METHOD, SYSTEM, AND COMPUTER-READABLE MEDIUM FOR MANAGING AND COLLECTING RECEIVABLES

• US 20110295631A1
• Filed: 05/12/2011
• Published: 12/01/2011
• Est. Priority Date: 05/12/2010
• Status: Active Grant

• Current Assignee: Ontario Systems, LLC
• Original Assignee: Ontario Systems, LLC
• Inventors: Kolb, Benjamin, Cutler, Brian, Kennedy, Amy, Bell, Julie, Roark, Tyler, Couch, Kenneth
• Granted Patent: US 8,335,740 B2
• Time in Patent Office: Days
• US Class Current: 705/7.11
• CPC Class Codes: G06Q 10/063 Operations research, analysis or management
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A method, system, and computer-readable medium for managing and collecting receivables are disclosed. Such a method includes providing at least one pre-existing account with first account information, the first account information having first account party data and providing at least one new account, each new account comprising new account information, the new account information having new account party data. The method also includes determining whether the first account party data of the pre-existing account matches the new account party data of the at least one new account and if so, tying the at least one new account with the matching pre-existing account to create a tied account. The method further includes calculating a score for any unmatched new account and any tied account based on at least one financial parameter and applying one or more collection strategies.

Claims

1. A method for managing and collecting receivables, the method comprising:

providing at least one pre-existing account with first account information, the first account information having first account party data;

providing at least one new account, each new account comprising new account information, the new account information having new account party data;

determining whether the first account party data of the pre-existing account matches the new account party data of the at least one new account and if so, tying the at least one new account with the matching pre-existing account to create a tied account;

calculating a score for any unmatched new account and any tied account based on at least one financial parameter;

determining one or more collection strategies for any unmatched new account and any tied account based on the calculated score; and

applying the one or more collection strategies to any unmatched new account and any tied account.

2. The method of claim 1, further comprising the step of verifying that the new account information of any unmatched new account or the first account information of any tied account is current.

3. The method of claim 1, further comprising the step of optimizing data, wherein the step of optimizing data comprises:

receiving third account information regarding an unmatched new account or an tied account;

determining best data between the third account information and the new account information of the unmatched new account or the first account information of the tied account information; and

updating the new account information of the unmatched new account or the first account information of the tied account with the best data.

4. The method of claim 3, wherein the step of optimizing data further comprises after updating the new account information or first account information with the best data, sharing the new account information or first account information.

5. The method of claim 4, wherein the step of applying one or more strategies comprises:

choosing a threshold percentage of potential fees to define a threshold value for one or more accounts;

automatically determining expenses incurred for collection recovery efforts for the one or more accounts; and

automatically comparing the expenses against the threshold value and if the expenses exceed the threshold value, performing actions that mitigate further costs associated with collection recovery efforts.

6. The method of claim 5, wherein performing actions that mitigate further costs comprises adjusting one or more collection recovery efforts.

7. The method of claim 5, wherein performing actions that mitigate further costs comprises terminating one or more collection recovery efforts.

8. A system for managing and collecting receivables, the system comprising:

a data storage unit having stored therein at least one pre-existing account with first account information, the first account information having first account party data, and at least one new account, each new account comprising new account information, the new account information having new account party data;

a computer, coupled to the data storage unit, that is configured to;

determine whether the first account party data of the pre-existing account matches the new account party data of the at least one new account and if so, tie the at least one new account with the matching pre-existing account to create a tied account;

calculate a score for any unmatched new account and any tied account based on at least one financial parameter;

determine one or more collection strategies for any unmatched new account and any tied account based on the calculated score; and

apply one or more collection strategies to any unmatched new account and any tied account.

9. The system of claim 8, wherein the computer is further configured to verify that the new account information of any unmatched new account or the first account information of any tied account is current.

10. The system of claim 8, wherein the computer is further configured to optimize data, through the steps of:

receiving third account information regarding an unmatched new account or an tied account;

determining best data between the third account information and the new account information of the unmatched new account or the first account information of the tied account information; and

updating the new account information of the unmatched new account or the first account information of the tied account with the best data.

11. The method of claim 10, wherein after updating the new account information or first account information with the best data, the computer is further configured to share the new account information or first account information.

12. The method of claim 10, wherein the application of one or more strategies comprises:

choosing a threshold percentage of potential fees to define a threshold value for one or more accounts;

automatically determining expenses incurred for collection recovery efforts for the one or more accounts; and

automatically comparing the expenses against the threshold value and if the expenses exceed the threshold value, performing actions that mitigate further costs associated with collection recovery efforts.

13. The method of claim 12, wherein performing actions that mitigate further costs comprises adjusting one or more collection recovery efforts.

14. The method of claim 12, wherein performing actions that mitigate further costs comprises terminating one or more collection recovery efforts.

15. A computer-readable medium with a computer program for managing and collecting receivables, the computer-readable medium comprising code portions stored therein, the computer-readable medium code portions comprising:

a first executable portion for providing at least one pre-existing account with first account information, the first account information having first account party data and at least one new account, each new account comprising new account information, the new account information having new account party data;

a second executable portion for determining whether the first account party data of the pre-existing account matches the new account party data of the at least one new account and if so, tying the at least one new account with the matching pre-existing account to create a tied account;

a third executable portion for calculating a score for any unmatched new account and any tied account based on at least one financial parameter; and

a fourth executable portion for determining one or more collection strategies for any unmatched new account and any tied account based on the calculated score and applying the one or more collection strategies to any unmatched new account and any tied account.

16. The computer-readable medium of claim 15, wherein the second executable portion is further configured for verifying that the new account information of any unmatched new account or the first account information of any tied account is current.

17. The computer-readable medium of claim 15, wherein the second executable portion is further configured for:

receiving third account information regarding an unmatched new account or an tied account;

determining best data between the third account information and the new account information of the unmatched new account or the first account information of the tied account information;

updating the new account information of the unmatched new account or the first account information of the tied account with the best data.

18. The computer-readable medium of claim 17, wherein after updating the new account information or first account information with the best data, the third executable portion is further configured to share the new account information or first account information.

19. The computer-readable medium of claim 17, wherein the application of one or more strategies in the fourth executable portion comprises:

choosing a threshold percentage of potential fees to define a threshold value for one or more accounts;

automatically determining expenses incurred for collection recovery efforts for the one or more accounts; and

automatically comparing the expenses against the threshold value and if the expenses exceed the threshold value, performing actions that mitigate further costs associated with collection recovery efforts.

20. The computer-readable medium of claim 18, wherein performing actions that mitigate further costs comprises adjusting one or more collection recovery efforts.