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Go after bad debts without ruining the good vibes
Reminding your customers to pay their bills is the right thing to do, but it can be an awkward task. Bungle the message, and itāsĀ sure to damage the relationship. Still, in any relationship, setting expectations of the other person is always the healthy thing to do. For you, that means setting the expectation that the
Loose Change Adds Up for Charity
Thereās untold value in loose change. You could have a small treasure hiding between your couch cushions or in your junk drawer. Although many of us no longer carry cash or coin, there always seems to be some coinage lying around that goes unnoticed. Now imagine if everyone in your office pooled together their loose
5 financial mistakes new dentists should avoid
Dentistry offers a rewarding career, one that comes with the satisfaction of helping others, along with the financial benefits. Even so, these five financial mistakes can derail your practice and your profits. Coasting on student loan payments:Ā TheĀ median dental school debtĀ for graduates in the class of 2018 was $280,410. But according to theĀ Bureau of Labor Statistics,
Collection agencies, the FDCPA, and you: Safeguarding customer info
One thing business owners think about is protecting consumer information. When itās time to turn late accounts over to a third-party debt collector, you may be wondering what happens to that information and what they do to keep it safe. The short answer: Go in with high expectations. Because a reputable, quality collection agency may
Excessive Fines and Fees a Thing of the Past for Local Governments
State and local governments can no longer impose excessive fees and fines after a Supreme Court ruling on Wednesday, February 20. The unanimous decision reinforces the Eighth Amendment to the United States Constitution that āExcessive bail shall not be required, nor excessive fines imposed, nor cruel and unusual punishments inflicted.ā Fees and fines of this
Avoid these 5 mistakes with late patient accounts
Chances are, your practice is faced with the challenge of a higher load of aging accounts receivable and the likelihood of needing medical bill collections services. Unlike a decade ago, the core strategy in lowering those A/R days is not necessarily centered on streamlining insurance company processes. This time, patients are the likely source of
External Factors Play Large Part in Local Budgets
A couple of recent news stories have highlighted some of the challenges that state and local government entities face in regards to budgeting. When states and municipalities are planning their budgets, it is important that they keep in mind that external factors can present challenges that are largely beyond their control. The recently-ended federal government
The Cost of Uncompensated Care for MN Health Systems
The 2017 numbers are in: Minnesota healthcare systems provided $691 million in uncompensated care during 2017, up 19.2% from the prior year. But as a Minnesota collection agency, IC System has to wonder what do these numbers, reported by Beckerās, really mean and why are they important? First, letās look closer at the issue. All
How a collection agency can help your veterinary practice
When your veterinary practice is faced with past-due bills and rising accounts receivable, that can leave you struggling to take care of your own expenses. Setting the right fees and recovering payment from the people who have entrusted you with their petās care is far from your favorite task, but veterinary collections is very necessary.
New Price Transparency Order Results in More Confusion
Effective January 1 based on a mandate from the Trump administration, hospitals are now required to post their list prices on the hospitalās website in an attempt to move towards price transparency for healthcare consumers. Unfortunately, the approach some hospitals have taken isnāt of much value to the patient community and doesnāt resolve the problems
