RevCycle

MARCH 20, 2024

This article explores the financial struggles of rural healthcare in the Great Lakes region and proposes solutions, including implementing flexible payment policies, up-front collections, and partnering with high-quality collection agencies, to create a more sustainable future. Implementing a flexible payment policy can be a game-changer.

Medical Billing 231

Medical Billing Insurance Companies Deductions 231

Your Virtual Credit Manager

JANUARY 31, 2023

If a customer promises to pay by a specific date and payment is not received by that date, unless you immediately follow up you you are wasting your previous collection efforts. For more on this subject, check out our post on dealing with payment excuses. Subscribe now Ten Primary Causes of Customer Late Payments 1.

Credit and Collections 246

Credit and Collections Past Due Invoices Bankruptcy Credit Management 246

Your Virtual Credit Manager

JANUARY 17, 2023

Subscribe now The Benefits of Paying Commissions on Payments Before taking any of these steps, however, companies should first consider p aying sales commissions upon receipt of payment, and thereby involving your Sales Team in Collections. The problem was rectified by basing sales commissions on customer payments instead of invoices.

Credit and Collections 246

Credit and Collections Accounts Receivable (AR) Days Sales Outstanding Past Due Invoices 246

Your Virtual Credit Manager

DECEMBER 12, 2023

The Primary challenge involves growing and maintaining the amount of revenue billed on a recurring or subscription basis. The other prominent challenge is administering the contracting, billing, and receivables management processes supporting the recurring revenue. Sounds great – what could go wrong?

Days Sales Outstanding 130

Days Sales Outstanding DSO Credit Management Small Businesses 130

SAP Credit Management

JANUARY 3, 2023

Item Billing Plan. Item Billing Plan Item. Set/Remove Billing. Set/Remove Billing. Billing Plans in Sales Contract Items. Billing plans are used for milestone billing and down payments in Quantity Contracts. To enable the billing plan for an item, change the item category to CKMN.

Default 179

Default 179

Waystar

DECEMBER 9, 2022

The patient payment process is complex — to the point where some people are more anxious about paying for a procedure than actually having it done. “More than half of patients are more stressed about the billing process than the quality of the care they receive,” says Eric Sulivant, solutions strategist at Waystar.

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Your Virtual Credit Manager

MAY 30, 2023

Paper based commerce, where invoices and payments are delivered via Postal Service mail, is slow and costly. Increasingly, electronic payments are replacing checks in B2B scenarios. AFP’s 2022 Electronic Payments Survey revealed that only 33 percent of Business-to-Business (B2B) payments are made by check in the USA and Canada.

Electronic Funds Transfer 130

Electronic Funds Transfer Credit and Collections Vendor Portals Credit Management 130

Your Virtual Credit Manager

FEBRUARY 7, 2023

This relieves the seller from the “joys” of manually invoicing and then chasing down late payments. This relieves the seller from the “joys” of manually invoicing and then chasing down late payments. Over these years, the billing and payment cycle was a real pain from which we regularly suffered.

AR Automation 130

AR Automation Accounts Receivable (AR) Credit and Collections Bad Debt 130

SAP Credit Management

AUGUST 11, 2023

” – Elon Musk We have illustrated One Office Theme- Front Office to Back Office using SAP Build App(SAP BTP),Subscription Life Cycle Mgt(Subscription Billing),Billing(S/4HANA Cloud) and SAP Service Cloud for Tickets. The information mentioned above is updated to the subscription billing document.

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Your Virtual Credit Manager

JANUARY 10, 2023

While the impact of defaults can be severe, late payments are very common though their impact less visible. Compared to late payments, zero payment is a much worse outcome, but when you have to borrow money to compensate for cash flow shortages, the impact of slow payments becomes very real and painful.

Credit and Collections 130

Credit and Collections Bad Debt Invoice Disputes Credit Management 130

SAP Credit Management

JULY 7, 2023

Manual ‘Bill of Lading’ data extraction is very slow, expensive and error-prone. Automate the extraction of relevant information from Bill of lading with SAP AI Business Service – Document Information Extraction ; ensuring more accurate document processing in significantly less time with reduced processing costs.

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SAP Credit Management

JANUARY 13, 2023

Introduction: This blog is specifically focused on new solution by SAP which was released as Scope item 4E9, called New Project Billing. This new App Manage Project Billing has many features. for details you may refer Blog Post by Mr. Andreas Hammerschmidt “ Project Billing for Customer Projects in SAP S/4HANA Cloud ”.

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Your Virtual Credit Manager

JANUARY 24, 2023

The good news is your customer has sent you a payment. Disputes occur when the customer withholds payment, in part or in full, because they disagree with the bill you have sent them. Disputes occur when the customer withholds payment, in part or in full, because they disagree with the bill you have sent them.

Deductions 130

Deductions Accounts Receivable (AR) Credit and Collections Invoice Amount 130

SAP Credit Management

JULY 12, 2023

To create QR Reference which contains Billing Document Number instead of Accounting Document Number refer to SAP Note 3293387 QR Reference is saved into Payment Reference field of follow-up Accounting Document assigned to Billing Document. Use enhancement SDVFX009 Billing doc.

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Your Virtual Credit Manager

DECEMBER 26, 2023

Requests for extended payment terms Request for an increased credit limit Notices of derogatory events (e.g. Requests for extended payment terms Request for an increased credit limit Notices of derogatory events (e.g. Requests for extended payment terms Request for an increased credit limit Notices of derogatory events (e.g.

Collector 130

Collector Credit and Collections Default Third Party Collections 130

RevCycle

JULY 26, 2023

These cards allow patients to finance their medical bills, but they often come with high interest rates and fees. Offer alternative payment options. Healthcare providers should offer patients other payment options, such as payment plans or financial assistance programs. Work with patients to develop a payment plan.

Collector 223

Collector Credit and Collections Medical Billing Debt Collections 223

RMAi Blog

APRIL 13, 2023

While others, who make more money and have a history of paying their bills on time, may be granted a much higher credit limit, such as $10,000. Each month, at the end of a period called a billing cycle, the card company will send you a statement. When you use a credit card, you pay the bill later.

Credit and Collections 130

Credit and Collections Credit Unions Deductions Credit Application 130

SAP Credit Management

JANUARY 30, 2023

Down Payment Processing You may use down payment request or billing plans with your sales order. This demo shows an example of a down payment request. Post Down Payment You may post the down payment received from your customer. The sales order item is assigned to a WBS element.

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Your Virtual Credit Manager

MARCH 12, 2024

In B2B commerce, payment systems often rely on manual processes — think paper invoices and checks. It’s critical you identify inefficiencies by analyzing cash conversion cycles, accounts receivable cycles, credit risk profiles, and payment histories. They are not worth your time from a credit and collections perspective.

AR Transformation 100

AR Transformation Credit and Collections Accounts Receivable (AR) Order to Cash 100

SAP Credit Management

AUGUST 9, 2023

You still needed to pay at least a month’s worth of service and usually had to sign a contract or provided a payment method that the software provider could keep on file for recurring payments. Unfortunately, any unused allocation were lost if not used and overages were billed at retail rates.

Transactions 140

Transactions 140

Your Virtual Credit Manager

APRIL 25, 2023

However, there is another way to improve your cash conversion cycle: Pay sales commissions upon receipt of payment, and thereby involve your Sales Team in Collections. Also, considerable time was being spent processing the chargebacks, which resulted from short payments, against the sales team’s commissions.

Credit and Collections 130

Credit and Collections Past Due Invoices Collector DSO 130

Chaser

APRIL 30, 2024

Late payments are one of the biggest challenges to steady cash flow and predictable revenue for businesses. Although you may do your best to stay on top of invoicing and billing, outstanding accounts receivables ultimately hinder your profitability.

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RMAi Blog

DECEMBER 27, 2022

If you are finding it challenging to pay your monthly bills or pay off your credit card balance in full each month, it is time to create a strategy to cut costs wherever you can. Your monthly rent or mortgage payment, car payment or cell phone bill are all fixed expenses.

Credit Scoring 130

Credit Scoring 130

Your Virtual Credit Manager

APRIL 11, 2023

If they don’t pass muster for open credit terms, there are still other options for securing or insuring payment. Poor Credit Controls: Poor credit control practices can result in providing goods or services to high-risk accounts that are likely to pay beyond terms or even default on payments. Here’s more on Credit Checks.

Bad Debt 130

Bad Debt Credit and Collections Accounts Receivable (AR) Days Sales Outstanding 130

SAP Credit Management

AUGUST 29, 2023

Revenue Account Determination In the following menu options, you define the control of revenue account determination for transferring billing values from the SD module to the FI module. Access sequence Here, you define in which sequence fields are read from the billing document (header and item).

Default 147

Default Deductions Transactions Invoice Amount 147

Due

JULY 17, 2023

Also, you’ll always be in good standing with your bills, protecting your credit score and preventing late fees. For instance, include your utilities, rent, car payments, and credit card bills, but leave out your grocery bill. Car insurance (23rd), electricity bill (3rd), HelloFresh(12th). Credit card A.

Credit Scoring 98

Credit Scoring Brokerages Deductions Transactions 98

SAP Credit Management

SEPTEMBER 7, 2023

While project-based services support selling, delivering, billing, and accounting of customer projects, the solution business enables companies to successfully transform to selling combined solutions of product, services, projects, and subscriptions. Lack of billing transparency and inaccuracies lead to increased billing disputes.

Revenue Recognition 226

Revenue Recognition Order to Cash Invoice Collections Cash Applicator 226

Lendio

APRIL 23, 2024

If you’ve received your paycheck as direct deposit, sent a few bucks to a friend through Venmo, or paid your power bill online, you’ve used ACH. ACH payments, which launched in 1974, have become such a common part of modern life that most people don’t even think about the mechanism that moves money in and out of their bank accounts.

Transactions 52

Transactions Small Businesses Electronic Funds Transfer Credit and Collections 52

SSI Healthcare Rev Cycle Solutions

JUNE 14, 2023

Claim edits mastery: Leveraging best edits and best practices to expedite payments [Live Webinar] Although often overlooked, claim edits play a critical role in thwarting denials and accelerating payments. This session also includes a Q&A for all your edit-related questions.

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Chaser

JUNE 16, 2023

In the last month alone, an estimated 700,000 UK households missed or defaulted on a rent or mortgage payment. Data gathered by Which indicates that missed payments are particularly prevalent amongst renters, with one in twenty having missed a payment in order to cover other outstanding bills.

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Default 96

Due

JUNE 15, 2023

Affected Lifestyle As I started paying a significant amount to Max to help him clear the mountainous credit card bill , things started looking even more complicated. I was paying almost 80% of my monthly earnings to pay off the bills. I didn’t know anyone who could help me with a short-term loan to pay off the bills.

Credit Scoring 105

Credit Scoring Transactions 105

TreviPay

AUGUST 31, 2023

Let’s dive into the stories of the businesses that have harnessed the power of TreviPay to elevate their payments operations to create lasting relationships with their clients. The introduction of flexible payment options and seamless online checkout experiences proved to be game-changers.

Transactions 98

Transactions 98

Due

MARCH 23, 2024

The co-signer is there to assure the lender that in case the primary borrower fails to make payments on the loan, the cosigner will step forward and make payments. However, since you may be limited financially, you don’t want to get to the point of having to step in to make payments instead of the primary borrower.

Credit Scoring 105

Credit Scoring Insurance Companies Bankruptcy 105

The Red Spectrum

MAY 18, 2023

When it comes to managing your finances and building a healthy credit history, understanding how credit card payments affect your credit reports is essential. It allows them to make informed decisions based on an individual’s creditworthiness, payment history, outstanding debts, and other relevant financial information.

Credit Card Payments 84

Credit Card Payments Credit Scoring Credit Reporting Agencies Credit and Collections 84

SSI Healthcare Rev Cycle Solutions

MARCH 16, 2023

Epic Billing Made Easy: Why SSI is the Claims and Clearinghouse Solution of Choice for Hospitals and Health Systems [Live Webinar] LIVE WEBINAR: March 29, 2023 at 10 am CT As a trusted industry leader with 900 Epic clients , SSI makes Epic billing as easy as possible, so you don’t ever have to leave your Epic environment !

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The Red Spectrum

MAY 11, 2023

These payment conditions specify the vendor’s requirements for payment, along with payment due dates, late fines, and other crucial information. Late fees and credit score damage for your company can arise from late payments. Don’t let late payments put your business in jeopardy!

Small Businesses 94

Small Businesses Credit Scoring 94

Lendio

MAY 3, 2024

Unlike personal credit scores, business credit scores take into account factors such as the company’s payment history, credit utilization rate, length of credit history, public records including bankruptcies, and the company’s size and industry. Credit history and age: How long has your business had financial liabilities?

Credit Scoring 52

Credit Scoring Credit and Collections Bankruptcy Transactions 52