All businesses have common goals. One of these is to generate greater profits and revenue. The only viable way to do this is by increasing sales. However, when you throw credit into the mix, problems ensue. While sales may increase, revenue may not if customers are unable to meet their payment responsibilities. Those sales then reflect in the business’ balance sheets as accounts receivable. However, if these aren’t turned into cash within a brief period, cash flow suffers. For too many compa... READ MORE 〉
Financial institutions are reeling at the impact of new tools and technologies that have emerged over the last few years. Advanced analytics and big data are leading to more personalization in communication and this is improving the customer’s experience. When it comes to the payments sector, changes have also been afoot. Credit unions and other smaller financial institutions are having to move with the times. In an attempt to compete with the larger banks, they now have to expand the services... READ MORE 〉
When it comes to the collection of accounts receivable, customer service has a role to play. This may come as a surprise to many organizations. However, evidence has shown that the breakdown of human interaction in modern business is causing many of today’s revenue difficulties.
In the past, people communicated face to face. However, today, technology has eliminated the need for some personal interactions. While this is great news for streamlining businesses and improving productivity, it c... READ MORE 〉
Today’s healthcare payment systems aren’t always as efficient as patients would like them to be. This is the takeaway from the latest billing statistics to be released. It seems very clear patient outreach and education aren’t in line with spending on healthcare. Experts predicted, by 2019, that out-of-pocket expenses will reach more than $608 billion. These figures show there are still some major issues in the healthcare payment sector.
What do providers of healthcare servic... READ MORE 〉
It’s fair to say that the events of 2018 have overwhelmed healthcare providers. Not only have patients become the largest payers, but medical billing has also been through some significant changes. Embracing these changes in healthcare billing solutions is vital to improving the revenue cycles of practices. So, what does 2019 have in store? Let’s look at the year to come.
Improving the Experience of Making Patient Payments
Patient payment experiences weren’t something that anyo... READ MORE 〉
Over the last few years, there has been an increase in the promotion of short-term health insurance plans. While these may appear more affordable on the surface, they rarely offer good value in the long run. The problems associated with these plans often outweigh their benefits. It’s no wonder, then, that so many healthcare organizations are curious whether better patient payment solutions could resolve the issues.
What Is A Short-Term Insurance Plan?
Unlike a standard health insurance plan,... READ MORE 〉
The new year is almost upon us. With that in mind, it is time to look ahead to what the next year holds for B2B payment solutions. In the world of corporate finance, there are many predictions about how businesses will adopt FinTech. The next couple of years look set to be an exciting time for businesses. Advanced technologies, such as blockchain and AI, are already on the horizon and are ready to take over.
By 2020, most B2B finance departments are planning to implement at least one of the l... READ MORE 〉
Although some people still think there is a stigma attached to using credit unions, this attitude is on the wane. In the current economic climate, consumers are realizing that the real key to making sound financial decisions is researching institutions. Most people are aware there’s a major difference between banks and credit unions in terms of loan and deposit rates. However, there remains a number of misconceptions about credit unions that we should dispel. From misunderstandings about credi... READ MORE 〉
The modern world is in the grip of a digital revolution. In 2017 alone, the volume of mail declined by 4 percent. Meanwhile, online holiday season shopping grew six times faster than the number of people using brick-and-mortar stores. In 2017, 7,000 stores closed their doors for good. What does all this mean in terms of the healthcare industry? Paper is still king across the sector, with around 3,000 printed pages for every consumer record. This shows that there is still serious resistance to to... READ MORE 〉