On the first of this month, reimbursement rates for durable medical equipment providers were cut by at least 45%. Additionally, competitive bidding has left countless DME providers high and dry, no longer able to accept Medicare as their bids did not win. For the “lucky” companies who still offer Medicare reimbursement to their customers, the numbers are tight. Taxes, health insurance, and wages are at a constant increase, while competitive bidding has forced prices down – so low, in fact, that many companies are barely keeping afloat.
During these lean times, more pressure is placed on Accounts Receivable departments to collect on invoices faster and keep delinquent accounts minimal. AR departments, thus, are looking to technology to cost effectively collect more and keep balances from having to be sent out to collection agencies that charge a fat percentage.
IVR’s Payment Reminder and Pay-by-Phone services help companies collect over-due payments quickly and affordably.
One of our customers paid less than $1,500 for our combined services of Payment Reminder and Pay-by-Phone. That first month, $75,000 was collected and processed, automatically! Since then they have utilized even more collections and marketing services to collect over-due moneys as well as proactively remind their customers to replenish their supplies electronically. Needless to say, this company is saving money within their Accounts Receivable Department and has expanded efforts within their marketing plan, all with IVR!
Customers call into a call center operation to make a purchase. The customer service agent transfers the customer to an IVR Pay-by-Phone virtual terminal where payment is accepted. The customer is then passed back to a live attendant after the completion of electronic payment.
Custom IVR systems generate collection calls or payment reminders based off of account data provided by company back end systems. The option for customer to pay bills by phone is made available via the IVR Pay-by-Phone virtual terminal. The caller can request to be transferred to a live agent from within the outbound call. Upon completion of a transaction, payment information is communicated back to your accounting system. SMS Texting methodologies are also a viable option for outbound notifications when considering a Pay-by-Mobile option right for your company.
From any company website, the customer may enter a telephone number they would like to receive a call from. Upon submission of the customer’s number, the IVR Pay-by-Phone virtual terminal places an immediate call to the customer. A custom IVR recording states the items to be paid for as well as the amount owed. After transaction is finalized, the web site is updated and the customer can print a receipt.
Learn more about how IVR’s Payment Reminder and Pay-by-Phone services are saving companies money by collecting on past-due payments.