Advancing the FM Vision with Action: Managing Collections so You Don’t Have To
We all need more time for ourselves, right? Let’s talk about the Centralized Receivables Service platform that is part of the FM Vision goal to transform accounts receivable processing.
The Centralized Receivables Service (CRS) helps agencies manage accounts receivable. It increases collections and contributes to the reduction of delinquent debt. It gives you more time to do what you need. CRS is a one-stop shop for accounts receivables. It’s a free service that can take the work off your plate.
CRS manages pre-delinquent debt in the early stages of delinquency before it becomes eligible for referral. It allows debtors to make payments in a timely, modern way using various payment channels like Pay.gov, accessed from an easy-to-follow portal. Participating agencies don’t have to send out the accounts receivable letters or perform a search for the most recent address because CRS will do it for them. It helps agencies reduce delinquency rates and comply with federal claims collection standards.
The bottom line? CRS is saving agencies’ time and money, and making it easier for people to make their payments. That’s good for everyone, from federal financial managers to American taxpayers.
Who is participating now? Some of the agencies are the Department of Defense, Veterans Affairs, and the Department of Education, to name a few. According to a Centralized Receivables Service partner, “Navy Medicine has no plans to revert back to the old pre-CRS set of processes. DCIA compliance is up, collections are up, and collection costs are down.” Learn more about the Centralized Receivables Service at: https://www.fiscal.treasury.gov/crs
Last modified 12/07/18