Tag Archives: Invoice

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.

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Top 10 Tips To Improve Collections (Part 2)

7 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 #2

INVOICE PROMPTLY AND SEND STATEMENTS REGULARLY

If your business/practice doesn’t systematically invoice and bill, start now.  Many times bills aren’t paid simply because the customer/patient hasn’t been billed or reminded in a timely manner.  Monthly statements aren’t enough anymore.  Each customer/patient should be reminded at the least every two weeks.  The lack of accomplishing this often occurs in smaller or newer businesses or practices where there isn’t enough staff to handle the invoicing and billing properly.  If staffing or the cost of regular systematic, frequent follow-up is an issue in your case, help is available to get it done in a economical manner.  With our economy today, there is no replacement for getting this done one way or another.

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.

Top 10 Tips To Improve Collections (Part 1)

6 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 #!

HAVE A DEFINED CREDIT POLICY

The first step is to clearly define when accounts are to be paid.  If customers/patients are not informed that accounts are to be paid on time, chances are they will pay them late, or sometimes not at all.  Make sure that your payment terms and expectations are clearly stated in writing to each person.

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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