Blog
The Disadvantages of Debt Collection, and Its Necessity for Businesses
Debt collection can be a necessary evil for businesses. When customers fail to pay their bills on time, it can significantly impact a business’ cash flow and profitability. Many businesses turn to a third-party accounts receivable management company to resolve the issue. However, there are also some risks associated with debt collection that businesses should
Star Tribune Names IC System a 2023 Top 200 Workplace
IC System has been named one of the Top 200 Workplaces in Minnesota by the Star Tribune. The 2023 distinction marks the seventh year in a row that IC System has been a Top Workplace. A complete list of those selected is available at startribune.com and was also published in the Star Tribune Top Workplaces
Healthcare Collections Still Possible Under New Regulations
New regulations and restrictions concerning credit reporting and the placement of healthcare debt with collection agencies have prompted some providers to stop placing debt with their agencies, especially accounts under $500. The response has led to a decrease in the revenue providers would usually receive from unresolved bad debt sent to their collection partners. Not
6 Things to Consider When Hiring a Debt Collector
If your business needs help collecting from past-due consumers, you probably have questions about what to look for when hiring a debt collector. But are you asking the right questions? Here are some questions to consider before you hire a debt collector to contact your delinquent accounts. What collection services do they provide? For your
IC System: In the Community 2022
IC System has maintained a positive and caring presence in our community for 85 years. Our purpose of “Making Collections Better” means that our employees not only strive to enrich our relationships with clients, consumers, and industry partners but also improve our community. Download IC System’s In the Community 2022 PDF to learn about some of
Overcoming Debt Collection Challenges in 2023
The collection industry faces new debt recovery challenges in 2023. Throughout the United States, collection agencies have struggled to provide debt collection services in a financial climate fraught with new regulations and rising inflation. What are these challenges, and how will IC System overcome them? Inflation: Inflation in the U.S. economy has caused the price
Three Innovative Tools to Increase Collection Revenue
As a business in need of collection services, it’s essential to have a partner that offers innovative tools to increase your recoveries. Here are a few collection tools offered by IC System that you may not find at other agencies. Credit Reporting There are few more compelling incentives to pay than credit reporting. Credit-conscious consumers
IC System Takes the 2023 Polar Plunge
Not just anyone will jump into a near-frozen river for charity. You have to really care about the cause to put yourself through something like that. Maybe that’s why the Polar Plunge tagline, “Freezin’ for a Reason,” means so much to the volunteers. On Saturday, March 4, several IC System volunteers participated in the Polar Plunge at
Champion-Challenger Collections Model
Competition brings out the best in us. Keep that in mind when considering what to do with your accounts receivables. Having a single, reliable collection agency partner may prove successful. But do you ever wonder if your collections partner could do better? Rather than leaving one partner and finding another, consider a Champion-Challenger model. Engaging
Better Debt Collection with Data Security and Compliance
When you think about ways to evaluate a potential collection partner, your first thought probably relates to performance or experience, not data security and compliance. But cyber security and operational compliance remain vital when choosing a debt collection company. Ensuring your consumers’ data is protected, and your consumers are treated fairly according to regulatory mandates,
