by Greg Leaf, assistant director of Collection Operations
Virtual reality payment negotiations? Yes, coming someday to your company’s collection department!
At least, that’s one thing we previewed at this year’s ACA International Convention and Expo in Seattle. Industry conferences are a great opportunity to explore vendor innovations, connect with peers, and step back from the daily whirlwind to assess how we do what we do. Panels offered everything from practical management advice to the opportunity to experience cutting-edge technology — like virtual reality.
Our industry is hopeful for legislative reform and optimistic about opportunities in the year to come. We are hoping that a favorable legal environment will lead to progress on TCPA reform, and are keeping an eye on the inevitable changes of the CFPB and its leadership.
Key Points for PRC Clients
What does this mean for you as a current client of PRC? First and foremost, I want to re-emphasize that you are not just a client to us, you are a true partner. We take our responsibility as a steward of our mutual success seriously and are committed to learning, improving, and advocating for our industry, our shared interests, and for you and your consumers and patients.
Practically, I picked up operational review processes, managerial behavioral science applications, hiring strategies, and leadership development techniques that we are working on implementing as we speak.
Some quick takeaways include:
- Our letters should be written at most to an eighth-grade reading level. Online tools can check your writing for this.
- Change management buy-in planning. PRC has created an Employee-nominated peer council to provide feedback to management about upcoming changes and current challenges collectors might face that management might not be aware of.
- Ongoing SWOT analysis and elements of Lean management. SWOT analysis refers to a review and a technique for understating (S)trengths, (W)eaknesses, (O)pportunities and (T)hreats. PRC will be reviewing our Vendors, Departments, Policies, and Procedures and exploring room for growth and improvement.
I also want to highlight an excellent speech by Jeff Skiles, the co-pilot of the flight that went down in the Hudson: Encouraging and Intrinsic Trust of Self and Organization. Jeff immediately trusted his co-worker (Capt. Sullenberger) and without hesitation surrendered control of the aircraft and reached for his Policy and Procedure manual. Would you be so trusting in the event of an incident in your workplace? Does your organization foster an environment of trust?
As an organization, we are already employing many innovative techniques, and are positioned well to improve. We have never had a stronger, smarter, and more capable set of hands on deck than we do now. I am proud to be part of the team that serves you.
Additionally, we have several workflow improvements in development to better leverage operational data, new employee engagement initiatives, leadership development plans, and internal reviews. These measures are a testament to our commitment to continuous improvement moving forward.
Thank you for your business, partnership, and for trusting us to play a crucial role in your revenue cycle. We look forward to continuing to earn each of these every day. If you want to hear more about what we are working on, discuss new opportunities, or tap our team’s extensive experience to tackle a challenge you are facing, please reach out, we will always be here to answer the call.