Congratulations! You’ve made the sale but still haven’t collected full payment from your customer. What do you do now? You can either track down those non-paying customers yourself or hire a debt collection agency. Debt collection agencies often provide flat fee or contingency services. Flat fee is self-explanatory. But what is contingency? What is it &…
Being an effective medical office manager has always required excellent organizational, communication and time management skills, but in today’s rapidly evolving landscape, you need more to get ahead. As the executive director of the Association of Professional Office Managers, Jim Lynch recently offered some important insights. We added a couple too, which can help you build…
With sound and effective billing practices, companies can collect accounts receivables more promptly and reduce their default and non-payment rates all while increasing cash flow. The key to establishing billing practices that work is to identify repeatable principles and processes that yield predictable results, then implement them across the organization. Here is a short list…
Once you’ve reviewed the marketing materials from any prospective collection agency, it becomes clear that there’s potential to save big money – or, at least, recover lost profit. So to distinguish between collection agencies, ask them what else they can do for you. A great collection agency can save you time and money, as well as ease…
It’s that time of the year again. Faces are pointed up to the sky, your employees are talking about barbecues and midweek days off. While Independence Day fireworks are often celebrated and anticipated, fireworks caused by debt collection and patients with payments outstanding are an entirely different kind. The two “explosive” activities have more in…
Expense control is a primary concern for any office manager. The vast majority of offices have at least a few major inefficiencies, ranging from unnecessary energy consumption to mismanagement of human resources. To build a more productive workplace, you should look for ways to reduce office expenses before you draw negative attention from upper management or…
With the nation hyper-focused on the world of healthcare, does the idea of having a large new pool of patients make you feel optimistic for the fate of your practice? It should, but be careful knowing that more patients may open you up to the problem of more debt. The Boy Scout Law may be…
If you’re looking to brush up on your accounting skills because of a promotion or a new job, or if you want to apply principles of good accounting to your personal finances, reading accounting books is an excellent place to start. Self-directed reading is a great way to learn about the subjects that interest you most, and it…
Rock Star, Cirque du Soleil juggler, Jack or Jill of All Trades, however you refer to an office manager, performance is primarily measured by one simple metric: how well his or her staff performs. Training the office staff to provide prompt and courteous service while handling day-to-day duties in a timely and efficient manner is…
Casinos are usually in the business of ensuring that their visitors lose money, but last year, a festering accounting mistakes cost the Mohegan Sun resort casino approximately $1.5 million. That’s a serious case of snake eyes, yet merely a quarter in the bucket compared to these accounting … umm, mistakes! Statistics compiled by the United…