Blue Flower

The Definitive Guide to selling your accounts receivable portfolio for Retiring Doctors and Dentists

 

You have made it to the promised land, retirement.

You have plenty to do as a physician to close or sell your practice.

What about your accounts receivable?  

Instead of worrying about having to follow up with a collection agency in retirement or answer questions and chase paperwork on disputes, we offer a solution to provide you a lump sum of cash for them.  We take over the responsibility of resolving the debts and dealing with any issues that arise so you can enjoy the next stage of your life.

 

An Easy Process

The process if selling your past due accounts to us is straight forward.   You will provide us with a list of the accounts with balance due, service date, and other general information which we will review.  We do not need patient information for this part of the process.

We will then provide you with a bid for the accounts.  Upon final price agreement we will provide you a contract for the purchase.   You can run this by your attorney for review before signing the dotted line.

From there we fund the purchase usually via bank wire transfer.  Finally, you will provide us the full list of accounts, like you would a collection agency.  A breakdown of charges or last statement provided with the electronic file will allow us to answer all questions and disputes on the charges in the future so you can sit back and enjoy your retirement.

 

How to get started

This part is easy, just get a list of your accounts together, and contact us!  Your collection agency should be able to provide you with an active list of accounts and current balance with the date of service if you request.  Alternatively, your bookkeeper should be able to put this together for you.

How to get the most out of your accounts receivable

 

The more information you have about what is owed to you and the person who owes it, the more your accounts will be worth.

 

Things to get together:

(1)  An Excel sheet listing each debt.   This should have as much information such as the persons name, address, phone number, email address, Date of origin of the debt, date of last payment, date charged off, the balance at charge off and any other information that will be helpful in contacting and collecting the debt.  The initial file we review can have personal information such as the street address, last name, and SSN Masked, by simply putting a YES or NO in the columns where that information is available or not.

(2) Paperwork or PDF files.  These should include any contract, or admission form, any payments that were made, a last statement you sent to the person who owes you money. Many types of accounts, like deficiency balance auto, will require much more documentation to validate the debts.  Initially one or two samples will be needed for us to review the files, You will have up to 30 days to assemble the rest once the deal closes.

(3)  Account history.   What has been done to collect the accounts, from internal only collection attempts, to collection agency and/or collection attorneys.

That will get us started.   If you have these together and you are ready to sell, please This email address is being protected from spambots. You need JavaScript enabled to view it.!  ( This email address is being protected from spambots. You need JavaScript enabled to view it. ) 

 

There are two main types of accounts receivable, as far as the servicing industry is concerned:

Consumer and Commercial.

 

Commercial is Business to Business debt. 

We do not handle this type of debt, but we may be able to give you a direction to look if you would like.

 

Consumer is Customer to Business debt.

This can be anything from local loan companies and banks, to medical practitioners, technical schools, student housing companies, and many other businesses.

 

 

Paying accounts versus non paying accounts

 

Paying accounts are generally sold in a fashion that is called Factoring.   This is not something we do.

 

Non paying accounts are generally accounts that either are not paying your company, or if you have used a collection agency or attorney, are not paying them.  A common term for this debt is Charge Offs.   These will be further categorized by the number of agencies they have been to, among other things.

We purchase a wide range of accounts.

We purchase portfolios of debt from many different industries.   We work with medical clients, student housing clients, loan companies, auto lenders, and many others. 

We purchase portfolios from direct from the issuer with no agency work, to accounts that have already been through the collection process.

We purchase accounts that defaulted yesterday, to accounts that defaulted 7 years ago.

 

 

 

 

What if I have a few past due accounts, or a judgment against someone?

Capital Asset Management does not generally buy individual debts or very small pools of debts.  Your best bet with accounts that small are local collection agencies or attorneys. As a buyer of non-paying past due accounts, the most we will pay you are single digit cents on the dollar in the best of cases.   

 

    President:  Dan Bailey 

   Mr. Bailey has been in the accounts receivable industry since 1993.  He is the President of a collection agency, Ashwood Financial, Inc. (Formerly Lincoln Financial Services) as well as the president of Capital Asset Management, Inc.  Mr. Bailey is the founder of Capital Asset Management, Inc.

 

 

    AR Manager:  Rob Geer

   Rob has been in the accounts receivable industry since 1989.  Rob handles the purchasing, sales and placement of portfolios.  He was the owner of a collection agency in Indiana for 7 years after working for national agencies in Indiana and Oklahoma prior to that.  He has worked for Capital Asset Management, Inc. since 2001.

 Connect with me on LinkedIn

 Email me:  This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

    Chief Compliance Officer:  Krystal Pierce 

 Krystal began her accounts receivables career with IMC Credit Services in 2002, at the corporate office in Indianapolis, and remained there until 2005. In the summer of 2005 she began working for Ashwood Financial as a collector, before taking over operational responsibility for the collection team in 2008.

In 2017 Krystal received her Credit and Collections Compliance Officer (CCCO) designation through ACA International – earned through a combination of in-person training classes and subject specific examinations covering a wide range of collection industry compliance and security practices.

 

 

Our team also consists of many employees and companies we partner with that help make us successful in the Accounts Receivable Industry.