First-Party vs. Third-Party Accounts Receivable
You know that understanding the details of how your accounts receivable department works is vital to the long-term success of your business. Without diligent attention, it can become one of the biggest financial headaches within your company. Accounts receivable can be handled in one of two ways: first-party and third-party management. This may seem self-explanatory; […]
Statistics That Will Shake Up Your Accounts Receivable
If you sell products or services on credit, then chances are that the words “accounts receivable” are enough to give you a headache. Nevertheless, successfully managing your collections department is critical to your growth as a business. Recent numbers suggest that uncollected receivables could cost your company into the hundreds of thousands of dollars. Plus, […]
The CFPB’s Impact on Healthcare Revenue Cycle Management
Over the last few years, various regulatory associations have released rules and passed laws that impact healthcare revenue cycle management, especially with regard to collections. In an attempt to protect patients’ privacy, the Consumer Financial Protections Bureau, or CFPB, also limit providers’ options when it comes to recouping losses. This doesn’t mean that you should […]
Is There a Place for the Pareto Principle in Collecting Receivables?
The Pareto Principle (also called the 80/20 rule) has been used by businesses, scholars, and researchers for more than 100 years. It holds that 80 percent of benefits, such as sales or collections, come from 20 percent of the efforts made, such as marketing and collection strategies. But does it apply to collecting receivables? Collection Chaos When you […]
4 Ways Accounts Receivable Management Improves Business Relationships
Think about the last time someone asked you for money, whether in person, on the telephone, or through the mail. It might have been a utility bill, a medical invoice, or the babysitter requesting payment after you had a date night with your spouse. How did you feel after that interaction? Did you willingly open […]
How Accounts Receivable Management Helps Small Businesses with Profit Recovery
One of the reasons small businesses avoid hiring collections agencies is because they don’t feel they can justify the costs. But after hearing weeks and months of excuses from customers as to why they cannot pay and seeing the lost revenue from those invoices diluting company profits, it becomes obvious that hiring an agency is […]
Revenue Cycle Management: How Hospital Collection Services Can Aid Your Medical Billing Efforts
You were trained to treat people — not perform cash extractions. In a hospital or other medical facility, revenue cycle management, or RCM, determines the business’s profitability. Healthcare finances differ from those of other businesses because clinicians must take extra steps to collect payments. Between submitting claims through insurance companies and billing clients for out-of-pocket […]
3 Reasons Paying Their Bill Is Not Your Customers’ Priority
There are probably very few people out there who get excited when they received a bill or invoice with an amount due. For many customers, paying certain invoices is not a top priority when it comes to the grand scheme of their financial breakdown, which is not the best situation for you and your receivables […]
Outsourcing Accounts Receivable Management Can Boost Healthcare Providers Growth
Gentle reminders are our first choice to collect accounts receivable. Maintaining cash flow in healthcare is an important part of keeping a business healthy and growing. When there are problems collecting accounts receivable, it can affect a business adversely. Outsourcing can be a practical solution to improve your accounts receivable management and boost your income. […]
Taming Your Cash Flow Before It Eats You Alive
There are no shortage of “beasts” your business needs to tame in order to thrive in the marketplace. Some might read that and think of scaling to meet the needs of a growing client base or managing difficult employees, but cash flow can be one of the biggest monetary monsters you can encounter as a […]
