For collection pros, a dialer in 2014 is like a TV in at least one way: It’s surprising if you don’t have one. That’s why sometimes it’s important to remind ourselves of why, specifically, they exist to begin with.
Like TV, when the technology first became available, most receivables operations bought a dialer because their neighbor did – the draw was keeping up with the times. Those agencies employing dialers boasted better collection rates than those who didn’t. But over the years, like TV, it’s become a standard. Most operations see the dialer as a mission-critical piece of their business, a pivotal tool to increase revenue.
But far too many agencies and healthcare business offices continue to operate under the mentality that turning a dialer on at 8AM and off at 9PM are the only two functions with which they need to concern themselves. That, coupled with the increasing compliance burden created by millennial cell phone adoption, tends to paint dialing strategies in a negative light as the years go on.
Truth is, that time between 8AM and 9PM – between turning the dialer on and turning the dialer off — is worth just as much attention, and makes a strong case for why top receivables operations continue to use dialer technology in 2014.
Your dialer puts the management tool back in the manager’s hands
Those who install dialer technology and train agents on how to use it always remind their clients that a dialer enables the strategic executive to… well, execute strategy more efficiently. It provides you with ways to get accounts worked when they need to be worked, based on your collection strategy. It gives you the ability to ready the agents you have available for outbound dialing and inbound volume. And it ensures calls are being placed and received by the appropriate people.
In other, more succinct words, your dialer makes your staff more efficient and productive. To collect, you need to talk to enough people. To talk to enough people, you need a dialer that’s managed effectively and efficiently. That means keeping up on key stats during the day, adjusting your dialing schedule, and having a dialer strategy that aligns with both your collection and your compliance strategy. That’s pretty far from the “set-it-and-forget-it” mentality mentioned above.
Your dialer protects efficiency with baked-in compliance
The original dialers provided a few standard advantages: Agents no longer had to listen to busy signals, no-answers, operator intercepts, or answering machines. They gave agents connections – someone on the line saying ‘hello’ – and nothing else. It saved time, and thus money, because the agent didn’t have to make a decision about who to call or not.
But as the years went by and new laws were written, new functionality began to focus on compliance, instead of revenue exclusively. Dialers in 2014 help protect users from the hazards that continue to evolve as state and federal requirements change. They protect the efficiency that the original dialers enabled by automating when you can call who, and how often.
Your dialer knows as much about your business as you do
Believe it or not, your dialer knows answers to questions that many don’t even know to ask, “What happened during the day?” chief among them. But a multitude of factors contribute to the answer:
How many connections did you achieve?
How many outbound holds did you lose?
How many inbound calls came in and how efficiently were they handled?
How many answering machines did I reach?
How many operator intercepts did I reach?
Etc., etc., etc.
Perhaps more than ever, as big data continues to shape the way we do business – not only in collections, but in the world as a whole – your dialer will know what your business is, where it’s strong, and where it’s weak. So now, perhaps more than ever, is when you need it most. For collection executives, the dialer does a whole lot more than simply dial in 2014.
The information contained in this publication is provided solely for educational purposes and does not constitute and should not be relied upon as legal advice. You are responsible for your own compliance with the law and you need to understand that the tools and product offerings described herein do not guarantee compliance. Accordingly, you need to consult with your own independent legal counsel regarding the topics addressed herein and how best you can comply with the law.