rainy_day_funds

When people have to tap into their rainy day fund, it’s to account for surprise expenses. Sometimes we have to fix the furnace when it breaks down, pay for Junior’s field trip, or pay for a vet bill when the dog swallows a sock. Governments have rainy day funds for the same reasons, albeit on […]

plan for collections

Most customers and clients do the right thing and offer payment for the goods and services they’ve received. Unfortunately, there are always some who put you off or fail to pay altogether. If your accounts receivables are getting too high, perhaps it’s time for a hard look at your financial system, and even plan for collections work on your […]

small business owners accounts receivable

One of the challenges of being an entrepreneur is having to do it all yourself. For small business owners accounts receivable can be a bear. There are sales, marketing, HR, strategic planning, budgeting, accounting, inventory, shipping. In some ways, you know more than your larger counterparts! Adding to the challenge of mastering these many skills […]

investigate insurance company takebacks

Accuracy and due diligence in accounts receivable management is key to any management of a practice or clinic. Still, unexpected setbacks will mar even the most flawless system, disrupting projections and cash flow. One of these is a tactic used to boost profits known as insurance company takebacks or recoupments. What happens is after the […]

financial conversations

Revenue. In the end, it always comes down to revenue—even in matters as important as one’s oral health. Experienced dentists know this, and that leads dentists handling financial conversations with their patients delicately. Chances are good that you’ve had a few tough conversations already, and you may have more in the future. To help ensure […]

IC System named a top workplace by the star tribune

IC System was named one of Minnesota’s top places to work by the Minneapolis Star Tribune! The Star Tribune made the 2017 Top Workplace announcement on June 21, having based their results on an employee feedback survey conducted by WorkplaceDynamics, an independent company that specializes in employee engagement and retention. Founded in 1938, IC System […]

healthcare bill confusion

It’s not just the insurance companies that are slow to pay—it’s also the patients. Nearly a quarter of healthcare providers say that slow-paying patients are a “significant challenge.” At least one underlying cause comes to mind: higher deductible plans. According to one survey, 39.4 percent of American patients don’t pay right away because they want […]

red cross blood drive 2017

When a long Winnebago-style vehicle called the “Bloodmobile” pulls up to your office building, tensions seem high until everyone realizes that, no, it’s not a vampire transport—it’s actually just the Red Cross, and they’re here to collect donations. Twice a year, IC System’s charity group ECHO (Employee Charitable Help Organization) asks for volunteers throughout our […]

price transparency at the doctor's office

One possible path to boosting revenues and reducing accounts receivables borrows a page from an unlikely place: the price transparency found in plastic surgeon marketing. Because of the elective nature of plastic surgery, this resembles a competitive market. That is, these are medical professionals who deal with patients who have to pay out of pocket. […]

thinking about collection agencies

When customers fail to pay for the services or products you provided, at some point, you’ll need assistance from a debt collection partner. But this is so much more than just a simple transaction. This is a situation with a great deal of responsibility for both your business and the collection partner. If your third-party […]