Closed case audits is a specialist recovery service that is provided by Debt Recoveries Australia. Through these reviews, money is recovered on behalf of a client from outstanding accounts that have previously been closed.
One of the greatest internal expenses experienced by most companies is over-looked or abandoned recoveries. Debt leakage can occur for a number of reasons including:
- Overlooked information
- Miscoded cases
- Data Entry Errors
- Non-economical pursuits
- Judgements with no recovery
- Un-locatable debtors
DRA assist many of their clients with initially identifying and reducing debt leakage through conducting periodic close case audits. Through the combination of DRA’s attention to detail, knowledge of domestic regulations, experience in auditing procedures and access to information through multiple databases, DRA is able to review cases that have previously been closed, recover lost capital and enhance department/organisation performance.
A proficient member of DRA’s recoveries team conducts an on-site visit every quarter, biannually or annually, reviewing each closed case and action those cases that have a potential for recovery. The client is then able to monitor the progress of the recovery of each case in real time through DRA’s secure online system. Finally, the client will be reimbursed for all successful recoveries minus any commissions payable.
Close case audits result in many of DRA’s clients experiencing increased recovery rates while reducing the accounts receivable costs. Another financial benefit that clients receive is that DRA works on a commission only basis. There is no charge to the client until there is a successful recovery, in other words DRA provides a 100% risk free service.
Recently DRA has been successful in recovering approximately 30% of claims that were identified as being recoverable through closed case reviews.