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Securing Payments for Custom Medication Orders

Securing payments for custom medication orders is crucial for the financial stability and success of any pharmaceutical company. In this article, we will explore a Recovery System designed to help companies recover funds owed to them for custom medication orders. The system consists of three phases, each with specific actions and strategies to secure payments effectively and efficiently.

Key Takeaways

  • The Recovery System for Company Funds is a structured approach to recovering funds owed for custom medication orders.
  • Phase One involves initial contact with debtors, skip-tracing, and attempts to resolve accounts through communication.
  • Phase Two escalates the recovery process by involving affiliated attorneys to demand payment from debtors.
  • Phase Three presents options for further action, including litigation or closure of the case, based on the likelihood of recovery.
  • Rates for the recovery services are competitive and tailored based on the number and age of claims submitted.

Recovery System for Company Funds

Phase One

Upon initiating Phase One, swift action is taken to secure a resolution. Within 24 hours of account placement, a multi-channel approach is deployed:

  • A series of four letters is dispatched via US Mail to the debtor.
  • Comprehensive skip-tracing and investigation are conducted to unearth optimal financial and contact data.
  • Persistent contact attempts are made by our collectors through phone, email, text, and fax.

Daily engagement is our standard, ensuring every avenue is explored in the first 30 to 60 days. Should these efforts not yield a settlement, the transition to Phase Two is immediate, involving our network of affiliated attorneys.

The goal is clear: to achieve a resolution swiftly and efficiently. If the debtor remains unresponsive, the recovery system escalates, maintaining pressure and upholding the integrity of the process.

Phase Two

Upon escalation to Phase Two, the momentum of recovery efforts intensifies. A local attorney within our network takes the helm, drafting a series of authoritative letters to the debtor. These letters, backed by legal letterhead, signal a serious shift in tone. Concurrently, persistent phone calls aim to establish a dialogue and negotiate payment.

If these efforts remain unfruitful, a detailed report outlines the challenges encountered and the recommended course of action. This pivotal communication ensures transparency and prepares you for the critical decisions ahead.

The process is structured yet adaptable, with the following key actions:

  • Immediate drafting of demand letters by the receiving attorney
  • Rigorous attempts to contact the debtor via telephone
  • Preparation of a comprehensive report on the case status

Should Phase Two not yield the desired results, the path is set for a decisive Phase Three. The choice between litigation and closure rests with you, informed by our expert analysis and your strategic business considerations.

Phase Three

Upon reaching Phase Three, the path forward becomes a decisive moment for the recovery process. The outcome of the investigation into the debtor’s assets and the facts of the case will lead to one of two recommendations. If the likelihood of recovery is deemed low, closure of the case is advised, incurring no cost to you. Alternatively, should litigation be recommended, a critical choice presents itself.

Choosing not to litigate allows for withdrawal of the claim without any financial obligation. However, opting for legal action necessitates upfront legal costs, typically ranging from $600 to $700. These costs cover court fees and filing expenses, with our affiliated attorney initiating a lawsuit to recover all owed monies, including the cost of filing.

The decision to litigate is pivotal, with potential costs balanced against the possibility of full debt recovery.

Our fee structure is straightforward and competitive, with rates varying based on the age of the account, the amount collected, and the number of claims. Here’s a quick overview:

  • For 1-9 claims:

    • Accounts under 1 year: 30%
    • Accounts over 1 year: 40%
    • Accounts under $1000: 50%
    • Accounts with an attorney: 50%
  • For 10 or more claims:

    • Accounts under 1 year: 27%
    • Accounts over 1 year: 35%
    • Accounts under $1000: 40%
    • Accounts with an attorney: 50%

In the event that litigation does not result in recovery, the case will be closed without further financial obligation. This risk-free approach ensures that your company’s interests are safeguarded throughout the recovery process.

Frequently Asked Questions

What is the Recovery System for Company Funds?

The Recovery System for Company Funds consists of three phases aimed at recovering company funds from debtors. Phase One involves sending letters to debtors, skip-tracing, and attempting to contact debtors for resolution. Phase Two includes forwarding the case to affiliated attorneys for legal action. Phase Three involves recommending either closure of the case or proceeding with litigation.

What happens if recovery is not likely in Phase Three?

If recovery is not likely in Phase Three, the case may be recommended for closure, and the client owes nothing to the firm or affiliated attorney. Alternatively, litigation may be recommended, and the client can choose to proceed with legal action by paying upfront legal costs.

What are the legal costs associated with proceeding to litigation in Phase Three?

The legal costs for proceeding to litigation in Phase Three typically range from $600.00 to $700.00, depending on the debtor’s jurisdiction. The client is required to pay these upfront legal costs for filing a lawsuit.

What are the collection rates for DCI in the Recovery System?

DCI provides competitive collection rates based on the number of claims submitted within the first week. Rates vary for accounts under 1 year in age, accounts over 1 year in age, accounts under $1000.00, and accounts placed with an attorney.

What actions are taken in Phase One of the Recovery System?

In Phase One, letters are sent to debtors, skip-tracing and investigation are conducted to obtain debtor information, and attempts are made to contact debtors for resolution. If all attempts fail, the case proceeds to Phase Two.

What happens in Phase Two of the Recovery System?

In Phase Two, the case is forwarded to a local attorney within the network. The attorney drafts letters demanding payment, contacts the debtor, and if all attempts fail, recommendations are made for the next steps.


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