MoneyQuest is not only effective in collecting on past due accounts, but [is] also easy to use. [Our representative] is always friendly and helpful. He seems genuinely concerned that we are happy with his company’s service. All of our account information can be accessed online. It is a quick and simple process to enter client[s] into the system and to update their information as they make payments.
I highly recommend MoneyQuest to any company in need of assistance in collecting on past due accounts, especially those that are frustrated by the low performance of…traditional collection agencies.
I am writing this letter to advise you of our satisfaction with your service. We have found that it has performed far better than our previous service. As a matter of fact, we have collected close to 40% of the dollars submitted. [We understand that a recent…] ACA report states that the average agency now recovers only 7%. Needless to say, we are very pleased to be getting four to five times better recoveries than what other people get – for a lot less cost!
More importantly, about 75% of the patients responded with a payment, so we are confident that more money is on its way. We also have received several checks from the attorney and are getting excellent results. We truly appreciate the personal contact and immediate attention.
As I mentioned, the cost of your service is quite reasonable. Knowing what we know now, using the service appropriately, our cost should run from 5% to a maximum of 10% (when we decide to hold onto our accounts a little longer).
I also like the monthly reporting because it helps me keep up to date. The accuracy of the reporting is a pleasant change; the last company we used had numerous incorrect billings and errors in their second phase. We also had to prepay our former service, and we prefer “paying as you go.”
These are just a few of the things we like, but, overall, we are pleased with your company’s and your representatives’ professionalism. We get a monthly service call and we are in regular contact with our representatives. Please let [them] know that they have done a fine job. Because of this, we are happy to provide this letter for you to use as a positive and happy client reference.
…I am pleased to see that MoneyQuest has been doing a wonderful job for us. I thought you would like to know how [we feel] about your service.
I know collection agencies do not recover very much money and they do far worse when it comes to balances the size of our items (average [balance of] $63.00).
MoneyQuest re-wrote the book and has recovered about 87% of all the money submitted [by us] for collection. If we eliminate the few bad addresses, we are talking 92%. That is excellent considering they average six months in age, and the typical agency would not make more than a contact or two and for a far greater cost.
Being a relatively small firm, it is nice to submit the delinquencies and really not have to worry about the consistent follow up. With your service, we know the debtors will be contacted a minimum of 7 times including the attorney contacts. I frankly don’t have time to do that many [contacts] on my own.
Finally, it still amazes me…that we get an attorney and the credit bureau involved for a cost that averages only 10%. I am happy to have them…because I believe that is a major reason for your superior performance.
Feel free to use this reference letter when someone needs a little something to solidify his or her decision. We are quite pleased with your results and [your] availability to answer our questions.
The MaxCollect system is unique for a number of reasons, the primary of which is cost. Typical fees average 5-7% of the amounts recovered. Some of the other major benefits are listed below:
- You will be provided with your own retained attorney through this relationship.
- You will gain credit-reporting ability without having to sign up with the credit bureau.
- You [or your Attorney] directly receive all funds.
- The small fee is billed the month after receipt.
- [MoneyQuest] provide[s] the most diplomatic recovery techniques we have seen.
- You maintain total control of the process, yet you are relieved of the tedious follow up.
- You will receive detailed monthly reports indicating activity on ALL accounts.
In summary, MoneyQuest provides a diplomatic service designed to maintain your patient relationships while expediting your cash flow. Additionally, you should receive more of your delinquent dollars, much faster, and for far less cost than you have paid in the past. Finally, MoneyQuest will enhance your office staffs’ efforts, while providing some much needed relief with the daunting and time consuming task of pursuing your delinquent accounts.
Therefore, if you are not totally pleased with your current agency’s performance, or your internal results, we encourage you to speak with the MoneyQuest representative personally. They are looking forward to the opportunity to show you and your staff exactly why [our association considers MoneyQuest a] very effective alternative for delinquent account recovery. In just fifteen minutes you’ll learn why they can collect more money, faster, and for a dramatically lower fee. It may be the most profitable fifteen minutes you spend this month.
I want to thank you for taking the time out to see a little guy like me. I know we are not your usual type of client and you won’t derive a lot of business from us each year. However, I was pleased that you gave me a lot of information on the telephone and it seemed worthwhile to sit down and discuss your services further. As I said on the telephone, I only wish I had done this sooner.
I only had one account [when I first signed up], which may not mean much to a typical recovery company, but [this] $13,000 account meant a lot to me. In any case, I signed up with MoneyQuest and you handled the submission information with me and got us all set up. Much to my surprise, after months of my own attempts to recover my money, we initially received a call and a significant payment of over $8,000, or about 60% of what was due, along with a promise for the balance. We’ve now whittled that down to about $400. Even more surprising is the fact that we only had to mention “attorney” to motivate him. Without the capability to follow through with the attorney contacts, I know we couldn’t [legally] say that [i.e. without a credible threat of legal action]. So, now we know MoneyQuest works on the large items, and I can only surmise an even greater impact [will be likely] on the other items.
Cash flow is always an issue in any business, and with MoneyQuest I can be assured that our cash flow will benefit, rather than our customers who may want to hold onto “our” money. After all the aggravation we went though, MoneyQuest gave us a painless way to get our funds. What is also important to us is that we still maintained a business relationship with this client due to your diplomatic techniques.
So, please use this letter for any of your Doubting Thomases out there. MoneyQuest’s MaxCollect system really works. Feel free to have your prospects give me a call if they need a little positive motivation to save their money. I’m happy to provide it.
Thanks again for your excellent follow up and service.
I was reviewing our status report and I thought I would send a little letter of thanks for your efforts.Some of the accounts you collected were thought to be uncollectable. Much to our surprise, within the first six weeks or so, MoneyQuest had collected on 5 of 6 accounts submitted with three being paid in full. We even had delinquent-billing fees paid on the accounts that were paid in full also.
What is pretty amazing is that your fees averaged only 7% per dollar recovered when your competition wanted anywhere from 30-50%. We sure appreciate keeping the extra money. I would much rather put the money into the practice instead of into some collection agency’s pocket. These dollars were recovered before the attorney even started writing his demand letters. That will surely bring in even more money. I know an attorney being involved would get my attention, and what is nice is that even then, the cost will still be only 5 to 10% of what is recovered.
Since our practice requires seeing the patient over an extended period of time we want to do all we can to maintain a good working relationship. The dignified method that you utilize helps us recoup our funds, and just as important, we have been able to keep the relationship.
…Based on the high cost of the other agencies and their typical recoveries, I am glad that we chose to do business with MoneyQuest. In addition to the excellent recovery, I appreciate the fact that you…keep in touch on a monthly basis to answer any questions we may have. As you know, one of our fellow dentists referred you to us and we would like to reciprocate by providing this letter of recommendation for your use when you call on other Orthodontists and Dentists.
When asked if I was pleased with MoneyQuest’s service, my response was “Indeed I am” …and that is why I am taking the time to write this letter.
The main reason I am pleased with your services is due to your cost structure. Your small percentage cost is far less than the typical collection agency fees. We were paying about $2 for a single pre-collection letter and then it was 50% if we collected after that. As I said, your 5-10% fee is much more palatable. I also like that I am in total control of the process and that I can make individual decisions depending on the circumstances. We know our clients, and we can handle them in the manner we choose. We can put long or short term hold on accounts, so when they are making payments they are not receiving dunning letters after they have made payments or arrangements. They appreciate that.
It helps that the letters are sent on our behalf. It is basically an extension of the in-house system, but now it packs the punch of an attorney and the credit bureau, as well as, the threat of the agency. More weapons, produce more money. Besides that, it saves time and is totally automated as far as follow up.
[Your staff] is excellent to work with, upbeat, helpful…right to the point and you know that [they] will get the job done…always quick to respond and answer my questions [and] accountable when I call…and I get our few problems resolved right away….
We believe in affecting credit – because it works. It also holds a little more water when an attorney gets involved. When they hear that the doctor is calling it has more impact than a mere little office manager, and the same thing is true with the attorney impact, it just gets more response.
The reporting is clear and tells me exactly where I am. If I have a question I can go back and look later. I show the four doctors the reports…from time to time. I especially make a point to show them, so that when they get an emergency call, if there is a slow account, they know that they need to get cash if they were non-payers in the past. When we post this information for the doctor’s review, we code the accounts MQ – it helps the doctors recognize problem accounts. We also use a reminder note so we get our $25 delinquent billing fee, which we probably get over half the time. We charge the $25 but at the same time it is a great tool with which to negotiate. The fees help offset some time and money outlays.
Last but not least, I almost forgot about recoveries. With typical agencies bringing in less than 10% for veterinarians, you have surprised us all. We currently are running at 32% gross recovery on our delinquent accounts. That alone is a good enough reason to refer you to other vets. I am sure they will be as happy as we are, once they get on the MoneyQuest program and experience great results.