LexisNexis® Risk & Information Analytics Group Helps Government Optimize Budgets
Governments Can Increase Revenue with Commercially-proven Collections Technologies
New York, NY – LexisNexis Risk & Information Analytics Group today announces the availability of the LexisNexis® Revenue Recovery Solution, a comprehensive suite of proven debt recovery tools that helps government agencies collect revenue faster and more efficiently. The solution leverages commercially-tested technology to help governments to increase revenue by more easily recouping funds lost to fraud and evasion. LexisNexis® Revenue Recovery complements other LexisNexis solutions, including MediFraud Alert, which help governments to optimize budgets by reducing payments to unqualified recipients.
While recovering revenue is always an important concern for federal, state and local governments, the current economic environment makes this function increasingly critical. Funds that governments need to operate are facing severe shortfalls at the federal and state levels due to lower real estate tax revenue, lower income taxes being paid and lower retail tax revenue owing to decreased consumer activity. According to the Center on Budget and Policy Priorities, at least 41 states faced or are facing budget shortfalls. Additionally, the Congressional Budget Office projects the deficit to reach roughly $700 billion, up more than 50 percent from the previous year. These shortfalls are inhibiting government's ability to deliver critical services to citizens, including education, transportation, and police and fire services.
"Mindful of the challenges of our economic climate, we designed this solution to provide government with a better way to identify and retrieve lost revenue," said Haywood Talcove, chief executive officer, LexisNexis Special Services Inc. "Leveraging our commercially-proven collections and investigative technologies, this solution will help government increase its recovery performance and bring in much-needed revenue."
The ability of government agencies to ensure compliance with tax and revenue laws is challenged by the ease in which delinquent taxpayers or businesses hide assets or alter the relationships of assets, people and organizations. Additionally, knowing more information about delinquent accounts is important because the top 10% of ranked accounts typically generate ten times more revenue than the bottom 10%. Because 35% of delinquent debtors move annually, locating and contacting them first improves the probability of collecting, and in less time.
LexisNexis Revenue Recovery helps government address these challenges by integrating powerful information solutions that enhance each phase of the revenue recovery process, including:
- LexisNexis RecoverScore™: A scoring model that ranks the recovery potential of a portfolio and allows government tax and revenue professionals to focus resources on the most collectible accounts.
- LexisNexis AccountMonitoring: An automated tool that continually monitors accounts for changes in key debtor information such as telephone numbers and addresses. The solution increases efficiency by pro-actively sending specific alerts to relevant staff when changes are detected.
- Accurint® for Government: A powerful online tool that helps rapidly locate people, businesses and assets by leveraging the most current, comprehensive collection of public records and locator information available.
With the release of LexisNexis Revenue Recovery, the company is reaffirming its commitment to provide solutions that transform government’s ability to use information to serve the public. LexisNexis helps federal, state and local governments accomplish mission-critical tasks through advanced tools and solutions and specializes in areas including law enforcement, public safety, tax and revenue, and health and human services.
LexisNexis® (www.lexisnexis.com) is a leading global provider of content-enabled workflow solutions designed specifically for professionals in the legal, risk management, corporate, government, law enforcement, accounting and academic markets. LexisNexis originally pioneered online information with its Lexis® and Nexis® services. A member of Reed Elsevier [NYSE: ENL; NYSE: RUK] (www.reedelsevier.com), LexisNexis serves customers in more than 100 countries with 18,000 employees worldwide.
About LexisNexis Risk & Information Analytics Group
LexisNexis Risk & Information Analytics Group is a natural extension of the core competencies and technologies proven in the LexisNexis online products from the past 30 years. The LexisNexis Risk & Information Analytics Group builds on the LexisNexis tradition as a trusted provider and custodian of quality information, and leverages new cutting-edge technology, unique data and advanced scoring analytics to create total solutions to address client needs.
LexisNexis Risk & Information Analytics Group is specifically designed to serve the multi-billion dollar risk information industry, which is comprised of professionals and organizations such as law enforcement, government agencies, financial services firms, collection agencies, insurance and health care providers, hiring managers, and other professionals. Visit lexisnexis.com/risk for more information.
LexisNexis Risk & Information Analytics Group