Lost Profits in Billing Processes
My friend Susan Baylis at Medical Account Solutions lays out some essential points of lost profits in medical office billing processes in her blog “Maximize your medical receivable with a few simple steps.” It’s vital in all types of businesses to have reliable processes in place for billing as well as collecting. Part of cash flow management is having proper training and support so that the staff can be successful in protecting precious profits for your business.
Follow up on payments
A well documented and executed billing and collections process will also help your clients pay you on time. If you are in a business that gives terms, like Net 30, it’s also important to call when payments are not on time. Often a polite phone call asking for the payment status can uncover missed invoices and expedite checks that otherwise may have gone unnoticed for months hurting your company’s cash flow.
Cash flow management is key
As a business owner, it’s essential to have cash flow management strategies in place to support your bookkeepers and accounts receivable employees so that they can help you in your business’ success.