Growth Crisis in Specialty Collections
Child Support Collections Company
- Reduction in collection cycle time from an average of 240 days to 120 days.
- Documented desktop procedures for all processes.
- Continuous feedback processes, which identified gaps, encouraged on-going process refinement and permitted growth in the company to be based on operational excellence rather than personal relationships.
- Based on the newly designed processes, detailed business system requirements were developed for creating and evaluating responses to an RFP. LoBue outlined workflow management requirements, database design requirements, document imaging and storage requirements.
As a result of the implemented process changes the company was equipped to meet its volume goals and was able to secure $25 million in additional venture capital.