In any business to business transaction, debt will eventually accumulate. This can be from customers who are slow to pay or from vendors who offer extended terms on their invoices. When the amount of debt begins to impact cash flow and negatively affect the bottom line, it’s time for a company to initiate its business
Small businesses work on small, sometimes exceedingly small, margins. That problem is not helped by the raft of unpaid invoices that small businesses carry on their balance sheets. It’s not a trifling number either at more than $800 billion total. Sadly, emergency restoration companies are not immune to this debt problem. Given the essential services
Are you struggling to get paid by patients? You’re not alone. Over 31% of healthcare providers find it difficult to collect payments from patients. Patients often don’t pay their bills on time, if at all, which can cause significant financial issues for your business. This is where medical collection agencies come in. An excellent medical
Did you know that the market for debt collection agencies in the United States alone is expected to be worth more than $18.8 billion in 2022? That just goes to show how much demand there is for this valuable service. This makes a lot of sense when you stop to consider that without debt collection
Without medical debt collection agencies, people would be far less inclined to offer loans to people. It is because of the services of debt collection agencies that people know that they can expect to get their money back when they loan to people in need. This is one of the main reasons that the debt collection
If you run a medical facility, you likely have several expenses to pay. Like any other business, you have to keep the lights on and the water running. However, you also have more to do. Medical facilities rely on up-to-date equipment to treat patients, in addition to making life easier for their workers. They also
Did you know that growing healthcare, totaling $140 billion, is the fundamental cause of debt for American families? A substantial chunk of this is due to surprise billing! One-third of insured people report receiving an unexpected additional charge in the past two years. A lot of people are worried about being able to pay for their medical bills. Even more
Did you know that the most common cause of bankruptcy is medical debt rather than poor spending habits? Compared to other countries, the United States spends the most per person on health care. We understand that as a medical healthcare professional, your top responsibility is to provide the best possible care to your patients. If you have
Two-thirds of bankruptcy filings in the United States are the result of high medical bills. If you run a medical practice, collecting medical debt can be a daunting task, especially if there is an existing past due balance. While there’s no single solution to collecting payments on patient bills, we’ll cover some proven tips on
It’s no secret that the biggest challenge for most businesses is dealing with late payments. Your company may suffer serious cash flow problems due to late payments. It may also be among the 82 percent of businesses that fail due to cash flow issues. Fortunately, you can reduce late payments with help from debt collection
