what would happen if you executed an unattended dialing campaign and set your parameters to call a hundred contacts at 11:30PM instead of 11:30AM. By the time that campaign ended, you d have a potential exposure of $100,000 in FDCPA liability alone, and that s just under federal mandate state regulations can add even more.

18 The Ultimate Dialer Checklist 14 Essential s to Extend Your Collection Strategy 12 Call Recording

19 19 The Ultimate Dialer Checklist 12 Call Recording Of course, in the event you receive a consumer complaint through the CFPB, an attorney, or any number of modes, it s important you have a record of your interaction with the customer. So it s important to have a good solution to automatically record the inbound and outbound calls your agents handle. A system that includes call recording can help you minimize possible litigation, enhance quality control and agent training and coaching, and assist you in driving your compliance practices with laws and company policies and procedures. The most robust solutions even let you play a previous conversation during a current one, access online transactions for review or playback, and set recording criteria to work automatically in accordance with state and federal regulation.

20 The Ultimate Dialer Checklist 14 Essential s to Extend Your Collection Strategy Expert Advice Advanced Analytics

21 21 The Ultimate Dialer Checklist 13 and 14 Expert Advice and Adanced Analytics Leading-edge technology can often make what was once impossible a necessary part of remaining competitive. So keeping on top of the latest and greatest, and leveraging the technology you have to its full capacity, isn t only a should-do, it s a must-do. Implementing a new strategy requires access to data that can be effectively analyzed to drive good decisions moving forward. The receivables game is roughly the opposite of static the regulatory, legal, and operational environment can change daily. So while one move might be correct one day, knowing how and when to adjust is just as important. Advanced analytics and consistent professional advice act as a thermometer and compass, interpreting the results of your strategy to ensure the next move you make is just as insightful. That means doing not only everything you can to move business forward, but everything possible. Accompanying your dialer with advanced analytics and a seasoned advisor provides the input to make sure you have what you need to make the right call, based on the best information.

22 The Ultimate Dialer Checklist 14 Essential s to Extend Your Collection Strategy About Ontario Systems Ontario Systems, LLC is a leading provider of accounts receivable and strategic receivables management solutions for the collections and healthcare industries. Offering a full portfolio of software, services, and business process expertise, Ontario Systems customers include nine of the 10 largest collections agencies, and three of the five biggest health systems in the U.S., with 55,000 representatives in more than 500 locations. To learn more about how Ontario Systems can help power up your receivables, visit OntarioSystems. com, or info@ontariosystems.com. Disclaimer: This information contained in this and any attachments or links associated with this is not intended as legal advice and may not be used as legal advice. Legal advice must be tailored to the specific circumstances of each case. Every effort has been made to assure this information is up-to-date as of the date of publication. It is not intended to be a full and exhaustive explanation of the law in any area, nor should it be used to replace the advice of your own legal counsel. The author(s) and Ontario Systems assume no liability for typographical or other errors contained in the or any attachments or links associated with this or for changes in the law affecting anything discussed herein. *The tips listed in this ebook do not apply to your strategy to communicate with consumers via their wireless phone without their consent. About the Author - Steve Stone As a senior consultant on the Contact Performance team, Steve Stone works closely with Ontario Systems telephony clients to help them understand their current telephony infrastructure, enabling them to use available tools more efficiently and effectively. With 23 years of experience at Ontario Systems, Stone has been involved with more than 100 dialer installations, telephony consultations, and additional training opportunities for more than 50 clients