Method, system, and computer-readable medium for managing and collecting receivables

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, by a processor, whether the first account party data of the at least one 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 at least one matching pre-existing account to create a tied account;

calculating, by the processor, a collectability score for any unmatched new account and any tied account based on at least one financial parameter;

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

applying, by the processor, 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 an 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 any unmatched new account or any tied account;

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

updating the new account information of any unmatched new account or the first account information of any 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 collection strategies comprises:

defining a threshold value for one or more accounts by choosing a threshold percentage of potential fees;

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

automatically comparing the expenses against the threshold value and when 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 recover 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 at least one 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 at least one 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 any unmatched new account or any tied account;

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

updating the new account information of any unmatched new account or the first account information of any 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 collection strategies comprises:

defining a threshold value for one or more accounts by choosing a threshold percentage of potential fees;

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 non-transitory computer-readable medium for managing and collecting receivables, the non-transitory computer-readable medium having code embodied thereon, said code when executed by a computer causes the computer to perform steps including:

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 at least one 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 at least one matching pre-existing account to create a tied account;

calculating a collectability 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 collectability score; and

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

16. The non-transitory computer-readable medium of claim 15 , wherein the code 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 non-transitory computer-readable medium of claim 15 , wherein the code is further configured for:

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

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

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

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

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

20. The non-transitory computer-readable medium of claim 17 , wherein the application of one or more collection strategies in the code comprises:

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.