Closing the Books (Video podcasts) by IC System

In the insightful Episode 39 of "Closing the Books," Michelle Dove, IC System's Corporate Counsel and Chief Compliance Officer, delves into the intricate realm of healthcare debt collection amidst the backdrop of evolving regulations. Dove highlights the imperative of staying abreast with the latest regulatory changes, such as updates from the Consumer Financial Protection Bureau and the introduction of the No Surprises Act, underscoring the challenges and necessities of compliance for healthcare providers.

The conversation further explores how IC System is at the forefront of adapting to these changes, employing strategies like advanced electronic communication and a nuanced understanding of patients' propensity to pay. This approach not only aids in enhancing the effectiveness of debt recovery efforts but also emphasizes IC System's commitment to ethical practices and maintaining respectful patient relationships.

Dove's expertise offers valuable insights into navigating the complexities of healthcare debt collection with a focus on compliance, efficiency, and compassion. "It's hard to collect medical debt, but that doesn't mean it's impossible... we've been very successful in doing that. . . it's our job to come up with new strategies and new techniques", says Dove. This episode is a must-listen for healthcare organizations seeking to manage debt collection adeptly within the current legal framework, providing essential strategies and underscoring IC System's role as a proactive, informed partner in the industry.

In the most recent episode of the "Closing the Books” by IC System, host Eric Johannes, Director of Marketing at IC System, speaks with Karen Jonas, Senior VP of Field Sales at IC System, and Frank Ellenberger, Director of Strategic Initiatives at DebtNext Software. IC System recently became the first vendor certified for DebtNext under their new accreditation program - dPlat. The discussion provides insights into DebtNext’s recovery management platform, a middleware software sitting between clients’ billing systems and collection partners.

Covered in this conversation are:

• DebtNext platform overview: Ellenberger describes DebtNext's middleware platform, highlighting its role in automating the movement of accounts throughout the billing cycle. The platform manages various scenarios, from call campaigns for active accounts to legal workflows for accounts in collection. It ensures compliance, tracks balances, and offers comprehensive reporting to help clients manage the entire recovery process.

• IC System's Relationship with DebtNext: Jonas discusses IC System's long-standing relationship with DebtNext, spanning several decades. IC System appreciates the transparency and efficiency provided by DebtNext's platform. They leverage scorecards to monitor performance weekly, facilitating proactive management. The reconciliation process, invoicing, and smooth communication contribute to the success of their collaboration.

• DebtNext Accreditation Program: Ellenberger introduces DebtNext's new accreditation program, aiming to formalize and substantiate recommendations for collection agencies. The program evaluates partners in integration, authentication, remittance management, and SOC 2 compliance. IC System, as the first accredited partner, highlights the rigorous process involving security, compliance, and on-site audits. The accreditation aims to set a high standard in the industry, providing clients with peace of mind and showcasing partners' excellence.

“…IC System is one of the first companies that come to mind, of folks we know we can rely on that have demonstrated excellence in our platform,” Ellenberger said.

On this edition of "Closing the Books" by IC System - your trusted subject matter expert in all things debt collection - The conversation delves into the challenges of handling past-due debt for small businesses and how even a single delinquent client can significantly affect revenue. They highlight the complexities of managing these situations, especially when it comes to maintaining both the business’s reputation and the client relationship.

They also talked about the reasons small businesses might be reluctant to collect debt including potentially damaging customer relationships. Small business owners have a lot to do to keep their business running effectively and chasing outstanding debt takes time and experience – especially in regards to ensuring all actions are within regulations.

Both guests discuss the benefits of using an experience and ethical debt collection agency like IC System.

In the most recent episode of the "Closing the Books” with IC System, host Gabrielle Bejarano welcomed Al Oberdick, a district sales manager with decades of experience at IC System. Al's journey into debt collections began after a background in social work. He joined IC System with the intention of maintaining an ethical approach to sales. IC System's core values and personalized approach aligned well with Al’s principles.

The conversation went on to highlight the evolution of collection services, emphasizing the blend of automation and personal touch for successful debt recovery. They talked about how in post-pandemic operations, some businesses were hesitant to engage in collections due to the difficult time their clients had already experienced already during Covid. Al shared an example of IC System's ability to tailor collection solutions, talking about one client whose only concern was getting loaned equipment back without any punitive financial measures. The podcast also delves into IC System's InstiCollect, an online platform designed for clients with smaller account volumes.

Finally they focused on what has kept Al working at IC System for decades given the bad reputation the collections industry has in general. Al feels that what sets IC System apart is their dedication to respectful collections and a personalized approach. He iterated how this family-owned company's unique values and open-door atmosphere make IC System the ideal place to work. These values flow into IC System’s personalized relationship with every customer to create a great collection experience.

Inflation continues to be something consumers have to deal with on a very regular basis. In addition, debt is burden that people from all walks of life have to contend with. So, when it comes to both of these issues, how can debt recovery agencies manage collections, their interactions with consumers, and work within new regulations successfully?

On this episode of Closing the Books, host Gabrielle Bejarano speaks with T.J. Lee, Director of Operations at IC System. Lee wears many hats at IC System, so he knows a thing or two about debt collection challenges and how inflation has impacted collection agencies. “Coming out of the pandemic, it’s definitely been challenging. Says Lee. “(During the pandemic), people were paying down old debts because they had that disposable income to do so, but I think . . . after being cooped up for a couple years, people want to get out . . . They want to go travel, they want to have fun, they want to go to restaurants or concerts, and all that stuff costs more money, and . . . more importantly, your basic needs are costing more, too.”

This episode covers these issues and more, including:

• How regulation has impacted the way collection agencies work.

• Changes in how collection agencies interact with consumers.

• How IC System leverages its extensive 85 years of experience to navigate through change effectively.

Regarding how inflation changes consumer behavior, Lee added “with interest rates being higher out there for mortgages and things like that, there isn’t as much pressure for the consumers to be as concerned about their credit scores, because they’re not taking out as many loans.” In a landscape where consumers are less aware of their credit standing, collection agencies have to keep up with changing habits and adapt to new regulations as they get implemented.

T.J. Lee is the Director of Operations at IC System. Having been at the company for over nine years, he was previously a Supervisor and Operations Manager at IC System. He received his Bachelor of Business Administration from North Dakota State University.