6 Warning Signs of Financial Trouble for Your Small Business
Any entrepreneur knows there’s a chance that their business may not take succeed. Risk is inherent in any new business venture, of course. The Small Business Administration says that, while about 80% of small businesses make it through their first year, only 50% of small businesses make it past the five-year mark. Only one in three celebrate […]
Four Healthcare Debt Collection Stats You Need to Know
Healthcare debt collection is one of the most delicate of processes. Hospitals, medical practices, and ancillary service providers must tread lightly to maintain the doctor-patient relationship they’ve worked so hard to build. At the same time, most healthcare revenue cycle metrics cannot sustain an extensive volume of past due accounts receivable customers for very long. […]
The Debt Collection Letter 101
When you send the debt collection letter is just as important as what you say. One of the most powerful tools to use in debt collection services is the debt collection letter. This technique is also one of the most regulated in the industry, along with phone calls to the past due client. While establishing […]
How to Minimize Accounts Receivable Days and Streamline Your Revenue Cycle
Healthcare providers have always been under scrutiny to do more with less. Over the past decade, reimbursement has continued to decline, and healthcare costs have risen. The Advisory Board reports hospital prices have gone up; inpatient care rose 42% from 2007 to 2014. For employers, healthcare costs have increased by 5% annually for the past six years. There […]
What Is End-to-End Debt Collection?
An end-to-end debt collection service helps companies maximize efficiencies to improve accounts receivables. While many companies employ a debt collection service to supplement an existing collections team in one area, in fact, an end-to-end outsourced team can help you throughout the process of debt collection. How does end-to-end debt collection service work and how can […]
Top 5 Signs Your Business Needs a Collection Agency
From small businesses to enterprise organizations, companies often seek a partnership with a collection agency when past due accounts receivables begin to mount. Small businesses may have never conducted collections or found it was too time-consuming to pursue, and larger organizations may not have the technology to conduct debt collection efficiently. But at what point […]
Top Red Flags that Signal an Upcoming Debt Collection Issue
Failing to pursue past-due accounts until the 90-day mark is one red flag that a storm is brewing for your company. We know that the U.S. has a rising debt problem across most major industries. The Federal Reserve Bank of New York just issued their Quarterly Report on Household Debt and Credit. They found total household debt increased […]
How to Improve Your Accounts Receivable Management in 2019
Is your accounting or collections team providing ROI on A/R? Is your business prepared for all that this New Year brings? Are you confident that operations will improve or are you worried that rigor and efficiency are declining? Sometimes what’s missing is an external resource to help tune-up and optimize current operational protocols. Take accounts […]
How a Collection Agency Can Improve Your Healthcare Organization’s Bottom Line
Hospitals struggle with past due A/R. Healthcare has a problem. The costs of care are skyrocketing, reimbursement continues to decline, and a recent report says more consumers are enrolling in high-deductible health insurance policies than ever before. The impact on the bottom line of the healthcare industry is troubling; Becker’s reported in 2018 that: Operating expenses are growing […]
Top Four Factors Impacting SMEs in 2019
2019 looks to be another volatile year for SMEs. The small to medium enterprise (SME) always has a plethora of factors impacting the bottom line. Certainly, the economy heavily impacts these organizations, just like their larger counterparts, but when consumer debt rises, SMEs have tighter margins to weather past due A/R. Too, SMEs are uniquely vulnerable to […]
