TrueAccord Launches Retain, a Digital-First Solution for Early-Stage Collections

By on September 16th, 2021 in Company News, Product and Technology

The intelligent, client-branded product for delinquent accounts uses a patented, machine learning-driven decision engine to engage customers and boost recovery rates

Lenexa, KS – Sept. 16, 2021 – TrueAccord Corporation, which offers  intelligent digital recovery and communication products and services, today launched Retain, a new, client-branded product that addresses early-stage collection challenges for lenders and other organizations with customers with past-due delinquent accounts. Using the company’s patented, machine learning-based and self-optimizing decision engine, Retain uses engagement data from individual interactions to optimize the consumer experience while increasing recovery for clients. The client-branded product enables clients to improve collections, maintain customer relationships, and offer solutions to their customers that improve financial fitness. 

Powered by TrueAccord’s industry-leading tech stack, key benefits of Retain include a simple, intuitive and effortless-to-use digital platform leading to great user experience, constant A/B testing and optimization to reduce friction and boost conversion rate, infinite scalability, and second-to-none channel deliverability. Retain implements ecommerce-based innovations like the focus on digital experience and outreach, machine learning-based personalization, and deliverability at massive scale for early-stage use. 

“​​After seeing success with our late-stage collection solution, Recover, we identified an opportunity to apply the same customer-centric approach to early-stage collections. Our data and machine learning-driven engine proved unmatched for late-stage recoveries. Clients asked us to expand our product suite to address early-stage delinquency while keeping their customers in their brand ecosystem, and we were happy to oblige,” said Mark Ravanesi, CEO of TrueAccord Corp. 

Retain prioritizes customer engagement and preference, which is critical to preserve the  lender-borrower relationship, with custom communications, timing and channels and a self-serve payment platform that empowers customers to easily manage their accounts. Unlike traditional call-to-collect early-stage collections, which require increased outbound call center volumes, Retain engages users more effectively and efficiently with a digital-first approach and can reduce costs by transforming call centers into productive inbound operations.

“Retain takes all the innovative customer engagement processes we’ve built and adds a brand-focused retention toolkit for our clients to easily plug and play to engage with their delinquent customers,” added Ohad Samet, co-founder and CEO of One True Holding Company, TrueAccord’s parent company. “Retain adds to our product and service offerings designed to improve the experience for consumers in debt and actually help them find a path toward a better financial future.” 

For more product information or to request a demo, please visit the product page at www.trueaccord.com

About TrueAccord

TrueAccord is the intelligent, digital-first collection and recovery company that leaders across industries trust to drive breakthrough results while delivering a superior consumer experience. TrueAccord pioneered the industry’s only adaptive intelligence: a patented machine learning engine, powered by engagement data from over 16 million consumer journeys, that dynamically personalizes every facet of the consumer experience – from channel to message to plan type and more – in real-time. Combined with code-based compliance and a self-serve digital experience, TrueAccord delivers liquidation and recovery rates 50-80% higher than industry benchmarks. The TrueAccord product suite includes Retain, an early-stage collection solution, and Recover, a full-service post-charge off recovery platform. 

About One True Holding Company

One True Holding Company is a technology company providing business- and consumer-facing solutions in the consumer debt space. Subsidiaries include TrueAccord, which offers machine learning-based, digital- and mobile-first servicing for debt in collections and recoveries, and True Life Solutions, which offers a SaaS platform that consumers can use to contact collectors and creditors digitally.

Building a Digital-First, Third-Party Collections Solution with Snap Finance

By on August 13th, 2021 in Industry Insights, Machine Learning, Product and Technology

In 2019, Todd Johnsen, Snap Finance’s Senior Manager of Collections Vendors, was charged with doing something that had never been done at Snap before: developing a third-party collections program. According to Johnsen, “At that time, the only recovery program for charge-off accounts was a call-and-collect settlement at tax season. I knew we could do better, but we’d have to start from scratch.” Johnsen also found a large amount of backlog accounts that had never been worked by a collections agency, as well as the need for a forward flow third-party recovery program.

Johnsen and team surveyed their options: they looked at both traditional agencies (predominantly making outbound calls) and digital-first collections solution providers, like TrueAccord. Johnsen was particularly interested in how digital-first providers like TrueAccord used machine learning to optimize their relationships with consumers via digital channels like email, SMS, and push notifications. 

“My thought process was — we work with subprime consumers who may have bad associations with debt collection,” said Johnsen. “This audience may have already had experiences with incessant collection phone calls, and they are used to avoiding them. I wanted to find an agency that was doing things differently. I knew that TrueAccord was using technology and digital channels in a way that other providers weren’t.”

While Johnsen was curious about working with a digital-first agency like TrueAccord, he wasn’t ready to go all-in immediately. The Snap Finance team decided to engage both a traditional agency and TrueAccord and compare the results. In evaluating the competing partners, key considerations included liquidation rate performance, security and compliance, and optimization efficiency. The result? TrueAccord delivered better results across all measured parameters.

“The reality of the results really knocked me out,” said Johnsen. “What we saw was almost 25-35% better performance on the accounts that we placed with TrueAccord, compared to the accounts we placed with traditional agencies. It was a real eye-opener. In fact, TrueAccord is number one in every tier I have them in. We’ve seen nothing but huge benefits as a result of that individual, digital-first interaction that TrueAccord tailors to each consumer.”

To learn more about TrueAccord’s work with Snap Finance, read the full case study.

Beyond Coding: Using AI to Improve the Healthcare Revenue Cycle

By on July 8th, 2021 in Industry Insights, Machine Learning
TrueAccord Blog

Generally, when talking about artificial intelligence (AI) in regards to medical collections, we hear about how it has automated the once-painstaking process of medical coding for billing. But why stop there? With all of its capabilities, AI has much more impressive and patient-facing applications when used to improve customer experience, especially in the healthcare industry which is increasingly digital-first and self-serve. In this post, we’ll explore how AI and machine learning can supercharge the healthcare revenue cycle by catering to consumer preferences, turning billing and collections into a seamless, efficient experience for both patients and providers.

But first: why is it necessary—and even urgent—to improve healthcare revenue management? The answer is patient expectations. Patients now expect the same type of personalized, easy-to-use experience they’ve grown accustomed to receiving from other industries, including banking, airline and retail industries. Patients are now “digital-first” and look for an end-to-end experience that allows them to handle medical-related issues on their own, often from their mobile devices. Patients can already schedule appointments, request prescription refills, receive test results, and even contact their healthcare provider directly through digital platforms. The application of digitization through AI and machine learning to other touchpoints in the patient journey, all the way through billing and collections, can improve customer experience and thereby their overall interactions and relationships with their healthcare providers.

First, digitization powered by AI and machine learning can replace manual and paper processes to speed up the recovery timeline. A 2020 report by InstaMed, a J.P. Morgan company, found that patient collections take more than a month for 63% of healthcare providers. This figure isn’t surprising when 81% of providers still leverage paper and manual processes for collections, while 75% of consumers want to receive eStatements for medical bills. The traditional method of collections does not align with consumer preferences, with more than half (54%) of consumers surveyed saying they prefer electronic communications (emails, text messages, in-app messages and live chats) for medical bills. And a majority of consumers (65%) preferred paying those medical bills digitally as well – whether online through their doctor’s or health plan’s website, their bank’s bill-pay portal or mobile apps – instead of manually. Using AI and machine learning to match the consumer’s communication and payment preferences can drastically improve the time needed to engage and collect from patients.

Second, AI-powered systems can personalize the billing and collections process and offer intuitive payment solutions for patients to achieve the best possible recovery rates. According to the InstaMed report, collecting patient financial responsibility in a timely manner was especially challenging for large patient balances, with 49% of surveyed providers reporting that they cannot collect bills of more than $400 in 30 days. Especially with multiple billers on different payment cycles, it can be difficult for a patient to set up a payment plan with terms they can successfully meet. AI can improve this experience by identifying the most efficient time, place and manner to communicate with a patient about their financial responsibility and go a step further in presenting personalized, affordable payment options. 

Third, AI can be used to interface directly with clients where they are and minimize the need for waiting on hold for the next available representative, creating a more seamless, humane process and a better customer experience. AI-enabled chatbots can answer basic questions, while automation can help provide information on why claims were denied and other status updates. Empathetic customer service is important in the healthcare industry and customized customer self-service can reduce frustration for the patient and the number of service agents needed for the provider.

At TrueAccord, we use AI and machine learning to build digital debt collection solutions for billers that put customers first. By implementing behavioral analytics to predict consumer communication preferences and machine learning to create smart, intuitive processes that increase likelihood of patient repayment, TrueAccord products stay a step ahead to ensure a successful revenue cycle where both patients and providers win. To safeguard personal patient information, TrueAccord’s policies and procedures are designed to comply with all HIPAA-related requirements (Health Insurance Portability and Accountability Act), including documenting the use of protected health information (PHI) and the physical, technical, and administrative safeguards implemented to protect PHI. Learn more about how we use AI and machine learning to provide a personalized collections experience at scale here.