Frequently Asked Questions (FAQs)
Cash balances tougher than ever to control? Financial Control Solutions is your one-stop accounts receivable management solution. Here are some FAQs (Frequently Asked Questions):
Account Recovery (12)
You may submit accounts for collection via our website, email, regular mail, fax or if your volume is large enough, electronically to an FTP site (which we would help you set up.
The information required is AT LEAST the debtor name, amount owed, the nature of the debt and the date the debt was incurred. Most recent contact information for the debtor is requested, incl. address, phone number an SS #. If it’s a MEDICAL ACCOUNT, then guarantor information, if relevant, is required.
Yes. The electronic submission would be HIPAA compliant, which means that the encryption would meet normal applicable standards for confidentiality.
No, we do not have long term contracts. You may terminate our relationship at any time. We believe our performance should keep you… not a contract.
Without trying to be evasive, the rate of collection is impossible to predict. There are national market norms (utility vs. cell phone vs. medical market etc.) but it is a only a gross estimate. Our collection “targets” are between 25% and 35%. If you list one account and we collect it, the rate is 100%. If we can’t locate the debtor and we fail to collect it, then it’s 0%.
Our collection fees are highly competitive and are contingent upon collection.
If the debtor is a consumer, the collection fee rates depend upon volume. If the debtor is a business, the collection fees depend upon the face value of the accounts, and possibly volume. Please call us to quote a rate.
Yes, you can access your accounts via the web. We provide no-charge access and training. The system is very user friendly. We tend to grant access only to repeat-clients or when you list more than 5 accounts, but please call ClientCare to discuss further if you have questions.
Yes. We take credit card payments over the phone and via the web for both debtors and clients.
You will receive statements within five (5) business days from the end of each month that monies are collected and posted.
Yes. We can collect in Spanish, Hmong, German, French and other languages. Please call if you have a specific need.
We are definitely focused on complying with all collection laws. We are direct, but always respectful, irrespective of how treated by the debtor.
Yes. We utilize automated dialing for “less complicated” accounts, and have 24/7/365 call recording for our protection as well as yours.
We report to all 3 national credit bureaus at NO-CHARGE to you.
EZ Statements (7)
Generally, between 59¢ and 77¢ per statement. EZ Statements is geared toward low cost production, and ease of setup. So we recommend black and white statements and 1 page statements if at all possible, NOTE: we provide aggressive pricing in part because FCS has processed 15k – 20k statements per month, and we leverage our volume with yours to get you discounted pricing!
Yes. Both transmission and operations are HIPAA compliant
Clients using EZ Statements will have the oppurtunity to re-allocate staff, eliminate the hassle of mailing and keeping track of statementing and collections. The decision to outsource is mostly a management decision. However, our reports provide excellent tracking of who received 1st, 2nd and subsequent statements, and who should be referred to collection, and may do a much better job than your billing software!
We can use your existing format, or recommend a new format depending upon how much info you want your patients to have. We can provide the least expensive solution, or one that you simply prefer.
XML, TXT, Comma-delimited, or PDF formats are most frequently used, though we are willing to try others upon your request.
The reports tell you which customers/patients/clients have not paid on a prior statement… which allows us and you to tell who should receive a subsequent statement, and, or who should be recommended for collections. It’s that simple, but it gives you terrific control over knowing what to do!
Simple. 1st, we determine the likely file format that you can transmit. 2nd, you approve a statement format, and 3rd, we test a handful of accounts. If the test is successful, then we go live.
Remote-Deposit Checking (RDC) (8)
A number of reasons. To eliminate managing/handling/storing/getting-up-to-access paper checks (just shred ‘em when through) OR to re-allocate employees’ time who would normally write deposit slips, run/audit totals, and go to the bank. OR to eliminate trips to the bank and potential liability for that activity. OR to create additional reports by importing the checking deposit data to help analyze customer/client/patient payment behavior. OR to eliminate the hassles of managing multiple banks for checking deposit purposes!
It’s solely based upon volume, though usually about 15¢/check. We do a no-charge management analysis to help figure out your savings!
Because their solution will be tied to their bank (if you change banks, you will probably have to change scanning systems), and we may be cheaper even if only 1 bank is involved.
That is where we shine. Let’s say you’re a property management company or a billing service that uses multiple banks. Then you get to centralize check deposits at your location.
Yes. And then you can create reports to help manage customer/client/patient payment behavior.
Extremely easy! iStream is a very user friendly system that provides excellent support and reporting. Our clients can provide superb testimonials!
Then JUST TRY IT FOR 30 DAYS! We can install the system and let you try it. We will only charge you for the checks you deposit
Our scanners can scan one at a time or in a batch at about 75 checks/minute!
Merchant Services for Credit Cards (5)
Simply get us your last credit card statement. ( if we need more info, we’ll ask…)
It’s simple. TO INCREASE PAYMENT OPTIONS AND SALES!!
Impossible to predict, though the vast majority of our clients will not use us unless we are the LEAST EXPENSIVE ALTERNATIVE! ALL credit card pricing analyses depend upon how you take CC payments (e.g., by phone or by swipe), and your transaction history (e.g., Avg. charge; Avg. charge value) and the type of business that you are in.
Yes. AND we are probably a lot cheaper than the alternative vendors!
We help you control your A/R by (1) agreeing upon targeted A/R goals (2) auditing you’re A/R, (3) sending (at our expense) a “Bridge Letter” to all targeted customers/patients/clients, that create a “bridge” to collections, (4) placing agreed-upon debtors into collections, (5) all on a structured, methodical basis, to help you clean-up your A/R and A/R procedures. Our system, your discipline!
To “get the phones going,” to increase cash to your office, and build a system in order to reign in your bad A/R.
$0. Yes that’s right, $0 – You pay costs of postage. That’s it to implement the system. Standard costs of collection apply, just as they normally would. No gimmicks. No tricks. Just ask our clients!!!
Any business that wants to improve cash flow through better A/R management. It’s that simple.