As an industry, debt collection has been around for as long as people have been unable to pay back the money they've borrowed or spent. According to Techcrunch, however, this age-old business is trying to join the modern age with the new startup group Collectly. While traditional debt collectors focus on phone calls and letters to get the job done for their clients, Collectly has moved its operations online and uses more sophisticated interactions with debtors to provide superior results.
The company says that their methods, which involve personalized outreach that include more convenient repayment solutions, mean recovering two to three times the debt as traditional means. Although the company is still in its infancy, a recent influx of $2 million along with the potential to sign up around 100,000 medical practices around the US could help it be well on its way to success.