Taming Your Cash Flow Before It Eats You Alive

There are no shortage of “beasts” your business needs to tame in order to thrive in the marketplace.

Some might read that and think of scaling to meet the needs of a growing client base or managing difficult employees, but cash flow can be one of the biggest monetary monsters you can encounter as a business owner. This far-to-often overlooked financial factor can be contained as easily as it can go out of control. Take a look at these four simple, yet sound, principles for taming cash flow in order to make it your business’ best friend rather than an arch enemy.

Let’s discuss how to keep the cash coming in rather than rolling out.

1. Increasing Incentives to Deter Debt Collection

This might seem like a simple psychological trick, but it is an easy way to tame the cash flow beast. Adding incentives for clients who consistently pay on time (or, even better, early) and/or having consequences for clients who are tardy with the amount due will help you keep your cash flow steady and on time. Another way to ensure cash flow is to offer incentives to clients who decide to pay in full rather than installment payments. You can rest assured you get all the cash you need with only a minor deduction of a discount, or whatever incentive you choose. A small discount now is better than having to pay for debt collection later to support cash flow.

2. Cash Flow Cognizance: Being Present & Aware of Cash Flow

It’s your business, livelihood, and financial future. So, why wouldn’t you want to be as aware of and up-to-date with all of your cash flow details? Analyzing your monthly cash flow and keeping a more frequent check on accounts receivable will help you stay on top of delinquent payments from clients and reel in any out-of-control outgoing cash on your part. Knowledge is truly power, as it can be easy to overlook cash flow issues. Awareness equals accountability for you and for your accounts receivable.

Being keyed into your cash flow is the best way to continue saving money instead of burning up revenue.

3. Be Crafty With Credit Cards

Utilizing credit cards in the right way is another simple way to tame your cash flow. Not only do credit cards provide you more time to make payments as it can take 1-2 months for money to be deducted from your company account, but you can increase your credit score over time to gain access to even more benefits from your credit cards. The number one thing to remember for this tip to be successful is that you must always pay the balance in full and on time to avoid even more cash out with extra interest fees or penalties.

4. Consider Your Taxes

Taxes are, unfortunately, unavoidable. You have to factor them in when analyzing cash flow. If you are not taking the cost of taxes into consideration, then you are not properly projecting your cash flow and will be doing yourself a disservice. Automatically set aside the taxes that you will need to pay out and don’t even factor this money into anything you could utilize as cash out for your business. Try to even save extra just to have a cash buffer. In tough times, a little buffer can go a long way. You can also check into any tax discounts and creditsthat could be applicable to your business, because who doesn’t like a little help from time to time?

Stay educated on business taxation to continue to tame cash flow.

Keeping these cash flow tips and tricks in mind will help your business position itself for the most potential profit and the least unnecessary loss. There’s a lot more of these principles to be taught and we can help you learn more about how to optimize your revenue today! 

Has Your Medical/Dental Practice Had It's "Checkup?"

There are many things that can cause a busy medical or dental practice to be less profitable that it could be.

Meet Dr. Bob and how he found the answer to higher profits and better cash flow for his practice.

Is Your Collection Agency Putting Your Medical or Dental Practice at Risk?

 

The collection agency industry is highly regulated and there are numerous laws on the books designed to protect consumers, which make it more difficult to collect. While it costs agencies more to be legally compliant and hinders their collections efforts, not complying can lead to class action suits and sanctions against the agency (and possibly their clients) that are more costly in the long run if not fatal to the agency’s very existence. Lets examine how this affects your practice.

The Laws You Know

Most Practice Administrators are familiar with the Fair Debt Collection Practices Act (FDCPA) of 1978 which creates a set of guidelines that collection agencies are required to follow as well as penalties for not adhering to the Act. Additionally, practices are familiar with HIPAA laws and the security requirements of Protected Health Information (PHI).

But Do You Know About These Laws?

Despite having been a law since 1991, most practices are not familiar with the Telephone Consumer Protection Act (TCPA)  which also impacts collections. Among other provisions of the TCPA (such as calls can only be made between 8am and 9pm), the TCPA prohibits the use of automated dialers to cell phones or leaving automated messages on cell phones. While auto-dialers represent a technological efficiency that allows a collection agency to make more frequent calls and collect more money, their use is not compliant with the TCPA when the phone number the patient has provided the practice with is a cell phone. In order to be TCPA compliant when calling a cell phone, it must be manually dialed. Even if a live collector will be connected with the consumer upon pick up, a cell phone can not be dialed using a computer.

Medical Collections Impact

A recent data analysis by Transworld Systems, a large national collection agency specializing in medical collections, revealed that 60% of the phone numbers that their medical practice clients are obtaining from patients are cell phones. In order to avoid fines of $1500 per incident and class action suits, Transworld Systems has enforced strict policies of identifying and separating land line numbers from cell phone numbers. Additional research is conducted to see if the patient also has a land line which can be put on an auto-dialer to obtain better contact rates.

What does all this mean for your practice?

Today with the ever-changing federal and state regulations, you need to ask more questions of your collections vendor to find out if they are compliant with all laws. Ensure your practice cannot be named as a co-defendant in a potential class action suit should your agency be accused of being non-compliant. It is important to have a Hold Harmless Agreement in your collection agency contract where the agency agrees to hold your practice free from responsibility for any liability or damage that might arise out of their collection activities. Ask questions first before you have to answer for shortcuts or missteps later that could result in hefty fines for lack of compliance. It is paramount to ensure your company of choice is an expert in their field who stays abreast of, and quickly adapts to, the seemingly endless stream of regulations designed to protect consumers rights, often at the expense of their creditors.

Here is a sample list of questions to ask your current agency and any potential collection agency you are considering working with:

1.    Is your company compliant with TCPA, HIPAA and familiar with state laws regarding collections?

This is not a yes/no question, they should be able to provide additional information including how often their collectors are re-tested for compliance and how their performance is monitored for compliance.

2.    Does your company perform background checks on collectors in required states?

3.    How are cell-phone calls handled?

If they dont maintain a separate policy for handling cell phone calls, that should be a red flag to you to find another vendor.

4.    Do you know what PHI is and what steps do you take to ensure its security during storage as well as communication with our practice?Ask how they receive data from their clients (do they accept secure electronic encrypted data or do they expect you to fax or mail patient files which are more easily compromised?) Do they provide you with a secure website to view collections status and if not, do they at least have the ability to encrypt emails when attaching a list of status updates which include PHI.

5.    Is your company licensed to collect in all states?

Even if your patients are primarily local to your office, sometimes they move out of state and your agency will have to be compliant with the laws that govern the patients new residence.

6.    Is your company bonded and insured?

Ask for copies of the documents proving bonding and insurance to make sure your money wont disappear if your agency goes out of business, either as a result of poor performance or as a result of a fatal class action suit.

Call me at 888-780-1333 for a 100% compliant option that will keep you and your practice safe during these times of changing and ever-increasing regulations.

You could have beautiful smile when you care for your teeth

The accompanying are a few tips on how you can locate an affordable dental professional to enable you to out. Consider each of them to obtain convenience and even cost-free oral checkups.

See your close-by dental, social orders. Check neighborhood associations in your basic vicinity to gain access to close-by personal facilities that use cost effective dental professional as well as expensive dental treatment managements.

Browse through dental schools. Don't look at it as a type of management, nevertheless. Being a revealing facility, you will be taken into consideration an informed and also able oral adherent. Dental institutions give watchful thought to oral care, so they frequently supply totally free appointments or lower price.

Virtually one out of every 5 people is having some or the various other kind of dental conditions and they are afraid going to the dental practitioner due to that photo of a dentist drawing teeth while a man weeps in agony and also discomfort is fastened in their brains. Unless it ends up being a major problem, many people do not endeavor to the dental practitioner's center. There are additionally people that won't visit the dental practitioner due to their high treatment fees. In today's time, it is a task to locate a suitable as well as cost effective dentist.Undoubtedly, it is an awful job to locate a perfect dental expert for oneself; it is not difficult. You need to see to it you have an intense suggestion of exactly what sort of dental professional you desire on your own. Persistence and also understanding are 2 really major top qualities that a dental expert must have. If he is not patient sufficient, he will not give you sufficient time to produce to him your precise condition and just what you are going with. Understanding is an essential virtue for every single physician. If they are not understanding, they will not be able to treat their patients with the required efficiency. To understand your individual and his troubles is to have actually found half of the treatment.

You could have charming smile when you take treatment of your teeth

The going along with are a couple of hints on exactly how you can locate a budget friendly dental professional to enable you to out. Take a look at each of them to obtain convenience or perhaps cost-free oral checkups.

See your close-by dental, social orders. Inspect neighborhood watch in your general vicinity to gain access to nearby private centers that provide inexpensive dental professional and expensive dental care managements.

Go to oral colleges. Do not consider it as a kind of administration, however. Being a showing establishment, you will be thought about an educated and able oral adherent. Oral schools provide careful thought to oral treatment, so they frequently supply free appointments or reduced expense.

Almost one out of every five people is having some or the various other type of oral conditions and also they are afraid seeing the dental professional as a result of that photo of a dental professional pulling teeth while a guy cries in agony and also pain is fastened in their minds. Unless it becomes a major problem, many people do not venture to the dental practitioner's center. There are additionally people that will not go to the dentist due to the fact that of their high treatment fees. In today's time, it is a task to discover a suitable and also budget-friendly dentist.Undoubtedly, it is a dreadful job to find an excellent dentist for oneself; it is not difficult. You need to make certain you have a brilliant concept of exactly what type of dental practitioner you desire on your own. Patience and understanding are two really significant high qualities that a dental practitioner ought to have. If he is not patient sufficient, he won't give you adequate time to produce to him your precise ailment as well as what you are going through. Understanding is an essential virtue for every medical professional. If they are not comprehending, they won't have the ability to treat their clients with the required performance. To understand your patient and his issues is to have located fifty percent of the therapy.

You could have beautiful smile when you care for your teeth

The going along with are a couple of tips on just how you can find an affordable dental practitioner to enable you to out. Consider each of them to obtain convenience and even free oral checkups.

See your close-by oral, castes. Examine neighborhood watch in your general area to gain access to nearby personal facilities that offer budget friendly dental professional and also expensive oral treatment managements.

See oral institutions. Do not consider it as a kind of administration, however. Being a showing establishment, you will certainly be thought about an enlightened and able oral disciple. Dental colleges give careful idea to dental care, so they regularly offer complimentary examinations or lower price.

Almost one from every five people is having some or the other kind of dental ailments and they are afraid checking out the dentist as a result of that photo of a dental expert pulling teeth while a male weeps in pain and discomfort is attached in their brains. Unless it becomes a major concern, a lot of people do not endeavor to the dental professional's center. There are also people that will not check out the dental professional due to the fact that of their high treatment costs. In today's time, it is a feat to find a suitable as well as affordable dentist.Undoubtedly, it is a terrible job to find an ideal dental practitioner for oneself; it is possible. You must ensure you have a brilliant concept of what type of dentist you want on your own. Patience and also understanding are two really significant high qualities that a dentist should have. If he is not patient enough, he will not provide you sufficient time to put out to him your specific disorder and what you are going through. Recognizing is a required merit for every single medical professional. If they are not comprehending, they will not be able to treat their individuals with the called for efficiency. To recognize your person and his problems is to have actually located fifty percent of the treatment.

You could have beautiful smile when you deal with your teeth

The accompanying are a few hints on exactly how you can locate a cost effective dentist to allow you to out. Consider each of them to obtain convenience and even totally free dental examinations.

Visit your neighboring oral, castes. Examine neighborhood watch in your general area to access nearby private facilities that supply affordable dentist and pricey dental care managements.

Go to dental institutions. Do not consider it as a kind of management, nevertheless. Being a revealing facility, you will certainly be thought about an enlightened and able dental disciple. Dental institutions provide watchful idea to oral care, so they regularly use totally free appointments or lower expense.

Nearly one out of every five people is having some or the other kind of oral ailments and also they are afraid checking out the dentist due to that photo of a dental expert drawing teeth while a guy cries in agony and discomfort is attached in their minds. Unless it comes to be a major problem, lots of people do not venture to the dental professional's facility. There are additionally people that will not go to the dental professional due to their high therapy charges. In today's time, it is an accomplishment to discover an appropriate and also budget friendly dentist.Undoubtedly, it is a dreadful job to locate a suitable dentist for oneself; it is not difficult. You should see to it you have a brilliant concept of exactly what sort of dental practitioner you want for yourself. Perseverance and understanding are 2 extremely significant high qualities that a dentist ought to have. If he is not patient sufficient, he will not provide you adequate time to put out to him your exact condition and just what you are experiencing. Comprehending is a needed merit for each physician. If they are not recognizing, they will not have the ability to treat their people with the needed performance. To understand your individual and his troubles is to have actually discovered half of the therapy.