Eliminate the A / R Tug of War
Nobody wants to go to collections. Not the business owner and certainly not the customer or patient.
When you own a business or medical practice, there are times when bills will go unpaid longer than 30 or 60 days. These delinquent payments can have a negative impact on your account receivables process and could result in your business to have financial setbacks. After all, if your customers or patients are not paying, how do you expect to pay your bills?
Depending on your type of business, the time frame you decide when a payment is late could vary. Most businesses extend 30 day terms. As a business owner or medical practitioner, how do you handle payments that are past due?
- Calling the customer or patient
- Sending out notices and multiple statements
- How much time are you spending out of your day attempting to recover the past due payments?
Many business owners and practice administrators feel they can recover the money while working to build their business and maintain a good relationship with their customers or patients. The moment you stop trying to remind a customer or patient of a late payment and start trying to collect on a debt is when you need to hire a professional collection agency.
The benefit of a professional collection service is that their team understands how to successfully collect the money that is owed to you. Recovery rates are higher than tackling the collection process yourself. Professional collection agencies should also understand the laws and regulations that govern the collection industry.
The thought of turning a customer or patient over to collections can be difficult, especially if, like most business owners, you feel it is important to maintain a healthy and professional relationship with your customer or patient. Make sure your collection agency values your client or patient relationship as much as you do.
Try a professional agency if you want to free up time to work on your business, reduce your account receivables and maintain your relationships. The next step is just a phone call or email away to a Cash Flow and Delinquency Management Specialist for a no-obligation analysis of your Accounts Receivable needs:
Lin Engie, specialized in positively impacting cash flow for businesses and medical practices everyday
850.266.7791
