Every collection agency faces a monumental task: managing the myriad of documents that support their business operations, their compliance with governmental regulations and the ongoing support of client interactions. Agencies capture, store and retrieve documents daily and the number of required documents is increasing as the level of requirements from both governmental agencies and clients increases.
Documents can be categorized as incoming and outgoing types, coming in either paper or electronic formats. Traditional methods of storing documents are the filing cabinet for paper documents and database systems for electronic documents. But these methods are problematic due to the inefficient use of space, the inability to quickly locate documents, the inability to search for documents based upon a selection criteria such as consumer name, client and amount owed as well as the inefficient manual processes that capture, store and retrieve the documents.
Document management systems can eliminate these problems. They have the capability to transform paper documents into electronic formats. They can also convert the manual method of retrieval into a simple and effective search mechanism for quickly locating important documents. By transforming manual processes into automated processes they save literally hundreds of hours of time and greatly improve preparation for compliance audits.
With all of the documents converted to electronic formats and each type of document specifically indexed, the benefits of the technology can be realized. The management system becomes the filing cabinet for these documents and those documents are quickly and easily accessible. The documents are also protected by backup procedures and archived according to data management policies.
More sophisticated document management systems allow the use of rule-based workflow, which will guide a document through a specific path of processing. This is useful in a situation in which a specific document type is required in multiple departments but must be processed by these departments in a specific sequence. Steps in the sequence could include document reviews, associated notes, additional attached documents and departmental approvals. This capability allows the agency to match document management to its existing business processes, thereby creating an automated workflow.
Finally, document management systems provide record management functionality. This allows the agency to adopt a set of document controls that dictate when a document moves from the active state into an archival state. The agency can use this to match the regulatory and compliance needs of the clients and the governmental agencies.
BillingTree is committed to helping our clients grow their business through technology. Included in our offerings is document management to help your company operate more efficiently. Contact us today to see how we can partner with you to bridge the technology gap and improve the effectiveness of your business.