October, 2024

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Denial Management Strategies for 2025: Trends & Best Practices

RevCycle

As healthcare continues to evolve, so do the complexities of managing the revenue cycle, with denial management being one of the most persistent challenges. Denial management is an essential component of healthcare revenue cycle management (RCM) because denials directly impact an organization’s financial health. From 2022 – 2024, the number of providers who said denials are increasing jumped from 42% to 77%.

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Latitude by Genesys Donates to Food Bank of Northeast Georgia to Support Local Families

RMAi Blog

MENLO PARK, CA – Latitude by Genesys , a leading debt collection software solution, is dedicated to positively impacting the communities where its employees and executives live. Recently, Latitude donated to the Food Bank of Northeast Georgia, a non-profit organization committed to alleviating hunger and addressing food insecurity across the region.

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Mitigating Commercial Credit Fraud

Your Virtual Credit Manager

When we first think about credit risk, our minds focus on the financial status of the company in question. To manage the risk that a customer might default, companies implement credit and collection policies and procedures. Those policies and procedures, however, also need to include practices designed to mitigate the risk of fraudulent transactions.

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Buyer Perspectives: The Changing Landscape of B2B Purchases

TreviPay

B2B buyers, much like their B2C counterparts, are driving higher expectations when it comes to the purchasing experience. At TreviPay’s Crossroads Conference, the “Buyer Perspectives” panel explored the shifts in B2B buying behaviors, emphasizing the importance of value, relationships and technology in today’s marketplace. Moderated by Piers Gorman , the discussion featured insights from Rosilyn Richey of Viking Cruises and James Norfor of b2buy.

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Six charged in million-dollar Department of Defense fraud case

Due

Six men have been charged in a case involving an attempt to defraud the United States government and the Department of Defense (DOD). The defendants have been accused of rigging bids, defrauding the government, and paying bribes and kickbacks to sell IT products and services to federal government purchasers. This resulted in millions of dollars being overcharged to the U.S. government, including the Department of Defense (DOD), and resulted in swift action from the Justice Department.

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Is it good if your AR has decreased?

Chaser

Accounts receivable (AR) is a critical metric that reflects the financial health of a company. A decrease in accounts receivable can be a positive sign of efficient credit management practices, a strong economy, increased sales, efficient inventory management, or favorable payment terms.

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P&B Capital Group Supports Breast Cancer Research Fundraising Group & Youth Softball Team

RMAi Blog

WEST SENECA, NY – P&B Capital Group, a third-party collection agency headquartered in Western New York, has spent a portion of Q3 in 2024 looking for organizations to support as part of its ongoing community outreach efforts. To better serve its employees and the surrounding community, P&B Capital Group has made a sizable donation to Sto Lat Strong , a Breast Cancer Research Fundraising Group.

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Unlocking Profit Potential Through Strategic Financial Forecasting

Accounting Department

In the current competitive environment, small and medium-sized businesses (SMBs) must leverage every possible advantage to succeed and expand. Forecasting is a powerful tool that can greatly influence a company's financial success.

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Transform Your FP&A with AI: 4 Key Levers for Success

TreviPay

Finance teams face increasing pressure to deliver faster, more accurate insights. Traditional Financial Planning and Analysis (FP&A) processes, often dependent on historical data and manual work, are struggling to keep up with modern demands. To meet these challenges, businesses are turning to AI to optimize their FP&A functions and enhance decision-making.

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AML program productivity: Boost the impact of AML investigations

Abrigo

Increasing efficiency of compliant AML investigations To boost AML program productivity and keep pace with evolving compliance demands, financial institutions should focus on strategic operational improvements paired with the smart use of technology. Key topics covered in this post: The challenges of enhancing AML program productivity 8 Ways for financial institutions to increase the efficiency of case investigators Operational improvements & technology can increase throughput Compliance

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TMC Financing Celebrates Four Consecutive Years as the Nation’s #1 SBA 504 Lender, Breaking New Records

TMC Financing

490 Small Businesses Served, Securing Over $1.8 Billion in Total Financing for Fiscal Year 2024 For the fourth consecutive year, TMC Financing is named the No. 1 U.S. Small Business. The post TMC Financing Celebrates Four Consecutive Years as the Nation’s #1 SBA 504 Lender, Breaking New Records appeared first on TMC Financing.

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Pair sentenced for hundreds of thousands in laundered international funds

Due

Two men have been sentenced for their part in a scheme to launder hundreds of thousands of dollars internationally. According to a Justice Department report on the case, Li Pei Tan of Georgia and Chaojie Chen, 41, a Chinese national residing in Chicago, were the pair at the heart of the international monetary fraud. It was alleged that they were the go-to people to launder tens of millions of dollars in drug proceeds on behalf of foreign drug trafficking organizations.

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Remembering Larry Vasbinder: A Visionary in the Receivables Management Industry

RMAi Blog

The Receivables Management industry mourns the loss of a true visionary, Larry Vasbinder, founder of Second Round, who passed away unexpectedly this past weekend after post-surgical complications. Larry’s legacy is one of innovation, resourcefulness and an unwavering commitment to improving the consumer experience. His absence is deeply felt. Starting his career in public accounting in 1990, Larry became a Certified Public Accountant and joined the tax department of KPMG Peat Marwick, furthering

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Beware of Fraudulent Letters: Protect Your Personal Information from Data Broker Exploitation

Regal Credit Management

Photo by John Schnobrich on Unsplash Recently, we have seen a rise in fraudulent letters or email scams being sent to our clients. These letters often claim that the sender has compromising information about the recipient and use fear tactics to demand payment or action. While the threats are typically baseless, the real concern lies in the amount of personal information these scammers have—information they likely obtained from data broker reports.

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Connecting the Dots in B2B Payments: Inside TreviPay’s Crossroads Conference

TreviPay

Connecting the Dots in B2B Payments: Inside TreviPay’s Crossroads Conference TreviPay’s Crossroads event is more than just a conference — it’s a premier gathering for professionals in the B2B payments space, where innovation meets opportunity. This year’s event in Kansas City promises to explore the future of B2B payment solutions while addressing the most pressing industry challenges.

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Celebrating FinCrime Fighter Day: Honoring the heroes of financial security

Abrigo

Say "thank you" this National FinCrime Fighter Day BSA professionals and financial crime fighters are tasked with the challenge of protecting our financial system daily. October 26 is National Financial Crime Fighter Day , and it’s the perfect time to pause and applaud everything these professionals do. Since we founded the day of recognition in 2018, it’s become an opportunity for the nation to show gratitude for FinCrime fighters’ work in the financial industry.

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From Startups to Enterprises: Tailoring CFO Support Services to Fit Your Business Needs

Accounting Department

In the ever-evolving landscape of business, one size rarely fits all. This is particularly true when it comes to financial management. Whether you're a burgeoning startup or an established enterprise, having a firm grasp on your finances is crucial.

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Virginia defense contractor to pay $950m in connection with bribery, export control and pricing case

Due

A Virginia-based contractor, Raytheon Company (Raytheon), is set to pay $950m for bribery, export control, and defective pricing cases brought forward by the Justice Department. Ratheon is a subsidiary of defense contracting company RTX, formerly known as Raytheon Technologies Corporation. The Justice Department has conducted extensive investigations into allegations that Ratheon was complicit in a government fraud scheme involving defective pricing on specific government contracts.

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Axiom Acquisition Ventures, LLC Successfully Completed SOC 2™ Audit

RMAi Blog

Axiom Acquisition Ventures, LLC Completes SOC 2 Audit to Further its Commitment to Protecting Consumer Data Tampa, FL: Axiom Acquisition Ventures, LLC, an RMAi-certified debt acquisitions company, today announced the successful completion of its SOC 2 audit. The certification was awarded on October 22, 2024. The SOC 2 audit was conducted by leading compliance assessor A-LIGN, a technology-enabled security and compliance partner trusted by more than 2,500 global organizations to help mitigate cyb

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What to Look For When Purchasing an Accounts Receivable Software

Gaviti

When purchasing accounts receivable software, making the right choice is crucial for making sure your goals are met and achieving a high return on investment. There are a range of different solutions available on the current market — automated, integrated, and autonomous — that address different needs and deliver different solutions. Knowing exactly what to look for can help you make the best decision for your business needs and weed out accounts receivable automation software options that might

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On Demand Webinar: How Digital Transformation Reshapes Payments for OEMs like General Motors

TreviPay

Curious how one of the world’s largest automakers is transforming B2B relationships with innovative payment solutions? Join us for an exclusive webinar featuring GM’s Lisa Coggins’ insights on blending traditional relationship management with advanced AI and automation to create unmatched customer experiences. Coggins will dive into their Fleet Consolidated Billing Program—a game-changer in fleet management that offers seamless trade credit, loyalty incentives and ERP-integrated billing.

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SAR narrative writing: Best practices for writing suspicious activity reports

Abrigo

Effective SAR narratives don't just happen Suspicious activity report writing is a skill that needs development. Effective SARs are created through conscious effort and diligence. Learn industry best practices for writing compelling SAR narratives to support your AML/CFT efforts. The importance of comprehensive SAR narrative writing Back in elementary school, most of us were taught that a good story includes the who, what, where, when, why, and how of the events it describes.

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Tier 1 Credit: What It Is and How to Get There

CreditStrong for Business

Lenders and credit card issuers use your credit score to determine your financing terms, such as your annual percentage rate and credit limit. However, that doesn’t mean every point you gain or lose changes your results. Instead, creditors generally create offers for multiple credit score ranges known as credit tiers, and tier 1 credit is the one you want to reach.

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Decoding the dichotomy of stock market

Due

The stock market is a fascinating, ever-evolving entity. It’s a dynamic landscape that is influenced by a myriad of factors. One of the most prominent indicators of the stock market’s health and trajectory is the S&P 500, an index that measures the stock performance of 500 large companies listed on the stock exchanges in the United States.

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The Rochester Business Journal’s Power List

RMAi Blog

ConServe Earns a Spot on the 2024 Power List for Banking and Finance Rochester, N.Y. – October 28, 2024 – Continental Service Group, LLC d/b/a ConServe, is proud to announce that Pamela Baird, Chief Executive Officer was selected by the Rochester Business Journal’s editorial team as one of “2024 Power List for Banking & Finance” for their 2024 Power 100 list.

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Avoid These Common Budgeting Mistakes for Your Business Going into 2025

Accounting Department

Budgeting is crucial for any business that wants to succeed in the long term. As a business owner of a small to medium-sized business, you may have experienced the challenges of creating and implementing a budget.

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Maximizing O2C Success: Strategies for Accurate Payment Application at Scale

TreviPay

A successful order-to-cash (O2C) process will end with a payment. Now, how you handle that payment matters. For B2B customers, applying cash to a specific invoice or transaction is crucial for on-time payments. The driving force behind this is the customer’s ERP or A/P system. These systems have safeguards to protect companies and track their spending.

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Purchase accounting challenges with income recognition

Abrigo

Day 2 accounting and mark-to-market values How banks and credit unions involved in business combinations can overcome issues related to recognizing income in a changing-rate environment. You might also like this whitepaper, "Valuation and purchase accounting in a dynamic macroenvironment." DOWNLOAD Takeaway 1 An often-overlooked component of purchase accounting for banks and credit unions is the ongoing income recognition tied to mark-to-market values.

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Boost Collections by Training Debt Recovery Skills

Enterprise Recovery

Effective debt recovery is a cornerstone of financial management. Without an efficient approach to collecting outstanding debts, businesses can suffer from cash flow issues, leading to operational challenges and potential financial instability. Skilled debt recovery ensures that the company can maintain its liquidity, meet its financial obligations, and reinvest in growth opportunities.

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Venezuelan network owner charged for a $1.2 billion scheme to launder illegal funds

Due

A Venezuelan television news network owner has been charged by a federal grand jury in the Southern District of Florida for his role in a $1.2 billion scheme to launder funds. The indictment was unsealed after evidence was presented in the Florida courthouse showing that the laundered funds were allegedly corruptly obtained from Venezuela’s state-owned and state-controlled energy company, Petróleos de Venezuela S.A.

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