As we move deeper into the year, it’s starting to feel like there is a light at the end of the tunnel when it comes to our efforts in overcoming COVID-19. Even still, the battle isn’t over just yet. The pandemic is still playing a significant role in shaping the
It’s never ideal when clients start showing signs of financial distress. We have to ultimately decipher if their difficulty is merely temporary or if bankruptcy could be on the horizon before we know it. Here are some tips for distinguishing and preparing a response for either scenario. Spotting the Signs
If you own a small business, you are probably already familiar with how difficult it can be to collect an outstanding debt or owed money. You want to receive your due payment, but your repeated attempts to collect from your customer haven’t been successful. If you’re thinking of hiring a
A business credit score provides potential lenders with a rating on your company’s overall credit, including factors such as payment history, current credit utilization and company size. These scores work similarly to your personal credit score, with that being said, we will discuss a few key differences below. Just as
Nothing is more critical for the long-term success of your business than an excellent reputation. While advertising and marketing may get customers in the door, sterling customer service and attention to detail will build a great business reputation that will lead to returning clients and word-of-mouth referrals. Let’s look at
Today, between co-pays, claim denials, past-due balances and changing insurance, doctor’s offices must navigate a complex financial landscape. While doctors work to treat patients, they must also succeed as a business. The complexity of managing financial payments can put a strain on their medical practice. Let’s look at the billing
Adequate cash flow is as essential as overall revenue for many businesses, especially small and medium-sized companies. Improved customer service serves as a critical part of ensuring cash flow, not only in how customers are treated but also in how quickly services are rendered to receive payment. Let’s look at
Even before the pandemic forced many people to avoid crowded spaces, more and more people shopped online. According to one study, more than 14 percent of people worldwide online shopped in 2019 – a number that was expected to reach 23 percent in five years but will likely climb even
This has been an incredibly difficult year for many people as the COVID-19 pandemic has forced many businesses to make cutbacks while employees moved to a remote work environment. While working from home has many benefits – including not having a commute and the ability to be close to family
Debt collection during a pandemic may seem like a maze. Regardless of whether you are a current or future client, you want to know what your debt collection agency does to adjust to the pandemic. Besides taking numerous precautions at our offices to protect our team (masks, hand sanitizer, physical
As a business of any size, you may at times need to collect on overdue invoices. Having a formalized debt collection process will minimize the potential for cash flow issues in your organization. After all, you need to be able to pay your employees and your own obligations. Things can
While our company works hard to make the collections process as simple and straightforward as possible, that does not mean that your goal should be to end up with your unpaid invoices in collections! As a dermatology practice, collecting timely payment from patients is critical to taking care of your
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