Preferred’s "Collisio" Program
(Communicate * OAS * Lean * Leadership * Innovation * Sustainable-advantage * Integrity * Operations)
Communication is a critical success factor in the recovery of debt. Securing “right party contact” (RPC) info using data scrubs for letters and calls and designing calling campaigns around various dayparts and days maximizes the potential that we will reach a debtor.
(Objective, Advantage, & Scope of our organization)
Every organization must define their OAS and “buy in” has to occur at every level and not just be merely parroted as a mission statement written on paper. At Preferred, our employees know that their “Objective” is to not only collect money but to do so in a professional, compassionate and honorable manner which helps protect relationships, minimizes complaints and allows our clients to further their own objectives. The “Advantage” Preferred brings is its entire proprietary Collisio! Program (the secret sauce), that provides for higher recoveries with less waste and redundancy that so many other agencies struggle with. We leverage technology, are cognizant of industry trends, regulatory change and work smarter and leaner because it is absolutely critical for success and it allows Preferred to maintain a competitive advantage over its competitors. Finally, our “Scope” has to be on target to act in our clients’ best interests. We are not your typical agency that are often “out of sight out of mind”. We help identify challenges and trends uncovered to help our clients’ Revenue Cycle Management (RCM) processes upstream so that they are aware of any gaps and deficiencies on their front end.
Using Lean Six Sigma principles we are able to reduce waste and inefficiencies through continuous incremental improvements while focusing on metrics, leveraging the latest technology available and using champion-challenger models when testing vendors. By running using Lean principles we are able to offer a competitive fee for our services with a higher return on average as compared to the competition.
While leadership starts at the top, the people underneath follow the example set and expect what is inspected. At Preferred, we practice a servant leadership model from serving our partners, or our front line collector, we mean what we say and say what we mean.
Being able to overcome the obstacles imposed by regulatory changes and requirements that hinder recovery while using information and analytics to direct and focus our resources into those areas that directly affect recovery allows The Preferred Group of Tampa to be an industry leader and the preferred choice in debt recovery. Bring us a problem and we will find you a solution. Preferred accepts the challenges facing our partners and consumers and it finds solutions so that consumers can feel the dignity that comes with meeting their responsibility and our partners can get properly paid for the services rendered to the consumer.
S- Sustainable Advantage
Preferred Collection and Management Services has been in business for over 30 years and some of its first partners are still partners today. In the collections industry, where there are large national agencies buying up smaller agencies all of the time, being able to still be in business after 30 years proves you are doing the right thing. Many creditor/clients find that the larger, national agencies over promise and under deliver. They become so focused on squeezing ever-tightening margins at a lower rate, they lose sight of their clients’ needs and compliance which can cause an increase in consumer-driven complaints and lower recoveries due to limiting resources on portfolios of accounts. Preferred will not be the least expensive agency to service accounts, but it will return a higher netback because it is able to utilize more tools through the Collisio! Program than other agencies that might send one of two letters and make a few phone calls before credit reporting. Preferred has never had a sales team. It has grown exclusively through referrals from our raving fans.
Integrity and trust go hand in hand. When we say we are “making a difference by doing the right thing” - that has to be all the time and followed by everyone from our front line staff to the top. It can’t be just when someone is looking, but it doesn’t mean we are perfect either. So we are continuously on our toes training, auditing, measuring and constantly looking for any gaps in our people and processes. We also will never promise something that we can’t deliver on.
Operations is where it all comes together. We are convinced that the ingredients for successful outcomes in collections are the best practices in the industry. Our policies and procedures are nailed down and followed to ensure that we have consistent, proven results. However, because this industry is fluid and a new court ruling could alter a process, we also have to be able to adapt to change quickly, modify processes and continuously train our staff and sometimes our partners to accommodate. Our operations are effective, efficient and more importantly, compliant with all of the many laws and regulations affecting us. Personal accountability is second to none and your trust in us invaluable. You won’t need to worry about reputation management once we partner together, and it will only be a short time before you understand why we are the “Preferred” difference.