Tag Archives: cash flow

Top 7 ways to get more new dental patients to your practice – DentistryIQ

5 Jun

Top 7 ways to get more new dental patients to your practice – DentistryIQ.

Here is a great article on getting new patients into your practice.  Obviously, that’s where your cash flow comes from, hopefully.

If you follow these steps and bring more patients into your practice, I can show you how to actually get them to pay their bills, and faster than ever before, without putting any additional stress on your staff or expense to your bank account.

Contact me below for a free, personalized A/R strategy session via phone.  We will know in 22 minutes or less whether or not the tools I recommend will help your practice be more profitable.  Isn’t it worth a 22 minute investment?

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Dental Collections Made Easy (and Inexpensive!!)

4 Jun

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Would you like to recover more and pay less? Dental Collections does not have to be difficult.  Dental Collect integrates seamlessly with your practice management system (PMS), and helps dental practices increase overall cash flow while saving time and maintaining patient diplomacy.

Because of products like Accelerator, Dental Collect and Profit Recovery, the dental industry can have a healthier bottom line and better cash flow, which improves the office accounts receivable.

For a personalized A/R strategy session, by telephone,  for your practice with me, Mr Cash Flow, request it through the form below:

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Top 10 Tips To Improve Collections (Part 10)

28 May

It’s a problem faced by virtually every business and medical practice – how to deal with customers / patients who pay their bill late, or not at all.  While customers and patients expect prompt and professional service, they don’t always meet the same standard when it comes to paying their bill.

Accounts not paid promptly can severely impact the cash flow of a business or practice.  A clearly defined and carefully communicated, yet diplomatic payment policy, may help avoid difficult collections situations.

Tip #10 (finally, right?)

REMEMBER THAT NOBODY COLLECTS EVERY ACCOUNT

Even with a carefully designed and implemented plan for follow-up and collections, there are a few accounts that will never be collected.  Save your business/practice time and money by identifying these accounts early in the process.  At the same time, your business/practice will benefit from the improved cash flow from the vast majority of accounts that do pay.

Developing and implementing a sound collections policy and strategy is a vital part of running a successful business or medical/dental practice.  Follow these 10 Tips, and watch your business/practice thrive while retaining a good professional relationship with your customers and patients

If you would like to receive a document with all of the Ten Tips included, please respond to me with your email address and a request for the document, and I will send it out right away.

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Top 10 Tips to Improve Collections (Part 9)`

22 May

It’s a problem faced by virtually every business and medical practice – how to deal with customers / patients who pay their bill late, or not at all.  While customers and patients expect prompt and professional service, they don’t always meet the same standard when it comes to paying their bill.

Accounts not paid promptly can severely impact the cash flow of a business or practice.  A clearly defined and carefully communicated, yet diplomatic payment policy, may help avoid difficult collections situations.

Tip #9

USE A THIRD PARTY EARLIER IN THE PROCESS

Most businesses/practices have trouble keeping up with laws regarding contacting customers/patients regarding their accounts.  Even if they can stay informed enough to ensure their compliance, the additional challenges that the regulations cause means that tactics must change.  In order to collect the accounts, more frequent contacts are necessary (see tip #4).  In a difficult economy, most businesses/practices can not afford to hire the additional staff necessary to effectively and systematically collect before accounts age to oblivion.

Services are available that will accomplish the “in-house” follow up necessary to collect accounts early, while ensuring complete compliance to privacy and collection laws.  These services, like Transworld Systems Accelerator,  can actually save the business/practice the internal expenses of doing their own follow-up at avery reasonable price, and without alienating customers/patients.

By the time an account reaches 60-90 days past due, the customer/patient is sending a message.  They either do not intend to pay, or are waiting to see what the business/practice will do to demonstrate their commitment to getting the account paid.  At that point, a third party can motivate a customer/patient to pay in ways that the business/practice cannot, simply because the demand for payment is coming for someone other than your business/practice.  Avoid paying a percentage to a contingency collection agency, using small claims court or hiring an attorney by using a flat-fee collection service such as Transworld Systems Profit Recovery.  Using Transworld Systems Profit Recovery can save your business/practice both time and money, without having to pay a high percentage of any money collected.

For more information on the suite of services that Transworld Systems has available to make businesses and medical practices more profitable, while maintaining good customer/patient relationships, please contact me through the form below or follow this blog for regular updates.

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Top 10 Tips To Improve Collections (Part 8)

20 May

It’s a problem faced by virtually every business and medical practice – how to deal with customers / patients who pay their bill late, or not at all.  While customers and patients expect prompt and professional service, they don’t always meet the same standard when it comes to paying their bill.

Accounts not paid promptly can severely impact the cash flow of a business or practice.  A clearly defined and carefully communicated, yet diplomatic payment policy, may help avoid difficult collections situations.

Tip #8

ENSURE YOU ARE COMPLIANT WITH FEDERAL, STATE AND LOCAL LAWS

Collections, both in-house and outsourced, are governed by federal, state, and sometimes local laws and regulations.  In many cases, businesses and medical practices are governed by the same laws as are collection agencies.  Ignorance of the laws and regulations that govern your activity is never an excuse, nor a defense, for breaking them.  For example: Calling to collect on an account at an odd hour or disclosing to a third party that a person owes your business/practice money are just a couple of the collection practices that can cause serious repercussions.  Become familiar with the Fair Debt Collection Practices Act, the Telephone Consumer Protection Act, HIPAA (for medical and dental practices), and any state and local regulations pertaining to your location, or partner with someone who can help you remain compliant.

For more information on staying compliant in following-up on slow-pay and delinquent accounts, contact me through the form below or follow this blog for regular updates.

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Top 10 Tips To Improve Collections (Part 7)

16 May

It’s a problem faced by virtually every business and medical practice – how to deal with customers / patients who pay their bill late, or not at all.  While customers and patients expect prompt and professional service, they don’t always meet the same standard when it comes to paying their bill.

Accounts not paid promptly can severely impact the cash flow of a business or practice.  A clearly defined and carefully communicated, yet diplomatic payment policy, may help avoid difficult collections situations.

Tip #7

ADMIT AND CORRECT ANY MISTAKES ON YOUR PART

Sometimes customers/patients don’t pay your bill because they think your business/practice has made a billing error.  If that is the case, quickly admit it and correct the error.  Generally, customers/patients realize that mistakes happen sometimes in business.  Unfortunately, some customers/patients believe that the owner/president or doctor “doesn’t need the money.”  Denying an obvious error your part only feeds the fire of resentment your customers/patients already feel.

To receive each of these 10 tips by email, please follow this blog by entering your email address on the right side of the page.

 

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Top 10 Tips To Improve Collections (Part 6)

14 May

It’s a problem faced by virtually every business and medical practice – how to deal with customers / patients who pay their bill late, or not at all.  While customers and patients expect prompt and professional service, they don’t always meet the same standard when it comes to paying their bill.

Accounts not paid promptly can severely impact the cash flow of a business or practice.  A clearly defined and carefully communicated, yet diplomatic payment policy, may help avoid difficult collections situations.

Tip #6

MAKE SURE YOUR STAFF IS WELL TRAINED

Even “experienced” staff members can sometimes become jaded when dealing with past-due accounts.  This usually happens when the customer/patient has made and broken promises for payment.  Make sure the staff is firm, yet courteous when dealing with them.  Your business’s/practice’s collection staff may benefit from customer service training because, in effect, they must “sell” your customer/patient on the idea that your business/practice expects to be paid.  Make sure that your staff is trained to not only bring the account current, but to also maintain good will.

Contact me if you would like information on training for your staff in customer relations and asking for money.  The consultation is free.

To receive each of these 10 tips by email, please follow this blog by entering your email address on the right side of the page.

 

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Top 10 Tips To Improve Collections (Part 5)

13 May

It’s a problem faced by virtually every business and medical practice – how to deal with customers / patients who pay their bill late, or not at all.  While customers and patients expect prompt and professional service, they don’t always meet the same standard when it comes to paying their bill.

Accounts not paid promptly can severely impact the cash flow of a business or practice.  A clearly defined and carefully communicated, yet diplomatic payment policy, may help avoid difficult collections situations.

Tip #5

USE YOUR AGING SHEET, NOT YOUR FEELINGS

Many businesses/practices (or some 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 pay eventually, and did not want to offend or alienate the customer/patient.  While there are certainly isolated cases of unusual situations, the truth is that if your business/practice is not being paid, someone else probably is.  So stick with your systematic plan of following-up on slow pay and delinquent accounts.  If it is done systematically and early in the process, it will soon be apparent who intends to really pay and who doesn’t.  Appropriate action can and should be taken once you know where your business/practice stands.

Contact me if you would like information on ways to get this accomplished in your own situation.  The consultation is free.

To receive each of these 10 tips by email, please follow this blog by entering your email address on the right side of the page.

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Top 10 Tips To Improve Collections (Part 4)

12 May

It’s a problem faced by virtually every business and medical practice – how to deal with customers / patients who pay their bill late, or not at all.  While customers and patients expect prompt and professional service, they don’t always meet the same standard when it comes to paying their bill.

Accounts not paid promptly can severely impact the cash flow of a business or practice.  A clearly defined and carefully communicated, yet diplomatic payment policy, may help avoid difficult collections situations.

Tip #4

CONTACT OVERDUE ACCOUNTS MORE FREQUENTLY

No law says your business/practice can contact a customer/patient only once a month.  The old adage, “The squeaky wheel gets the grease” has a great deal of merit when it comes to collecting slow pay and delinquent accounts.  Contacting late payers every 7-14 days will enable you to diplomatically remind the customer/patient of your terms of payment.

If recent economic conditions have made it impossible, due to reduced or inadequate staffing levels, to make contacts that frequently, never fear.  What used to be a benefit that only the largest companies/practices could afford, there are now VERY inexpensive services available that will do the contacting for you, in your name.  This accomplishes the level of frequency you need, without spending more money (often even less) than it would cost you to do the contacting in-house.

For more information on services that are available to increase the frequency and effectiveness of account follow-up, please contact me personally.

To receive Tips and Tricks by email, please follow this blog in the box in the right hand column.

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Top 10 Tips To Improve Collections (Part 3)

8 May

It’s a problem faced by virtually every business and medical practice – how to deal with customers / patients who pay their bill late, or not at all.  While customers and patients expect prompt and professional service, they don’t always meet the same standard when it comes to paying their bill.

Accounts not paid promptly can severely impact the cash flow of a business or practice.  A clearly defined and carefully communicated, yet diplomatic payment policy, may help avoid difficult collections situations.

Tip #3

USE “ADDRESS SERVICE REQUESTED”

One of the most difficult collection problems is tracking down a customer/patient who has “skipped” — or moved without informing your business of the new address.  The U.S. Postal Service has a procedure to address this situation.  Any statement or correspondence sent from your office should have the words “ADDRESS SERVICE REQUESTED” printed or stamped on the envelope, just below your return address in the upper left hand corner.

If a statement  or invoice is sent to a customer/patient who has moved and the words “ADDRESS SERVICE REQUESTED” appear on the business’s envelope, the Post Office will research this information.  If they can locate a change of address for that person, they will send you business Form #3547 with the correct new address for a small fee.  This can help keep your address file up to date and eliminate many of your items being returned marked “Forwarding Order Expired,” and leaving you (and your A/R) in the lurch.

To receive the rest of these tips by email, follow this blog in the right hand column.

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