Shareholders Sara Costanzo
and Amanda Yurechko
recently attended the Conferences By Monticello 2023 Annual Utilities Meter to Cash Conference
. This conference covered the entire utility meter to cash cycle and was specifically organized for utility industry professionals and solution providers.
Now, they’re sharing their top takeaways!
Extended accounts receivable and recovery efforts following COVID-19 non-disconnect mandates
During the moratorium, accounts receivable grew to 700% of normal levels, leading to an all-time high of write-offs. In the commercial space, many service locations were determined to be vacant, following the COVID moratorium, along with an increase in fraudulent service activity, with the same party requesting service in new names.
Robot process automation in the utility industry – ways to improve processes and effectively deliver customer satisfaction
This allows for faster processing, reduced costs, increased productivity, and higher customer satisfaction. Allowing a customer to opt-out is key, and expanding the use of chat boxes on the customer portals, for frequently asked questions and balance information, along with mobile app transactions is key.
When looking to recover unpaid balances, using outside vendors improves overall performance
While some utilities only use a few vendors, several are reconsidering this, learning that the use of up to 15 vendors has proven successful. This allows the utility to place accounts based on vendor strengths and services, not placing all eggs in one basket. Allowing vendors to identify areas of greatest strengths also leads to higher recoveries, identifying things such as types of accounts, length of delinquency, and jurisdictions. Additionally, placements are awarded based on performance, incentivizing vendor recoveries. In this case – the more the merrier.
If you have any questions about these topics or our consumer
collections solutions, contact Sara
This blog is not a solicitation for business, and it is not intended to constitute legal advice on specific matters, create an attorney-client relationship or be legally binding in any way.