Analyze AR data like you would carve a turkey!
November 20, 2015 at 3:20 PM
Do you analyze your AR data with the same precision you use to carve a Thanksgiving turkey?
There is a science to successfully carving a Thanksgiving turkey. It is a learned skill yielding a beautiful platter of meat. So too is analyzing your accounts receivable data. Analyze AR data and determine “cause and effect” on your cash flow. Then…make some changes in your AR process that may result in timely payments and fewer past dues.
When and how do you notify the customer (patient) the bill is past due? We worked with a healthcare provider who received negative feedback when they stamped a bill at 30-60 days with “Past Due”. The bill was clearly past due, but patients felt it “pushy”. Here are two ideas…
A stamp/sticker that said… “Please pay this balance as soon as possible. If you have a question regarding your bill, please let us know. Thank you.” Use basic address labels in a bright color to get their attention. Here’s a template to use! Pay Balance sticker.pdf
Highlight the timeline in the invoice can also just be enough (but use WITH the sticker and it's even better.