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Effects of Wayfair Starting to Show

wayfair

Last year, we discussed the possible effects that a United States Supreme Court ruling in the case of South Dakota v. Wayfair would have on state coffers. The ruling last June means that states are now able to collect sales tax on purchases their citizens make from online retailers, even if those retailers don’t have Read more…

Go after bad debts without ruining the good vibes

customer-relations

Reminding your customers to pay their bills is the right thing to do, but it can be an awkward task. Bungle the message, and it’s sure to damage the relationship. Still, in any relationship, setting expectations of the other person is always the healthy thing to do. For you, that means setting the expectation that the Read more…

Loose Change Adds Up for Charity

loose-change

There’s untold value in loose change. You could have a small treasure hiding between your couch cushions or in your junk drawer. Although many of us no longer carry cash or coin, there always seems to be some coinage lying around that goes unnoticed. Now imagine if everyone in your office pooled together their loose Read more…

5 financial mistakes new dentists should avoid

financial-mistakes-ic system

Dentistry offers a rewarding career, one that comes with the satisfaction of helping others, along with the financial benefits. Even so, these five financial mistakes can derail your practice and your profits. Coasting on student loan payments: The median dental school debt for graduates in the class of 2018 was $280,410. But according to the Bureau of Labor Statistics, Read more…

Collection agencies, the FDCPA, and you: Safeguarding customer info

secure-consumer-information-ic system

One thing business owners think about is protecting consumer information. When it’s time to turn late accounts over to a third-party debt collector, you may be wondering what happens to that information and what they do to keep it safe. The short answer: Go in with high expectations. Because a reputable, quality collection agency may Read more…

Excessive Fines and Fees a Thing of the Past for Local Governments

government-excessive-fees-ic system

State and local governments can no longer impose excessive fees and fines after a Supreme Court ruling on Wednesday, February 20. The unanimous decision reinforces the Eighth Amendment to the United States Constitution that “Excessive bail shall not be required, nor excessive fines imposed, nor cruel and unusual punishments inflicted.” Fees and fines of this Read more…

Avoid these 5 mistakes with late patient accounts

medical-bill-collections

Chances are, your practice is faced with the challenge of a higher load of aging accounts receivable and the likelihood of needing medical bill collections services. Unlike a decade ago, the core strategy in lowering those A/R days is not necessarily centered on streamlining insurance company processes. This time, patients are the likely source of Read more…

External Factors Play Large Part in Local Budgets

Local-budgets

A couple of recent news stories have highlighted some of the challenges that state and local government entities face in regards to budgeting. When states and municipalities are planning their budgets, it is important that they keep in mind that external factors can present challenges that are largely beyond their control. The recently-ended federal government Read more…

The Cost of Uncompensated Care for MN Health Systems

hospital-system

The 2017 numbers are in: Minnesota healthcare systems provided $691 million in uncompensated care during 2017, up 19.2% from the prior year. But as a Minnesota collection agency, IC System has to wonder what do these numbers, reported by Becker’s, really mean and why are they important? First, let’s look closer at the issue. All Read more…

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