Tag Archives: receivables

Medical Providers: Still Waiting for Your Personal Injury Cases to Settle?

7 Aug

Personal injury cases are taking longer than ever to settle, 18-22 months in some cases and possibly much longer. Many of the medical providers I speak with tell me that it takes WAY too long to get paid on their personal injury liens and LOPs (Letters of Protection). This causes serious cash flow challenges and excessive staff time needed to continue to monitor the status of cases and negotiate the reductions often requested by attorneys on the case.

If you treat personal injury patients on a lien or LOP, chances are you are facing the same kind of challenges to both your cash flow and staff time.

Get Paid Sooner, Not Later

I am now working with a firm that specializes in helping medical practices like yours get paid or treating personal injury patients. They purchase medical liens. This allows you to receive your payment sooner, and they work, and negotiate, with the attorneys to receive payment at the end of the case. Regardless of how the case ultimately resolves, you will have been paid for your services and relieved of your payment risk.

What’s In It For You?

Benefits of working with Velocity Medical Receivables Solutions, LLC.

  • No cost or financial investment required for the medical provider
  • Predictable cash flow on future receivables
  • Removal of payment risk
  • Money in advance of case settling, no waiting for cases to resolve
  • Confidence in accepting more personal injury cases knowing you won’t have to wait for your payment.

Let’s Talk!

I would love to show you how you can turn your waiting on personal injury cases into regular cash flow.

Let’s talk! Schedule a quick conversation about your practice at your convenience by CLICKING HERE.

See other ways that Cash Flow Strategies, Inc. can help you improve your practice cash flow by visiting our web site by CLICKING HERE

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Top Tech Trends Impacting Debt Collection

16 Apr

If your debt collection firm isn’t using analytics to predict consumer behavior you’re at risk of falling behind.

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It’s no longer surprising that digital technology has disrupted every industry, including debt collection. From new data-driven software to internet security and workflow automation, tomorrow’s debt collection firms will look nothing like the local Mom and Pop agencies still mired in workflows straight out of the 1990s.

This post looks at how tech is impacting the debt collection industry. Browser-based platforms and multichannel collections processes are enabling professional firms to contact debtors where they live — online.

Digital Debt Collection

Business Wire published a press release from Technavio recently citing their published report on some of the latest software trends impacting debt collection. The report suggests the following trends as drivers of new tech in debt collection:

  • Increasing pressure for CFOs in every sector to improve their bottom line – including accounts receivable.
  • A desire by most companies to reduce the amount they spend on debt collection, which is the impetus both for outsourcing the process and for debt recovery agencies to adopt new technology to cut costs.
  • Consumer trends that show us fairly addicted to cell phone technology and the internet.
  • Increasing regulatory requirements at the local, state and federal levels have created a need for software that automates the compliance process, which protects both the debt collection firm and their client.
  • The worldwide proliferation of malware threatening client data in transit and at rest.
  • The necessity of improving customer relationships even during debt collection.

These trends have spawned a variety of digital disruptors in the form of technology that has impacted what has been a fairly traditional industry. They include:

  • The rise of browser-based platforms focused on omni-channel collection efforts that include debt collection by traditional means (letters and phone calls), and now, if opted in, email, as well as easy-to-use online portals for debt repayment. This allows a consistency of communication to consumers, a greater opportunity for automation, as well as customer personalization that allows debt collection agencies to reach consumers in their preferred channel and with preferred payment options.
  • The introduction of sophisticated data analytics tools that allow debt collection firms to closely analyze consumer behavior and the market trends driving that behavior. These analytics can help debt collection firms cull out consumers that will be more likely to pay all or a portion of their debt.
  • More stringent data security protocols and procedures to help keep consumer data safe from nefarious attacks.

Debt collection agencies must continue to embrace technology to stay competitive while leveraging data analytics to improve their efficiencies, stay compliant with applicable law, and protect critical client data.

To find out more about how TSI’s technology can impact your accounts receivable, contact me directly at david.wiener@cashflowstrategies.us or call me at 888-780-1333.

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