Contactpoint360’s was selected to manage accounts receivables for a large publicly traded US-based energy firm in the electricity and natural gas service business with a strong customer base in residential and commercial.
We were asked to evaluate and determine strategy to reduce the bad debt for the energy company’s latest acquisition. Our targeted strategies identified areas of opportunity in the collection and cash application processes. Our team applied our proven methodologies and improved collections while reducing overall credit balances, bad debt reversals, and balance discrepancies. This reduced costs significantly from activities of internal agents and external third-party agencies.
Review, analyze and improve the cash application process, collection recoveries and reduce overall balance discrepancies. Teams were not meeting important audit requirements, SLA’s and KPI’s which affected the company’s bottom line as well as the customer experience.
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The recovery approach of a major energy client in the US got a major overhaul with our modern technology & strategic approach. Our ‘Collections with Care’ method resulted in a 6x increase in outbound calls, a 186% increase in automated monthly payments, a combined reduction of $2.8M in past due 30,60, and 90-day buckets, and more. Here is how we did it.
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