As we approach the end of the year, now is a great time to reflect on your business practices from 2014. What worked? What needs improvement? Where should I focus in 2015?
If one of those focuses is to improve your cash flow, you may want to consider outsourcing the collection of your outstanding receivables. This will allow you time to focus on your business growth, while getting paid for services already rendered. This is especially important in the medical industry due to the new rules and regulations surrounding the Affordable Care Act.
Start by doing your research – you want to make sure to find a reputable Accounts Receivable Management (ARM) company who will work with you to understand the needs of your business. The ARM Company should be licensed and bonded in the states they are working in. They should also ensure adherence to the Fair Debt Collection Practices Act (FDCPA).
Next make sure they have the capacity to handle the number of outstanding accounts you may have to place. Technology is constantly improving in this area. The ARM Company should have a secure software system that has the ability to integrate with your software system.
Finally, work with someone who is able to customize a platform that addresses your individual needs. Your business doesn’t fit in a box and neither should your collections services.
Not being properly trained in debt collection or having staff dedicated to the function means you are most likely leaving money on the table. Why not try a different route in 2015 and see what can be accomplished through outsourced debt collection.
The staff at Fairway Capital Recovery is here to assist you. Our extensive industry and customer service experience spans more than 20 years. We are licensed and bonded in all 50 states. Our analytic process allows us to design a plan that will optimize the return for our clients.
Contact us today to get started early in the New Year.