Beyond Green Solutions is the ONLY nurse-owned Debt Collection agency in the United States. In an industry of finance, negotiations, and with the perception of harsh methods, why does this matter?
Nurses are trained to be ethical and empathetic. In debt collection, especially medical collections, this can not only impact the brand integrity and customer relationship with the patient or consumer, but the recovery of revenue. Using these educational building blocks, solutions happen smoother and more often.
The Effectiveness of Ethics
Nurses are ranked as the most trusted profession in the United States. Nurses have the highest ethics rating; 79% of U.S. adults say nurses have “very high” or “high” honest and ethical standards (Gallup January 10, 2023). Trust reduces skepticism, creates strong partnerships, and elicits confidence. (Everything Starts with Trust (hbr.org) In the debt collection and medical collection industry, trust with clients, consumers, and collection specialist staff creates more opportunities for open and honest discussion. With discussion, more options and resolutions can take place.
Empathy that Leads to Resolutions
Empathy is defined as “the action of understanding, being aware of, being sensitive to, and vicariously experiencing the feelings, thoughts, and experience of another.” (Empathy Definition & Meaning – Merriam-Webster). In debt collection, this is realized in many ways, including;
- Asking open-ended questions to the consumer in debt.
- Listening to the response from the consumer.
- Providing many options for resolution.
- Patience in resolving and being open to not resolving on the first encounter.
Taking the time to understand where the consumer in debt is financially and emotionally, providing options to resolve today or in the future, and knowing the resolution might not happen today establishes rapport and leaves the door open. Setting a future time to discuss when the consumer has more options (pay day, tax refund time, etc.) leaves the consumer feeling in control but not exempt from resolving the past due.
Empathy drives engagement (Here’s why empathy is a must-have business strategy | World Economic Forum (weforum.org)). In debt collection, empathy establishes rapport with the consumer in debt. Rapport leads to engagement, then collaboration, then resolution. Resolution can be recovered receivables or a payment plan towards debt resolution.
Introducing Nurses Into Your Debt Collections Plan
Beyond Green Solutions believes that infusing empathy with great technology and actively engaging in conversations with consumers in debt has the most favorable outcomes. Resolution (recovery of past due accounts) occurs, businesses regain cash flow and receivables, and the integrity of all parties involved are maintained.
Are you ready to start collecting on your past-dues?
We focus on building relationships, collaborating, and problem solving with you. Through empathetic phone calls & multiple ways to pay, resolution is our focus and outcome! Improve your cash flow and start collecting on your past-dues today.