Waiting on hold is a very real and expensive problem, especially if you are a revenue cycle BPO handling insurance case resolution. At some point, you may be feeling helpless that your agents spend the majority of their time stuck on the phone “waiting on hold” trying to connect to a live insurance company representative.
Is there ever going to be a cure for this Hold Time headache? Yes, there is – but first, let’s understand the true pain of waiting on hold.
How Big is The Pain: Measuring the Cost
Average hold times can span 10, 20 or even 30 minutes to reach an insurance company representative. I don’t have to tell you; this is a problem. How much of a problem? Low agent productivity limits the number of valuable cases that can be resolved, perhaps to as few as 3-5 accounts per hour. How much overhead are you paying to resolve those 3-5 accounts?
In such a situation, you have two options to increase the number of cases that can be resolved. The first option is to increase the number of collection agents – which increases your operating costs. The second option is to reduce the hold time for your agents. The Second option is a no-brainer, right? However, how do you do it?
Prescribing … cloud. Cloud technology has made significant strides in solving for a workflow headache, which now includes hold times, with Hold Queue Monitoring.
Aspirin for the Hold Time Headache: Hold Queue Monitoring
LiveVox Hold Queue Monitoring breaks through this gridlock. HQM virtually eliminates the time agents wait on hold by automating the hold process. Once the initial IVR is completed, instead of the agent waiting on hold, LiveVox HQM listens for an answer and automatically bridges back to an agent as soon as the call is answered by an insurance company representative.
To summarize, here are the main benefits of deploying LiveVox HQM.
- Eliminate agent hold times by automating and monitoring the hold time
- Achieve optimal agent performance levels by enabling agents to focus their time on navigating the IVR and talking to insurance representatives
- Drive business revenue by increasing the number of cases resolved and reducing the agent payroll expense per case
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