Effective management of accounts receivable is crucial for the success of any business. A survey by the National Federation of Independent Business found that small businesses cite late payments as the second-most common reason for cash flow problems, behind only insufficient sales. According to a report from Sage, late payments can cost small and mid-sized businesses as much as $3 …
Credit unions considering outsourced collection services should evaluate compliance, third-party risk management, recovery experience, reporting, member communication, data security, and the agency’s ability to operate within the credit union’s established policies. For a credit union, outsourcing collections is about more than sending delinquent accounts to another company. It is a decision about recovery capacity, risk management, oversight, and member relationships. …
The global accounts receivable automation market size is projected to increase by a Compound Annual Growth Rate (CAGR) of 14.2% and reach $6.5 billion by 2027. Currently, the market size is estimated at $3.3 billion. The services segment is expected to increase at a higher amount than the CAGR 14.2% during the forecast segment. The services segment is classified into …
Commercial collection letters can provide a formal, documented opportunity to resolve overdue B2B accounts before a business considers escalation such as liens, litigation, or other legal remedies, depending on the circumstances and applicable law. For construction companies and building suppliers, an overdue invoice can quickly become more than an accounting issue. Materials have already been delivered, labor has already been …
On Wednesday, December 14th, the Federal Reserve raises short-term interest rates by .50%, the highest since 2007, and suggested that will continue in 2023. The Fed funds rate range is currently at 4.25%-4.5%. The .50% increase on Wednesday was a reduction from the previous .75% increase seen at each of the last four policy meetings. This was the most aggressive …
Orthopedic practices can strengthen A/R performance by improving eligibility and authorization processes, managing denials and underpayments, engaging patients early, and using structured recovery strategies for unresolved balances. Orthopedic Revenue Cycle Has More Moving Parts Than It Looks Consider a patient scheduled for an orthopedic procedure. Before treatment, there may be: Insurance verification Authorization Referral requirements Surgical scheduling Coding Documentation Payer …
Experian reports in their “State of the Automotive Finance Market” paper, that credit unions have earned the largest share of automotive financing in the US by producing more auto loans than banks or other lenders. They have topped the market by producing more than 30% of all auto loans. The report also shows that credit union-funded auto loans rose by …
Omnichannel healthcare communication uses multiple coordinated channels—such as phone, statements, digital messaging, and other approved outreach methods—to make it easier for patients to receive information and resolve balances. Patients Don’t All Communicate the Same Way One patient answers every phone call. Another responds to the email. Another opens a digital statement at midnight. Another prefers speaking with a representative. That …
The accounts receivable management industry has been rapidly expanding due to increased demand for professionals with expertise in this area, as well as the growing use of technology in the field. As businesses continue to grow and evolve, there is likely to be an increased demand for in-house and third-party accounts receivable professionals who can help businesses manage and collect …
