Eliminate the A/R Tug of War...Stress-free Cash Flow

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

Transworld Systems on the Gulf Coast

lin.engie@transworldsystems.com

850.266.7791

Spring Festivals

'Those who bring sunshine to the lives of others
cannot keep it from themselves.' - Sir James M. Barrie

I wish all of you can enjoy the beautiful sunshine we have in Pensacola this time of the year - warm sunny days, cool nights, with some occasional rains.  We are truly blessed with beautiful Spring weather here, and with a really mild winter this year, we are enjoying an exceptionally long Spring season.

Spring, of course, is a time of rebirth, and renewal, and is celebrated around the world with joyful and colorful festivals. Hindus in south Asia herald in Spring with the Festival of Colors, Holi. They celebrate by throwing colored powder at one another, and with bonfires, bidding farewell to dreary Winter, and welcoming the abundant and vibrant colors of Spring.  In Thailand, the Songkran or Water Festival is a 3-day celebration of the Thai New Year.  The ritual symbolizes the cleansing of the body, spirit and mind.  No one escapes being drenched (or 'cleansed') during these 3 days of celebration! The Japanese, always associated with delicacy and beauty, celebrate hanami - cherry blossom viewing - by having picnics under cherry blossom trees in parks, usually between March and May. And of course, the most important Spring event for Christians is Easter, the resurrection of the Lord, Jesus Christ.

How do you celebrate Spring?  I invite you to share in the comment box below.

Spring brings a new cycle of life and hope, and it is also the perfect time to reflect, review, and renew goals. Do you have recent successes to celebrate?  I hope you do.  Are there areas in your life or business that needs sprucing up? What can you do to add some 'color' and enthusiasm? Are you on track with your personal, health, or financial goals? If not, why not?

As a business Cash Flow coach for businesses, I can offer some suggestions on one aspect of your business financial health - your cash flow.  This is an article on Ways to Maximize Cash Flow that I contributed to the March/April 2012 issue of The Bulletin, published by the Escambia Medical Society.  The principles can be applied to any business.  Enjoy!

It's never too late to plan for your own successes.  Since Spring brings new energy and warmth to the whole environment, I hope it energizes you to re-visit areas of your business or career that stayed dormant, like the Winter that just passed. Go out, re-connect, and network with friends, colleagues, and mentors.  Catch the excitement that Spring brings, and celebrate the season!

Lin Engie
Delinquency Management Specialist
lin.engie@transworldsystems.com
850.266.7791
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