Did You Know Corner
Did you know?
1. The probability of collecting a debt, in full, quickly diminishes after the first month, or after the original due date? Results from a survey on the “Collectability of
Delinquent Accounts” published by the Commercial Law League of America (CLLA), shows 90 day old debt yielding only a 70% return, which translates to 70 cents on the dollar and even more alarming is just six months out, only 52% is collected ~ that is only 52 cents on the dollar!
2. Millions of dollars are written off each year because the professional skills of a collection agency are not utilized.
3. The Average Recovery Rate for Hospitals is only 15.3 percent? (Source: ACA International’s Top Collection Markets Survey*, Jan. 1 – Dec. 31, 2013.)
4. The Average Recovery Rate for Non-Hospitals is only 21.8 percent? (Source: ACA International’s Top Collection Markets Survey, Jan. 1 – Dec. 31, 2013.)
5. Thousands of dollars are just lost because accounts are sent late in the recovery cycle to a collection agency.