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Choosing a collection agency should be like hiring an employee
When you’re choosing a collection agency to take on your accounts receivable, sometimes the hardest part is finding the right fit. In some ways, it’s kind of like hiring a new employee for your team because they will be working on your behalf. What should this new employee be doing? Send letters Many donât realize that
IC System Celebrates 10 Years in Onalaska, WI
IC Systemâs branch office in Onalaska, Wisconsin, recently celebrated its ten-year anniversary. The Chamber of Commerce in La Crosse supported the ribbon-cutting event. Tanner Kabat, the Branch Manager of the Onalaska office, cut the red ribbon on August 29, 2017. Several members of IC Systemâs executive teamâincluding Executive Vice President and CFO Kurt Heinbigner, Director
How Collection Legislation Impacts Consumer Financial Health
Despite the significant impact of the debt collection industry on the economy as a whole, relatively little research exists as to the impact that state-level collection legislation has on consumer financial outcomes. Preliminary findings in a recent staff report from the Federal Reserve Bank of New York reveal âconsistent evidence that restricting collection activities leads
Get Ready to Make a Collection Phone Call
Itâs okay to admit it: You really hate making those collection phone calls when a customer hasnât paid. The fact is, few of us are accustomed to talking about money. You know if the conversation isnât handled right, you could make a bad situation worse and lose that customer forever. At the same time, the
Dentists: Prepare your patients now, avoid collections later
Remaking a billing system to boost same-day payments from patients can make sense for any dental practice. When patients walk out the door without making a payment or paying off their deductible or co-pay, the cost of collecting falls on your practice. On top of that, your patients come with a range of financial habits;
Providers: How to build trust with millennial patients
The millennial generation recently hit a milestone of being the largest generation in the U.S. Even though theyâre young adults and have fewer healthcare needs than their parents and grandparents, it’s important for providers to understand the needs and challenges of millennial patients in order to win them over, build trust, and keep those payments
Hospitals Can Teach Us Better Ways of Billing Patients
In the era of the high-deductible health plan, boosting payments can seem like a tall order for clinics as they’re billing patients. One way clinics and practices can help patients deal with the realities of their higher healthcare costs is to adapt and learn from the changes some hospitals have made to their billing systems.
State Rainy Day Funds Face Challenges
When people have to tap into their rainy day fund, itâs to account for surprise expenses. Sometimes we have to fix the furnace when it breaks down, pay for Juniorâs 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 as a Last Resort
Most customers and clients do the right thing and offer payment for the goods and services theyâve received. Unfortunately, there are always some who put you off or fail to pay altogether. If your accounts receivables are getting too high, perhaps itâs time for a hard look at your financial system, and even plan for collections work on your
Investigate insurance company takeback claims
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
