Have you ever wondered why your company ‘s accounts receivable are lacking? Well, it might be due to poor medical billing revenue cycle management. Medical billing revenue cycle management is very important for optimizing a healthcare practice’s financial health.
Many people neglect medical bills yearly, but what happens when medical bills go to collections? An unpaid medical bill pending for a long time can affect your credit score badly. The worst condition could be that the provider can sue you for the payment or sell your debt to a collection company.
A crucial aspect of managing your cash flow and your reputation is selecting the appropriate medical debt collection agency. It helps collaborate with your patients and handle payment arrangements. The last thing you want is to lose a valuable patient over a medical bill that should have been handled carefully and graciously.
Everyone emphasizes healthcare, and rightfully so, as it directly affects your well-being. However, it is essential to acknowledge that healthcare often comes with unpaid medical bills. When undergoing medical treatments or procedures, bills are unavoidable, and if they remain unpaid, they can impact your credit score and financial health.
With medical billings skyrocketing in the past few years, consumers are left with no choice but to comply with such expenses. Even through means such as insurance companies or credit services that can somewhat help the consumers, reports show that people in the US alone owe around $220 Billion in medical debt.
The medical debt industry has observed an upward trajectory, especially in the US, for the past couple of years, with reports suggesting that around 14 million people owe a debt of over $1000. With the recent wave of inflation and the economic instability that has seemingly impacted the whole world, healthcare service providers have encountered increasing medical debt collection challenges daily.
With the global debt market reaching a record of $307 trillion in 2023 as consumers and businesses continue to utilize debts on a daily basis, companies are looking for ways to better streamline their debt recovery solutions for global reach.
With a projection of $39.2 billion by the end of 2032, the international debt collection market has been booming for businesses across multiple industries. While major companies have started to shift towards the top trends for international debt collection, many problems need to be assessed first.
In the current competitive landscape, both the consumer and commercial sectors are keen on improving the cash flows through accounts receivable. In this regard, many users and businesses have started outsourcing collections from third-party debt collection agencies adept at credit collection services.
Commercial debt recovery has been busier than usual due to the recent interest rate and inflation uproar. With businesses focusing on scaling and trying to make their mark in such a competitive market space, B2B debt collection has seen a shift in its workings.
Whether you’re a business just starting or have some experience under your portfolio in the debt collection market, outstanding invoices can negatively affect your business’s cash flow and revenue. This issue makes you wonder how to improve small business debt collection with accounts receivable.
In the ever-growing world of b2b collections, compared to consumer debt recovery, the commercial sector has received the most attention since it tends to have its complications. With businesses expanding and rising inflation, keeping track of commercial collections can take time. Therefore, many companies are gravitating towards online AR management platforms that provide ease of access and maximum debt recovery, such as CollectCo, which offers expertise to the b2b collections with first and third-party collections.
With the rapid increase in data breaches occurring daily, so much so that a cyber-attack occurs once every 39 seconds, cyber security measures have become necessary, especially for debt collection agencies. Since these agencies hold such treasured data of their valuable customers, including creditors and debtors, they must ensure proper cyber security measures in their operations and everyday routines.
When navigating debt recovery, there are many instances where handling commercial delinquents often stands out as one of the most formidable challenges. They are marked as bad debt recovery accounts. The practice of not paying the debt on time is quite common and for consumers or clients to fall behind on payments, causing stress and uncertainty for business.
Do you often find yourself treading water in the sea of financial responsibilities? But confused about how and where to start. In 2023, you were stuck chasing down overdue payments, the same old tactics feeling dusty and ineffective. It is a constant battle, leaving you stressed and your cash flow stagnant. But hold on 2024 rewrites the rules!
There are various challenging aspects to handling the financial side of business transactions, be it the rendering of services or provision of goods; one must deal with customers and payment woes in all cases. A rising issue most businesses face is the mounting accounts receivable resulting from unpaid accounts and elusive customers, making debt recovery harder and the revenue stream thinner.
Most businesses need help recovering unpaid invoices from services and goods rendered to other companies that land them in a situation of low cash flow. The lack of funds and revenue creates issues with low cash flow that can hinder business growth and prevent new projects from getting piloted
In an era where technology is transforming industries left and right, it’s time for the debt collection sector to catch up. This article discusses how cutting-edge technologies revolutionize debt collection, promising a smoother, more effective process for creditors and debtors.
It has been a recent concern for Americans to handle their increasing debt and the implications that come with it. With every passing year debt is becoming a more pressing issue for the average American, rising to about $11.67 trillion approximately per household across the U.S.
Debt management is an important responsibility of a business. There are different types of debts that businesses deal with. Debt collection for B2B (business-to-business) companies also known as commercial debt is different from the debt collection of B2C (business-to-consumer) companies i.e., consumer debt.
Collecting debts from various businesses can be a long and strenuous process that can hinder the proper functionality of any government department when most of its success and smooth running depend on adequate cash flow and revenue generation.
While many of us are going into 2024 with high hopes for more mobility and exploring new avenues, millions of Americans are inching toward debt faster than ever. This sounds an alarm bell for consumers and how they manage their financial game plans, without anticipating debt recovery when they rack up credit.
As businesses stand at the cusp of accelerated technological advancement and global interconnectivity, more people in America are considering scaling their operations within their monetary capacities…
It is quite easy to be swept up in convoluted processes when it comes to dealing with debt recovery companies. There are minute details and strenuous procedures that can tire you out when all you are …
Business-to-business (B2B) collections refer to the process of recovering payment from companies …
Cedar Financial is excited to announce our membership with the DMO and being added to their National Advisory Board.
There is a lot of talk about the 11th Circuit ruling going around. How this ruling will affect credit agencies, the ARM industry etc. is a cause for concern.
What’s the difference between a partner and a vendor in debt collection? We show you how a partnership can help you reach your goals faster.
If people don’t understand their debts, they are unlikely to pay on time. That’s why it’s so important that AR Managers and collectors focus on educating debtors about what they owe.
Here’s how Cedar Financial prioritizes financial education for better results.
Hesitant to hire a debt collection agency?
Not everything you hear about them is true. Here are 3 of the top debt collection myths, debunked.
When customers don’t pay, you need to collect – but you may be hesitant to send them straight to collections.
An effective debt collection letter is a low-cost way to put customers on notice and recover your funds. Here’s what should be included (plus a free template).
Chargebacks hurt your bottom-line. Here’s how to reduce your losses and recover what’s yours.
You can’t trust just anyone to handle your accounts. But it can be hard to know which agency is the right fit for your needs.
Here are 5 things to look for when hiring a debt collection agency.
If your collection agency is using outdated communication methods, that could be the problem.
Research shows that more and more consumers prefer digital channels, like email, SMS, and chat, over traditional calls and letters.
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In line with its mission to protect consumers, the CFPB has rescinded its 2020 Abusive Acts Policy to better enforce its prohibition against abusive acts and practices. Here’s what you need to know. Read More
The CFPB’s final debt collection rule modernizes the FDCPA for email, text and social media, providing much-needed compliance guidelines while prioritizing consumer preference. Here are a few key takeaways. Read More
Right now, many businesses depend on every payment to keep them afloat. That means timely debt recovery is more important than ever.
However, insensitive collection attempts can alienate customers, increase complaints and harm your hard-earned reputation, hurting your business.
As the Coronavirus pandemic continues to impact consumers and businesses around the world, many U.S. creditors are wondering whether to continue reporting delinquent payments to the credit bureaus.
The short answer is: Yes – but with flexibility built in.
CALABASAS, Calif., April 3, 2020 – On the outskirts of Los Angeles County in California, the parking lot of Cedar Financial’s Calabasas headquarters is eerily empty. Without the steady rumble of cars of passing by on the 101 freeway, it’s actually somewhat serene.
It’s the season of giving, and while debt collectors are often portrayed as heartless or uncaring, the team at Cedar Financial is bucking that trend by Putting People First this Holiday Season and all year ‘round.
Introduced as Assembly Bill 375 and signed into law on June 28, 2018, the California Consumer Privacy Act (CCPA) provides consumers with groundbreaking new rights on the use of their personal information, effective January 1, 2020 …
On October 4, 2019, California Governor Gavin Newsom signed into law Assembly Bill 1313, prohibiting postsecondary schools in the state from withholding transcripts as a debt collection tool. The new law goes into effect January 1, 2020 …
On August 23, 2019, the Small Business Reorganization Act of 2019 (SBRA) was signed into law, creating “Subchapter V” in Chapter 11 of the Bankruptcy Code as part of an effort to streamline the structuring process for small businesses (defined as those whose total noncontingent liquidated secured and …
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On September 9, 2019, the judge entered a final judgment in the TCPA case, McMillion v. Rash Curtis & Associates, 4:16-cv-03396 (N.D. Cal.) to the tune of a whopping $267 million.The verdict, issued by the jury in June 2019, determined that over 534,000 calls using auto dialers …
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The bill, initially introduced February 2019 by Senator Bob Wieckowski (D-Fremont), creates an automatic exemption for the first $1,724 in a consumer’s bank account for bank levies. The result: collectors may have a harder time collecting on judgments …
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