Data Rich, Information Poor, Knowledge Absence. Sound familiar?

Most agencies are unaware of the vast amount of data that resides internally. And if they do, they struggle with how to take advantage of that data and turn it into meaningful information or knowledge.

At the Art of Success conference last October, I shared how agencies can benefit from being more data-driven, and how analytics can help guide agency performance. I've seen many agencies experience issues such as inconsistent recovery results, competing business priorities and inordinate amount of collections taking place at end of the month. I believe these agencies are in great need of analytics.

There are six types of analytics deployed at The Affiliated Group, and our company has improved overall operations from the types of information gleaned from each area:

1. Collections
Our team conducts a monthly goal planning with daily viewing of roll-up numbers that track and measure collection goals vs. fee goals, as well as staff labor hours vs. amount collected. Daily supervisor meetings are conducted to review results and discuss if resources need to be shifted or realigned to avoid any surprises.

2. Daily Dashboard
A daily placement and collections summary sheet provides data such as daily and month-to-date direct placements and pre-collect placements, as well as daily collections goals and fees. Daily dashboard provides a quick snapshot of activities that helps the team stay focused on the tasks at hand.

3. Monthly Dashboard
New to The Affiliated Group, the monthly dashboard helps the staff focus on several core indicators of overall company performance. The dashboard pulls information from departments across the company and makes it available to staff through an easy-to-use interface, which can be customized to show as little or as much information as needed. Staff can review measurements of monthly goals that are reported on, and analyze and take action in areas where negative trends are developing.

4. Internal Audits
The company conducts internal audits to ensure that the staff is meeting all deliverables in a timely manner.

5. Benchmark Group
In an effort to create standard performance information for the collection industry, I now participate in a national benchmark group to share and discuss best practices, provide data and support each other for continued growth and success.

6. PPMS
The Affiliated Group is in the process of being certified for Professional Practice Management System to produce consistent quality production at all levels of the collection business. Although it is less numeric than other methods, it's an effective program that can track nonconformities.

There are other areas of analytics that can be explored beyond the six mentioned above. If you're not deploying analytics today, start investigating and begin benefiting from the available data that is waiting to be utilized. Remember, don't be a "Dripka"!

 
About the Author:
Mark Neeb is President and CEO of The Affiliated Group. Active in the collections industry, he currently serves as chair of ACA's Healthcare Services Program Committee and is running for ACA Treasurer in 2008.

The above article is based on his presentation on "How Analytics Can Guide Your Agency Performance" at Art of Success - Columbia Ultimate's client conference. Columbia Ultimate appreciates Mark sharing his insights with us.