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 can have beautiful smile when you look after your teeth

The accompanying are a few hints on just how you can situate a budget friendly dentist to enable you to out. Take a look at each of them to obtain simplicity or also free oral checkups.

Visit your nearby dental, castes. Check neighborhood watch in your general location to gain access to nearby personal facilities that provide budget friendly dental expert and also pricey oral treatment administrations.

Check out oral institutions. Do not take a look at it as a sort of administration, nevertheless. Being a revealing facility, you will certainly be considered an informed and able dental adherent. Oral schools provide watchful thought to oral care, so they often supply cost-free appointments or lower expense.

Almost one out of every 5 individuals is having some or the other type of oral conditions and they are afraid seeing the dental practitioner as a result of that image of a dental expert drawing teeth while a male cries in pain and pain is attached in their minds. Unless it becomes a significant issue, many individuals do not venture to the dental expert's facility. There are likewise individuals who won't see the dentist due to their high therapy fees. In today's time, it is an accomplishment to locate a suitable and budget-friendly dentist.Undoubtedly, it is a horrible task to find a suitable dental expert for oneself; it is not impossible. You should see to it you have a bright idea of what type of dental practitioner you want on your own. Persistence and also understanding are 2 extremely major qualities that a dental practitioner should have. If he is not patient enough, he will not give you adequate time to produce to him your precise condition and what you are experiencing. Recognizing is a necessary virtue for each medical professional. If they are not understanding, they will not have the ability to treat their patients with the called for effectiveness. To recognize your patient and his issues is to have discovered half of the therapy.

You could have charming smile when you care for your teeth

The going along with are a few tips on just how you can find a cost effective dental practitioner to enable you to out. Take a look at each of them to get simplicity or perhaps free oral examinations.

Visit your neighboring dental, social orders. Examine neighborhood watch in your general location to access nearby personal facilities that supply budget friendly dental expert and also costly dental treatment administrations.

Go to oral colleges. Don't consider it as a sort of administration, however. Being a revealing facility, you will be thought about an informed and able oral devotee. Oral schools provide watchful thought to dental care, so they regularly offer complimentary examinations or reduced cost.

Practically one out of every 5 people is having some or the various other sort of dental disorders and also they are afraid seeing the dental practitioner due to that picture of a dental expert drawing teeth while a guy weeps in pain and discomfort is fastened in their brains. Unless it comes to be a major issue, most individuals do not venture to the dental professional's clinic. There are also individuals that won't check out the dental professional as a result of their high treatment charges. In today's time, it is an accomplishment to discover an appropriate and cost effective dentist.Undoubtedly, it is an awful job to discover an excellent dental practitioner for oneself; it is not impossible. You must ensure you have an intense concept of what type of dental practitioner you desire for yourself. Persistence and also understanding are two very significant high qualities that a dental professional ought to have. If he is not patient enough, he won't offer you adequate time to put out to him your exact disorder and also what you are going via. Recognizing is a needed merit for every medical professional. If they are not comprehending, they will not be able to treat their clients with the called for performance. To understand your person and also his issues is to have discovered half of the treatment.

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

The coming with are a couple of tips on how you can find a cost effective dental professional to enable you to out. Consider each of them to obtain ease and even cost-free dental check-ups.

See your nearby oral, castes. Check neighborhood associations in your basic location to access nearby private facilities that offer inexpensive dental practitioner as well as pricey oral care managements.

See oral schools. Don't check out it as a type of management, nevertheless. Being a showing establishment, you will certainly be thought about an enlightened and able dental adherent. Dental schools provide watchful thought to dental care, so they frequently offer complimentary appointments or reduced price.

Nearly one out of every 5 people is having some or the other sort of oral disorders and also they fear seeing the dentist due to the fact that of that image of a dental expert pulling teeth while a man sobs in misery and also pain is attached in their brains. Unless it becomes a significant issue, most individuals do not venture to the dental professional's clinic. There are additionally individuals that won't visit the dental practitioner due to their high treatment fees. In today's time, it is a task to discover an appropriate and also inexpensive dentist.Undoubtedly, it is an awful job to find an optimal dental professional for oneself; it is not impossible. You must ensure you have an intense idea of exactly what sort of dental expert you want on your own. Perseverance and also understanding are two very major high qualities that a dentist ought to have. If he is not patient sufficient, he won't provide you sufficient time to place out to him your exact condition and also exactly what you are going with. Recognizing is an essential merit for every single doctor. If they are not comprehending, they will not be able to treat their clients with the needed effectiveness. To understand your individual as well as his issues is to have actually located fifty percent of the therapy.

You can have wonderful smile when you deal with your teeth

The accompanying are a few tips on just how you might locate an inexpensive dental practitioner to allow you to out. Look at each of them to obtain simplicity and even cost-free dental examinations.

Visit your nearby oral, social orders. Check community organizations in your general area to gain access to nearby exclusive centers that supply budget-friendly dental professional as well as pricey oral treatment administrations.

Browse through dental institutions. Don't consider it as a type of management, however. Being a showing establishment, you will be taken into consideration an educated and also able oral adherent. Dental schools offer watchful thought to dental treatment, so they often use totally free appointments or lower expense.

Nearly one from every five people is having some or the various other kind of dental conditions as well as they fear visiting the dental professional due to that photo of a dental practitioner pulling teeth while a guy sobs in agony as well as pain is affixed in their minds. Unless it comes to be a significant problem, most individuals do not venture to the dental professional's clinic. There are additionally people that will not check out the dental professional due to the fact that of their high therapy fees. In today's time, it is a task to find an appropriate and inexpensive dentist.Undoubtedly, it is a dreadful job to discover a suitable dental professional for oneself; it is possible. You should make certain you have a bright suggestion of just what kind of dentist you desire for yourself. Persistence and also understanding are two really major qualities that a dental practitioner must have. If he is not patient enough, he won't offer you sufficient time to produce to him your specific disorder and what you are undergoing. Understanding is an essential virtue for each medical professional. If they are not recognizing, they won't have the ability to treat their patients with the called for performance. To comprehend your individual and also his problems is to have discovered half of the therapy.