Burnout is a serious condition caused by extreme long-term stress in either a person’s individual or professional life. Once you are stuck in the cycle of burnout, it can be difficult to escape, so it’s better to avoid it altogether.
Have Creative Outlets
Suppose you work in a job where you are told what to do and when. Your burnout might be partly caused by not using your creativity. To help keep this from happening, make sure you maintain some sort of creative outlet. This could be as simple as a DIY house project, experimenting in the kitchen, or even just journaling each day. Just make sure you let yourself be creative in some aspect to stop burnout in its tracks.
Take Care Of You
Sometimes when you are in a high-stress, tough job, it can be difficult to find time for yourself. But this time for yourself is necessary. A job is just a job. If you need a day to take care of yourself, take it. If you need a spa weekend retreat, go for it. Whatever you decide to do, remember your body is not a machine, and you need to take care of yourself before you can work to take care of others.
Find Support
Another way to help prevent burnout is by having a good support system in place. If you don’t feel you currently have one, go out and find one! This may be easier than you think, especially if you are looking for a creative outlet mentioned above. Look for clubs or organizations which participate in activities you desire and join one. Spending time with like-minded individuals will do wonders for your mental well-being, especially if you are doing a hobby you love at the same time!
Identify What You Need From Work If your burnout results from something you are not getting from your work to feel fulfilled, it’s time to figure out just what you need to stop the burnout. Once you realize this, bring it up to your boss or supervisor. They may have ideas to help.
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Let me know if articles of this type are helpful to you. If you would like to see more on this topic, would like coaching in this area, or have a topic to suggest, please leave me a comment, or contact me personally.
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Think back to a time when someone inspired you. Perhaps they spoke at an event you attended. You may remember a college professor who you loved. Whatever your memory, you probably thought of that person as a mentor.
What was it about that person you saw inspiration? Was it the way they spoke or was it the message they presented? Mentors have a way of giving us the needed push to accomplish what we thought was impossible.
Just Communicate
You don’t need a face-to-face relationship for someone to be considered a mentor. In fact, you could read about someone in history or read a biography on the person. Sometimes, you may find a TED Talk that moves you. Then, you reach out to that person and let them know how it moved you. Correspondence can develop where you bounce ideas to this person.
Just a Little Push
Mentorships help people by giving them the push they need to get to a higher level. Sometimes, you simply don’t know what to do next. A mentor will show you some possibilities. While they shouldn’t decide for you, they can give you some much-needed guidance.
It’s On You
You should never blame a mentor for anything related to your life or career. If you follow the advice of a mentor and it doesn’t work out, you either didn’t follow all the steps, or it simply may not be the right path for you. The responsibility rests with you.
Choose Wisely
While there are bad mentors, it is up to you to learn how to find the right ones. But, once you do, you will have guidance that can help you attain your goals. You must be willing to take the advice of your mentor. The actions required could take you outside of your comfort zone. Often, that is how you break through barriers that are holding you back. When that happens, you will see the value of a mentor that much more.
What’s It Worth To You?
Some mentors may seem out of reach to you because of how much they cost. Some people are lucky to receive free mentoring. But, if you don’t have that luxury, keep in mind what you are getting out of the deal. If you advance in your career quicker than your colleagues because you paid for a decent mentor, can you put a price on that? You will more than cover the cost of both salary and relationships that you gain from the arrangement.
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It’s a problem faced by virtually every business – how to deal with customers who pay their bills late, or not at all. While customers expect prompt and professional service, they don’t always meet the same standard when it comes to paying their bills.
Not like this…
Accounts not paid within terms can severely impact the cash flow of a business. A clearly defined and carefully communicated, yet diplomatic payment policy may help avoid difficult collection situations.
1. Have a Defined Credit Collection Policy:
One of the major causes of an overdue receivable is that the business
has not defined to its customers and staff when accounts are to be paid. If customers are not educated that accounts are to be paid on time – then chances are they’ll pay late or sometimes not at all. Make sure that your customer’s terms of payment are clearly stated in writing to each customer at the time of sale or services rendered.
2. Invoice Promptly and Bill Regularly:
If you don’t have a systematic invoicing and billing system – get one.
Many times the customer hasn’t paid simply because he hasn’t been billed or reminded to pay in a timely manner. This situation regularly occurs in smaller or newer businesses where there isn’t enough staff to invoice and bill on a timely basis.
3. Use “Address Correction Requested”:
One of the most difficult collection problems is tracking down a customer who has “skipped”. All businesses should be aware of a special service offered by the U.S. Post Office. Any statement or correspondence sent out from a practice should have the words “Address Service Requested” printed or stamped on the envelope. When a statement is sent to a customer who has moved without informing you of his/her new address and the words “Address Service Requested” appeared on the envelope, the Post Office will research this information. If the Post Office can locate a change of address on that customer, they will send you form #3547 with the customer’s correct address.
4. Contact Overdue Accounts More Frequently:
No law says you can contact a customer only once a month. The old adage, “A squeaky door gets oiled” has a great deal of merit when it comes to collecting past due accounts. It’s an excellent idea to contact late payers every 10 – 14 days. Doing so will enable you to diplomatically remind the customer of your terms of payment.
5. Develop a Systematic Plan to Follow up Past Due Accounts:
Determine ahead of time what action you will take and at what time frame you will take it. For example, at 15 days past due make a phone call. Your staff can start with a “courtesy” call to make sure that the statement was received. At 30 days past due send another statement with the message, “This is 30 days past due, please remit.” Having this plan and adhering to it makes both you and your customers aware of the fact you expect to be paid.
6. Use Your Aging Sheet – Not Your “Feelings”:
Many businesses (or well-meaning people on their staff) have let an account age beyond the point of ever being collected because he or she “felt” the customer would eventually pay. While there certainly are a few isolated cases of unusual customer situations, the truth is that if you are not being paid, someone else is. So stick to your systematic plan of follow up. You will soon know who intends to really pay and who does not. You can then take appropriate measures once you know where you stand.
7. Make Sure Your Staff is Trained:
Even “experienced” staff members can sometimes become jaded when dealing with customers. This usually occurs when customers have made and broken promises for payment. Make sure the staff is firm yet courteous when dealing with customers. Your collection staff could benefit from customer service training because, in effect, they must “sell” your customers on the idea that you expect to be paid. Make sure that your collection staff is trained to not only bring the account current, but to also maintain good will with your customers.
8. Admit and Correct any Mistakes on Your Part:
Sometimes customers do not pay because they feel you have made a mistake. If you have, quickly admit it and correct it. Your customer realizes that mistakes can happen in business. Unfortunately, many customers believe that “the doctor doesn’t need the money”. Denying an obvious error only fans the fire of resentment your customer may already feel.
9. Follow the Collection Laws in Your State:
In many states, businesses are governed by the same collection laws as are collection agencies. For example: Calling a customer at odd hours or disclosing to a third party that a person owes your business money are a few of the numerous collection practices that can cause serious repercussions. When in doubt, call your state’s department of finance for any clarification on the law.
10. Use a Third Party Sooner:
If you’ve systematically pursued your past due accounts for 60 to 90 days from the due date, (and they still haven’t paid) you’re being delivered a message by your customer. More than likely, you’ve requested payment four to six times in the form of phone calls, statements, and letters. Statistics show that after 90 days, the effect of in-house collection efforts wear off 80%. That means that the time and financial resources budgeted for collection efforts should be focused within the first 90 days where the bulk of your accounts can and should be collected. From that point on, a third party can motivate a customer to pay in ways you cannot, simply because the demand for payment is coming from someone other than you. Avoid paying a percentage to a contingency collection agency, using small claims court or hiring an attorney by utilizing a flat fee collection service such as TSI. It will save your business time and money.
10.5. Remember that Nobody Collects Every Account:
Even by setting up and adhering to a specific collection plan, there are a few accounts that will never be collected. By identifying these accounts early you will save yourself and your business a great deal of time and money. At the same time, your business will benefit from improved cash flow from the vast majority of accounts that do pay.
Developing and implementing a sound collections policy is a vital part of running a successful business. Follow these steps, and watch your business thrive while retaining a good professional relationship with your customers.
Don’t forget to subscribe to this blog for more Tips and Tricks to make your business or practice more profitable.
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The first rule of business is to stay in business, and businesses need cash to operate. Every successful business keeps a close eye on cash flow for this reason. There are many tax-saving advantages for those who own or have improved commercial properties through tax law. If you own or lease commercial or income producing property and you are not taking advantage of all that US Tax Code has to offer, you are actually diminishing cash flow.
Let’s look at how your business can easily increase its cash flow by using the cost segregation method of depreciating your building.
Cost segregation is a way for commercial property owners to accelerate their building’s depreciation, saving significantly on income taxes. Within the first five years of building ownership, an owner can save up to $100,000 for every $1 million in building costs. To maximize cash flow, an owner or lessee who has paid for improvements can have a cost segregation study performed.
At CSSI, we perform an engineering-based study to ensure you comply with US Tax Code rules and regulations. Our team of specialists will segregate parts of your building that are deemed non-structural. Non-structural items include carpeting, flooring, cabinets, specialty lighting and electrical, etc. These and other non-structural items are placed in accelerated tax lives. After the analysis, your CPA will adjust your depreciation schedule from the conventional 27.5-/39-year schedule to a 5-, 7-, 15-, and 27.5-/39-year schedule.
A cost segregation study reduces your taxable income and results in lower taxes paid. Using this cash surplus to reinvest in your business or pay down debt is a great way of maximizing the time value of money.
At CSSI, our tax experts will help your business generate more cash flow through an engineering-based study. In some cases, the calculations from our study can be necessary to realize benefits from the 2014 Repair Regulations and the 2017 TCJA. Contact us today, and we can provide you with a no-cost preliminary analysis, and we can facilitate a discussion with you and your CPA or tax professional.
Contact me directly at 770-224-8504, or schedule a conversation with me by clicking here, to see how much you can add to your cash flow this year. There is, as always, no cost or obligation.
Here are some common myths about the debt collection industry:
Debt collection agents are a rough-around-the-edges crew that bullies people. TSI’s interactions with customers are always diplomatic. We work WITH your customers to get them back on track.
Debt collectors will try anything to get money. Debt collection is a strictly regulated industry. Professional debt collection agencies stay current with all applicable laws. TSI’s commitment to compliance means customers are always treated with the utmost respect, while your brand is protected from costly compliance violations.
It’s better to take the tax write-off; hiring a debt collection agency is too expensive, even for large companies. Partnering with a professional debt recovery company is an affordable option. Writing off an unpaid invoice may be helpful, but collecting on the debt is even better. Although collection agencies charge for their services, the amount collected and returned to you will likely be more than the taxes saved if you write-off the debt. TSI offers affordable fixed-fee pricing on early-stage delinquent accounts and contingency-based fees for your more challenging or older accounts.
Debt Collection: Take a Closer Look
If your company has been handling collections in-house, you already know that debt collection is governed by a variety of local, state, and federal rules that prohibit and regulate how customers are approached for past due balances. In fact, debt collection is one of the most regulated industries in the United States. These rules prohibit collectors from behaving aggressively or inappropriately with consumers; they even govern when a debt collection agency can contact the past due client.
According to Inside ARM, the debt collection agency industry is a valuable asset to improve the bottom line for businesses in any industry. Their report shows that the industry regularly returns around $39 billion annually to companies that offer consumer credit.
Debt collections activities help replenish the bottom line of businesses that struggle with a high volume of bad debt. Quite simply, the collections industry reduces the risk for businesses offering consumer credit, something that is imperative for keeping the economy going. Companies that seek a healthier bottom line use debt collection companies to recover some of the most difficult past due balances, which frees up internal teams to focus on the job at hand.
The types of debt collected impacts companies of all sizes in the following industry sectors:
Healthcare
Financial services
Student loans
Government
Retail
Telecom
Utility
Auto
Small- to mid-sized business
When debt is collected businesses can keep a positive cash flow which not only means they can keep prices low, it also helps ensure the overall success of the organization.
How Could a Debt Collection Agency Help your Business?
A reputable debt collection agency like TSI can deliver outstanding results. Our sophisticated collection activities use a data-driven, client-centric approach. Beyond a basic debt collection agency, TSI can also provide end-to-end strategic accounts receivable management.
TSI can maximize recoveries and boost cash flow, streamline your accounts receivable management processes, and reduce internal expenses and administrative responsibilities. And because TSI keeps a focus on the customer experience, our services will not damage your organization’s reputation.
A quality debt collection service like TSI helps improve the bottom line of the businesses we serve. TSI clients recognize this impact, and we’re proud of these partnerships that are a win/win. Contact TSI today to learn more about our services and the value they can offer your business. For more information, contact me today! Always ready to help!
The property market will continue to be volatile in 2019.
The ups and downs of the real estate market could make anyone shudder. Technology has added an interesting influx to the mix, and in both residential and commercial real estate, software has proven to be a big disruptor. Despite the swirling chaos in most markets around the country, there are a number of trends that savvy real estate agents, property management, and homeowners’ association management companies will be able to look toward to improve their business. This article will take a look at a few of them.
Property Management Trends 2018/2019
For investors just looking to get into the property management game, we have a few strategic tips that should govern your expansion into the marketplace.
The first trend is that overall market volatility will continue. In large markets, there is an overwhelming need both for new housing and affordable units. This is always a risky venture, but particularly in light of consumer trends that show consumer debt is expected to increase to $4 trillion in the United States by the end of this year. A corresponding increase in defaults should also be expected. This elevates risk for property management firms.
The second trend to mention is that investors, particularly new entrants into the real estate market, should set clear investment goals with a measurable ROI. This is particularly important in light of increasing market volatility and predicted consumer debt. If 2019 brings higher loan defaults on everything from student loans to housing debt, this will put increasing pressure on investors’ cash flow. Setting long-term investment goals that include a specific market rate of return will be important for anyone capitalizing on the real estate industry in the future. This includes mapping out accounts receivables and a clear process for handling past due collections.
Predictive analytics will play a part in the future of buying and selling properties.
The third trend is, of course, technology. Not only will technology continue to impact real estate marketing, it will change how we collect fees, negotiate, and communicate with our patrons. The Close suggests some tech-centric trends that we’ll see as we near the end of 2018 and move into 2019:
Online platforms like Zillow will leverage new and existing relationships with real estate agents, property managers, and investors.
Mobile-first will be the new strategy for just about everyone in every market niche – not just real estate. It seems new strategies for bill payment, property maintenance requests, and past due collections, are all moving to the smartphone, which is exactly where our customers now live. When you realize that a millennial checks their smartphone an average of 150 times a day, you’ll start to understand why new real estate strategies tied to these devices will impact every area of your business in the future. Enabling smartphone payments as part of your rent and past-due collections process is a necessity for the future.
Big data will impact all areas of our lives. We already use big data algorithms for lead generation, appraisal, and investment purchasing decisions. But what about big data to determine the ability and likelihood of a past-due debtor to bring their account current? Predictive analytics will likely worm its way into the real estate market in new and interesting ways in 2019.
In 2019, digital trends will continue to impact the property market in the United States. The secret sauce to success will continue to be developing new strategies to capitalize on these trends to achieve market success.
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Wanting to maximize your recoveries on past due rent or fees? TSI has made extensive investments in our information security, compliance controls, and data analytics to make sure we stay ahead of the curve and provide the best possible solutions for our clients. CollectX, our proprietary data analytics platform, is a great example of our investments. This unique tool tells us how likely a consumer is to pay off a debt and what it will take to get them to pay it, which in turn, provides our clients with more recovered revenue, faster, and at a lower overall cost.
Contact me today at 888-780-1333 to see how we can improve your business bottom line.
There are very clear rules about what can and can’t be said during debt collections.
The debt collection industry is governed by so many rules and regulations it could make your head spin. That’s why do-it-yourself debt collections can quickly get a company into hot water with state and federal regulators.
What are the rules that govern debt collections? What are debt collection agents never allowed to say and do? This article explores common mistakes businesses make when attempting DIY debt collections.
Debt Collections No No’s
Three things you can never say when attempting debt collection:
Threaten to tell a boss, coworkers, or family about a past due balance. While you can contact work to try to find the customer, never share details about the debt to any third party.
Threaten to arrest the past due customer.
Don’t say, “I’ll just keep calling you.” Legally, you can’t call the person before 8:00 am or after 9:00 pm. If you call the customer at work and they ask you to stop calling there, you have to comply, however, the request must be in writing.
Understanding debt collection rules is important for avoiding federal and state penalties.
If all this seems like a lot of rules for you to keep track of, you would be right. Debt collections are a highly regulated activity that makes it risky to take a DIY approach.
The good news is that there are services like TSI to help ensure debt recovery that complies with all rules and regulations. Our proven system is compliant, effective, and guaranteed.
Bonus Tip:
Various government agencies provide guidelines that help ensure that consumer rights are protected. There are specific practices that collectors must always avoid.
Debt collectors cannot use unfair practices to collect a debt. This means debt collection practice can never include the following [Do not]:
Attempt to collect charges in addition to the debt. That is, unless they are allowed by contract or specific state law.
Deposit a post-dated check early.
Communicate by postcard.
Use language or a symbol on the envelope of a letter that indicates the correspondence is from a debt collector.
Consumers have rights that must be honored, which is why strict guidelines and regulations govern debt recovery practices. Not only is it essential that debt collectors treat consumers with respect, in addition, there are specific practices that collectors must always avoid. For instance, did you know that an individual can send a “cease and desist” correspondence to a debt collector – which means the debt collector is required to stop contacting the customer. The problem stems from an overly aggressive debt collector that goes after the customer over and over again in a short amount of time. Under federal law, this is considered harassment and if the activity continues after the cease and desist letter is received, the customer can report the debt collector to governing agencies.
Want higher recovery of past due accounts? Don’t put your business at risk by using a DIY approach; instead, put TSI’s simple system to work for your business. It’s convenient and designed with small- and mid-sized businesses in mind, AND interfaces directly with most accounting and practice management software.
Before conducting debt collections, make sure you understand the do’s and don’ts of the industry.
The do’s and don’ts of collecting debt are a sticky wicket. If you do it wrong, you can alienate potential customers, ruin your reputation, and maybe even pick up a hefty fine from regulators. Playing by the rules means compliance with all laws, certainly, but also collecting debt in a way that treats every customer with dignity and respect.
Here are five things to avoid when collecting debt from customers.
Do Not Try This at Home – or at the Office
We’ve heard all the horror stories from collections gone awry. Industry publications such as Inside ARM often report on companies fined by regulators for breaking collection regulations. Our biggest complaint, beyond the fact that these techniques are generally not effective, is that conducting yourself in this manner gives the collections industry a bad reputation. Not good!
Don’t stalk your customers. Really! This means you (or the debt collector for that matter) cannot show up at someone’s workplace and demand they pay you. The law also prohibits you from publicizing the debt, too, so even though you want to go on Facebook call out someone that owes you money – don’t. Here is the caveat: You may, respectfully, call the customer at work but you cannot let the other workers know that you’re trying to collect on a debt. Plus, if the customer asks you to not call them at work, you legally must comply.
Don’t harass your customers. See #1. But actions such as repeated calls, threats of violence, and extreme language are not only bad form, they’re illegal too. For a small business owner, it feels personal when someone doesn’t pay. But conducting yourself in a professional way will pay off in the long run.
There are rules about pursuing debt collections – make sure you follow them.
You can’t arrest the debtor. Sorry, we know this may not feel fair, but if a customer is 90-days past due, you cannot call 911 for help. However, there may be legal actions you can take in certain circumstances.
You cannot pursue the debtor for things they don’t owe. This happens a lot when the data you have on the customer is inaccurate. So many times we see that the person already paid the debt but the information wasn’t logged properly. A simple mistake can land you in hot water, so use caution and double-check the facts before pursuing a debt.
You cannot call at odd hours of the day and night. Did you know there are rules that state you can only call a past-due customer between 8:00 am and 9:00 pm? For small business owners that work hard all day, this means just because you’re up at 7:30 am you can’t squeeze in a few collections calls.
If you’re worried about running afoul of the rules of collecting debt, you don’t need to.
Contact me today at 888-780-1333, and I’ll show you how to collect more money, cut costs, and stay 100% compliant with all of the many laws and regulations that relate to debt collection.
Medical and dental practices are hearing more and more about large fines and data breaches surrounding HIPAA (Health Insurance Portability and Accountability Act of 1996). Many are fearful that significant fines could affect their practice, their patients, and their livelihood. Is this a real threat? I believe it is. HIPAA law is confusing and protecting the security and privacy of your patient information is critical. And with the enactment of the Omnibus Rule back in 2013, HIPAA compliance now extends to your Business Associates.
The Ponemon Institute states that 39% of all Business Associates have experienced a data breach, and in one case a practice was fined $31,000 for not having a Business Associate Agreement on file. That’s an expensive document!
As HIPAA Compliance Specialists, a day rarely goes by that we don’t receive questions about Business Associates. “Who’s a Business Associate?” “Do I have risks if I don’t have execute the proper agreements?“ What does my practice need to do?” In fact, out partners at PCIHIPAA created a HIPAA Webinar Series for our clients to help answer these questions. Let me know if you would like more information on this webinar series, and let me help clarify some of these questions.
1 ) “Do I need to have a Business Associate Agreements on file?”
Yes. If you are a Covered Entity under HIPAA, you are required to execute Business Associate Agreements. The Health and Human Services website (HHS.gov) defines a Covered Entity as health care providers who electronically transmit any health information in connection with transactions for which HHS has adopted standards.
Bottom line: Examples of Covered Entities under HIPAA are: Doctors, Clinics, Psychologists, Dentists, Chiropractors, Oral Surgeons, Podiatrists, Opthamologists, Nursing Homes, Pharmacies, Health Insurance Companies, HOMs, Company Health Plans, and Labs are all considered to be Covered Entities.
2) “Then, who is a Business Associate?
A Business Associate as any organization or person working in association with, or providing services to, a Covered Entity who handles or discloses Protected Health Information (PHI) or Personal Health Records (PHR.) A business associate may also be a subcontractor that creates, receives, maintains, or transmits PHI on behalf of another business associate. Think of it this way, if you contract with a person or an entity that needs access to your PHI to do their job, they are most likely a Business Associate.
Bottom line: Examples of Business Associates are Lawyers, Accountants, IT Programmers and Representatives, Shredding Companies, Marketing Software Companies, Practice Management Software Providers, Data Backup and Storage Companies, and Billing Companies.
“Are there exceptions?”
Yes. HIPAA excludes conduits of information (UPS, FedEx), governmental agencies (Medicare and Medicaid), and anyone else this is not required to handle your PHI to do their jobs (Janitors, Landlords, Water Delivery Services). Also your employees are not considered Business Associates. They need to be trained on HIPAA, but you don’t need to execute Business Associate Agreements with your employees.
3) “What exactly is a Business Associate Agreement, and why is it important?”
A Business Associate Agreement is a binding legal document that is now required under HIPAA for you to execute with all of your Business Associates. It is imperative that your practice has Business Associate Agreements in place, with a log kept for reference. Because your practice (as a Covered Entity) is sharing PHI with your Business Associate, this document ensures that the HIPAA mandates are in place and that your patients are protected. If you use the right Business Associate Agreement, it also includes an “Indemnity Clause.” The Indemnity Clause protects you financially, if PHI is compromised under your Business Associate’s watch. This is a crucial clause that should be included in any Business Associate Agreement you execute.
Contact me for more information and/or assistance in creating a Business Associate Agreement (BAA) for your practice.
Are You Getting Paid with David Wiener – Podcast For Business
The serious problem businesses have with collections is real. And it’s not going to get better any time soon. Today’s talk with David will shed some light into the world of collections and offer some real solutions to businesses who are struggling with receiving payment for services rendered. Listen to this important podcast by clicking here.
1 ) “Do I need to have a Business Associate Agreements on file?”
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