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 […]
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Commercial Collections: We Work Hard So You Don’t Have To
The act of collecting a commercial account begins with the age when placed. Simply put, the longer a creditor holds onto an account in hopes that the debtor will eventually pay, the more the collectability of that account decreases. Face it: if your customer could have paid, they likely would have within the terms you […]
Building a Better Mousetrap
Professionals in the credit and collections business point to certain key elements that improve overall collectability of accounts once they reach the point when they are placed into collections. The factor that is nearly universally agreed upon is age of the account from date of last sale at the time when it’s placed into collections. […]
