February, 2024

article thumbnail

Beyond the Bottom Line: Dignity, Respect & Netback

RevCycle

Healthcare collections often carry a negative connotation, conjuring images of aggressive tactics and strained relationships. But what if it didn’t have to be that way? At RevCycle, we believe that dignity, respect, and patient understanding are not just ethical imperatives, but also key drivers of successful collections, ultimately leading to a healthier bottom line for healthcare facilities.

237
237
article thumbnail

So Where is the Economy Headed? A Review of Ryo Tashiro’s Presentation

Credit Research Foundation

Opinions on the economy seem to be like the weather report – somewhat correct and somewhat missing the mark. What is true is that bankruptcies are up and there is more risk in the economy than we have seen in the past several years. CRF was fortunate to have Ryo Tashiro, Outreach Economist from the Philadelphia Federal Reserve, speak in our 2024 webinar series and provide clarity across the economic landscape.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Misalignment Between Credit and Sales Spells Trouble

Your Virtual Credit Manager

For a small business owner or executive, navigating credit decisions can be challenging, especially when they clash with the goals of other stakeholders within the company. Situations often arise when the prudent action involves denying credit to a potential customer, imposing limits on existing accounts, or delaying the fulfillment of large orders until payment is received.

article thumbnail

Sorrento Shareholder Alleges Newly Uncovered Evidence ‘Proves’ Latham, Jackson Walker ‘Conspired’ to Fraudulently Fix Venue for Sorrento Ch. 11 Cases in SDTX

Reorg Blog

The post Sorrento Shareholder Alleges Newly Uncovered Evidence ‘Proves’ Latham, Jackson Walker ‘Conspired’ to Fraudulently Fix Venue for Sorrento Ch. 11 Cases in SDTX appeared first on Reorg.

145
145
article thumbnail

AI and ML in Debt Recovery Processes

Due

Financial institutions use artificial intelligence (AI) and machine learning (ML) models to reshape debt recovery. Although you probably haven’t noticed any changes yet — these technologies are already having a massive impact on the finance industry. Why AI and ML Are Essential for Debt Recovery Debt grows out of control as people’s priorities shift, interest rates hit historic highs, and the cost of living rises.

article thumbnail

Know-it January Roundup?

Know-It Global

We made it through January! It was a long month, but a busy one at Know-it. We hope you’ve had a great start to the year. Here’s everything that’s been happening at Know-it, there’s a lot to catch up on! Our 1st Webinar! We want our clients to get to know us better, so we hosted our first webinar in January! Know-it CEO and Founder Lynne Darcey Quigley joined Head of Strategy & Growth at Know-it, Phil Hobden.

114
114

More Trending

article thumbnail

6 smart goals of revenue cycle management in healthcare

Waystar

Goal setting is a game changer. Every healthcare organization has RCM milestones they want to hit or metrics they’d like to improve. But how do you know if the goals of revenue cycle management you’ve set will make a real impact within healthcare today? From protecting your foundation with key security checks to expanding denial prevention, here is your expert-vetted roadmap.

article thumbnail

Moving Beyond DSO

Your Virtual Credit Manager

(Photo by Carlos Muza on Unsplash ) A Framework for Choosing Suitable AR Metrics Businesses should carefully assess their specific needs, objectives, and operating context when selecting metrics for accounts receivable (AR) performance measurement. The chosen metrics should provide relevant and actionable insights to support strategic decision-making, financial management, and operational improvement initiatives in light of the following issues: Business Model and Industry: Different industries

DSO 130
article thumbnail

Member business lending: How to leverage MBL for credit union growth

Abrigo

Develop an MBL program while mitigating risk Credit unions looking for alternate paths to growth in today's rising rate environment may be primed to leverage member business lending. You might also like this upcoming webinar, "Relationship banking: 7 Keys to extraordinary results." Register Takeaway 1 Credit unions developing or tightening up an existing MBL strategy should start by engaging the board of directors to outline goals.

article thumbnail

Embracing Old-Fashioned Frugal Living Like Grandma

Due

In the age of fast fashion, instant gratification, and ever-expanding credit cards , remembering our grandparents’ simple ways can seem quaint. For one, Grandma didn’t even own a credit card; only a few cards from specific retail outlets were available. It wasn’t until about 1995 that the credit cards we know now became widely available.

article thumbnail

State of Ohio’s Tobacco NPM Adjustment Remains Contested

Reorg Blog

The state of Ohio has not resolved a dispute with tobacco manufacturers regarding the nonparticipating manufacturers’, or NPMs’, adjustment for the sale years 2005, 2006 and 2007.

98
article thumbnail

Navigating DCAA Compliance for Government Contractors

Accounting Department

For a business, becoming a government contractor can open doors to a sea of lucrative opportunities – but these waters run deep with regulations, especially those set by the Defense Contract Audit Agency (DCAA). A critical cog in the machinery that is the U.S. Department of Defense (DoD), DCAA ensures that taxpayer dollars are used efficiently and effectively in the acquisition of defense-related goods and services.

98
article thumbnail

Small Business in 2024: Tackling High Interest Rates and Credit Crunch

FundThrough

Welcome to 2024, a year that’s already presenting a significant challenge for small businesses with the one-two punch of high interest rates and rising inflation. It’s a scenario that’s putting the financial resilience of entrepreneurs to the test. With the Bank of Canada’s key rate steady at 5% and similar U.S. rates peaking at a […] The post Small Business in 2024: Tackling High Interest Rates and Credit Crunch appeared first on FundThrough.

article thumbnail

President's Day Sale

Your Virtual Credit Manager

Thank you for being a free subscriber to Your Virtual Credit Manager (YVCM). If you like this newsletter, get value out of it, and believe in paying people for their work, please consider a paid subscription. Here’s what you will get: Expert guidance on a wide range of credit and collection topics, all geared towards small businesses that extend credit to other businesses Advice that will help you hone your accounts receivable management skills and maximize cash flow The ability to share c

article thumbnail

Six Strategies for your Business’ Collection Procedures

Credit Management Group UK

I have been told by businesses countless times that their customers are paying late despite the fact they are chased at the same time each month. I ask these businesses each time, if your current collection procedure isn’t working, why are you still using it? Late payments are still an enormous burden on UK businesses, with recent research finding billions are owed.

article thumbnail

Is a Soft Retirement the Right Move for You?

Due

When you picture your retirement, what comes to mind? You might envision yourself relaxing on a beach, spending time with family, traveling the world, or participating more in your favorite hobbies. It’s an exciting vision of a luxurious, enjoyable life. However, not everyone is excited about the idea of retirement. Some people don’t like the idea of leaving work or being forced out of the workplace.

article thumbnail

Credit administration department housekeeping: Practical steps for improvement

Abrigo

Preparing your credit administration for the next cycle Financial institutions should consider these tips for maintaining an efficient credit process throughout the year. You might also like these on-demand webinars tackling common credit risk questions. WATCH Takeaway 1 Credit administration housekeeping should clean up processes that could be streamlined to save time and effort.

article thumbnail

20 Years of 1099s at AccountingDepartment.com

Accounting Department

It is that time of the year again, tax season. Many businesses dread this time of the year - it's tough. But thankfully, it's not as tough when you have the unrivaled support of AccountingDepartment.com.

96
article thumbnail

Accounts Receivables vs. Accounts Payables: What’s the Difference?

Plooto

What is accounts receivable and accounts payable? Find out why having good control over both is crucial for your business to have a smooth cash flow.

98
article thumbnail

Get Ready for a Wave of Commercial Bankruptcies

Your Virtual Credit Manager

Historically, business failures increase after a recession. After, the Great Recession of 2008, commercial bankruptcies peaked in 2009 and did not drop below pre-recession levels until 2012. Following the sharp but short Covid Recession, roughly 5 million small businesses closed shop in the first six months after the economic shutdown, but commercial bankruptcies did not begin increasing until May of 2023, ostensibly due to the government’s economic stimulus programs.

article thumbnail

What should be included in invoices you send, to ensure quick payment?

Credit Management Group UK

When creating an invoice you should always try to include the items below. This will leave no un-answered questions and should ensure swift payment. Label the document as – Invoice Identify the document with the word ‘invoice’ this will differentiate it from any other correspondence like a credit note or receipt. Addresses Ensure your details are correct including your trading name and full businesses address.

article thumbnail

4 Areas of Your Business to Prioritize Data Investment in to Help Grow Your Business

Due

Your company is awash in data. In today’s digital age, business data comes from various sources, including customer interactions, sales figures, social media metrics, and operational statistics. E-commerce giants like Amazon track user behavior, purchase history, and browsing patterns to personalize recommendations and enhance user experience.

article thumbnail

CRE risk management: Identify and manage concentration risk

Abrigo

Find commercial real estate risks in the loan portfolio Sound risk management practices in commercial real estate lending help lenders manage CRE credit losses and protect the portfolio's profitability. You might also like this podcast, "How to sleep easier at night about your capital and risk levels." LISTEN Takeaway 1 Effective CRE risk management involves adapting to changing market fundamentals to avoid excessive loan losses.

CECL 78
article thumbnail

Outsourced Client Accounting Services in an E-Commerce World

Accounting Department

In the past few years, there has been a significant surge in the growth of e-commerce businesses. With the emergence of new companies and the adaptation of brick-and-mortar stores to online platforms, the demand for online purchasing is being met through various online sales channels.

92
article thumbnail

Waiting to Exhale: Commercial Real Estate Lending and Small Banks

Loomis Sayles Credit Research

Throughout 2023, our analysts opined on risks related to commercial real estate (CRE) and their lenders. There was plenty to say about these sectors amid high vacancy rates, rising inflation rates, higher interest rates and the failure of three mid-size US banks and one large foreign bank—circumstances that left many investors holding their breath and wondering if there would be another shoe to drop.

article thumbnail

Avoid Falling Into These 7 AR Management Traps

Your Virtual Credit Manager

As a small business owner or executive, managing accounts receivable (AR) and navigating through various credit decisions is an integral part of the job. After all, credit and collections is essential to the performance of your order-to-cash (O2C) process and cash conversion cycle. From processing credit applications to negotiating payment plans, each AR activity you undertake requires thoughtful consideration.

article thumbnail

A Guide to Dispute Resolution in Business

Credit Management Group UK

The dreaded disputed invoice can cause havoc within any business when trying to find resolution without the correct procedures in place to deal with it effectively. How well you handle a dispute can have significant impact on your customer relationship further down the line; when genuine disputes occur, your customer will want to be treated as a priority, and they should, as until their dispute finds resolution you will not be paid in full.

article thumbnail

3 Untapped Industries Booming With Economic Growth

Due

If you asked the average person to list all the things that drive economic growth , “Wall Street” (or some variation) would probably be right at the top. But while that may be true to a certain extent, it’s equally valid to point out that hidden gems drive that same growth in some of the most unexpected places. Paying closer attention to some of these hidden gems creates an opportunity to better understand how far we’ve come and where we might be headed.

article thumbnail

6 Steps to build an AML staffing plan for unexpected changes

Abrigo

Planning for the unexpected is part of any good plan. Prepare for unexpected changes in your AML staffing plan, making your plans a little more "disaster" proof. You might also like this on-demand webinar, "AML/CFT hot topics for 2024: What to expect for financial crime." WATCH NOW Takeaway 1 Reduce stress and mitigate financial and compliance impacts Takeaway 2 AML employee succession plans should be “living” documents.

article thumbnail

Client Accounting Services to Help Drive Your Business

Accounting Department

When you have a small or mid-size business, one of the issues you can run into is not having all the departments a larger company would have. In other words, you might not have dedicated employees for HR, accounting, and other areas. Fortunately, there are ways to outsource a number of services, including client accounting services. This helps keep your company growing and succeeding, without the need to bring on more employees or overwork yourself to get everything done.

article thumbnail

Court Opinion Review: The Robertshaw PET Two-Step; a Vastly Undersubscribed Endo GUC Rights Offering; DSG UCC DIP Dilemma; Surging Private Asset Sales; Sorrento Venue Sanctions Denied

Reorg Blog

The post Court Opinion Review: The Robertshaw PET Two-Step; a Vastly Undersubscribed Endo GUC Rights Offering; DSG UCC DIP Dilemma; Surging Private Asset Sales; Sorrento Venue Sanctions Denied appeared first on Reorg.

64