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Accounts Receivable

4 Steps To Improve Self-Pay Collections

4 Steps To Improve Self-Pay Collections

If your patients can't pay their statements, your accounts receivables days go up, cash flow slows down, bad debt mounts and revenue shortfalls are inevitable.

Self-pay is an additional burden for hospitals that are already struggling to reduce costs and increase revenue. Increasing efforts toward collecting past due medical debts on is a necessary process that many hospitals who have limited resources cannot afford to do on their own. Luckily, there are is a plethora of affordable outside services that can aid in this process, many of which are cloud-based. 

5 Cloud-Based Accounting Trends for 2018

5 Cloud-Based Accounting Trends for 2018

2018 is upon us and as many accounting businesses prepare for the new year, it's important to understand some of the biggest industry trends. If you take a look back at the accounting trends in 2017, the majority of them were surrounding cloud-based and automated solutions. So, what are some of the changes that we can expect to see in 2018? Have the trends changed much? Well, the short answer is no. But continue reading if you'd like to know the accounting trends for 2018.

CFO's are The New Cloud Software Champions

CFO's are The New Cloud Software Champions

Cloud computing and cloud-based solutions aren't the next best thing, they are already here and this movement is largely being driven by end users and tech shops. This has created a micro-management mess for many companies. In a large study, Symantec found that the average number of cloud apps in use in various industries was 926. As more cloud-based solutions become available and utilized, companies need to implement streamlined processes that make the integration and implementation phase easier. Defining this process has now largely fallen in the hands of the CFO largely because of how these solutions effect OpEx and CapEx.

7 Ways To Improve Your Accounts Receivable Management

7 Ways To Improve Your Accounts Receivable Management

It's not uncommon for organizations to struggle with their accounts receivable management. Although the account helps you realize your revenue, it's hard to fully grasp its many concepts. The bottom line is that improper accounts receivable management will lead to less income. In fact, according to 43% of small businesses have customers who are more than 90 days past due on payments and that will lead to serious losses in their income. According to a study conducted by Atradisu Payment Practices Barometer found that that businesses lose as much as 53 percent of the value of their receivables if they are not paid within 90 days of their due date. It's important that you understand how vital it is for your company to stay on top of its accounts receivable, here are 7 ways to improve your accounts receivable management.

Patients are The New Payer in Healthcare

Patients are The New Payer in Healthcare

According to Healthcare Finance, healthcare consumers are now responsible for 30% to 35% of their healthcare bill. Since patient payment and collection practices are consistently becoming more complex, deductibles have also continued to rise. Furthermore, collection costs are much higher for patients as compared to payer collection. Both of these factors have lead to the evolution of patients being the primary payer source. Although patients are now the primary payer source, let's face it, they have a lot going on and paying their bill is not a top priority.

How to Detect if Self-Pay Patients have Hidden Health Coverage

How to Detect if Self-Pay Patients have Hidden Health Coverage

Hospitals, pharmacies, and other healthcare providers are constantly searching for new ways to decrease bad debt and maximize their reimbursement. As they continue this process, it's imperative that they can identify which patients are true self-pay and which patients are self-pay after insurance. If they are self-pay after insurance they will have a high-deductible plan and still owe a large sum of money after coverage.

Surviving The Self-Pay Patient Landscape

Surviving The Self-Pay Patient Landscape

The healthcare industry is in the midst of a huge change with its patient collection programs. This change is causing strides towards designing sophisticated and patient-friendly programs that increase transparency, improve user experience, and minimize pressure from the IRS. These programs help hospitals, pharmacies, and other healthcare providers offer easy-to-understand patient statements and front-end eligibility help. Furthermore, the real-time analytics that these solutions provide make it easier to comprehend entire portfolios from the click of a button. However, if an organization fails to realize this trend they will fall behind. Below we've listed ways that healthcare organizations can survive the changing self-pay patient landscape.

The 3 Biggest Accounting Problems for Small Businesses

The 3 Biggest Accounting Problems for Small Businesses

Small businesses are the lifeblood of the United States economy because of their ability to innovate their industry landscapes. However, it's not uncommon for small business owners to feel overwhelmed due to the number of problems they have to face on a daily basis. Below we've listed the 3 biggest accounting problems small businesses face.

CEO's Continue to Be Confident in Accounting Technology

CEO's Continue to Be Confident in Accounting Technology

According to a recent survey conducted by KPMG, CEO's are continuing to gain more confidence in technology. This is especially true within the accounting world. Of the 400 CEO's surveyed, three-quarters of them said they are actively pursuing technology disruption in their own sectors, rather than waiting for competitors to do it. This initiative is accelerating accountants acceptance of technology and trending cloud-based accounting solutions. 

Everything You Need to Know About The New FASB Standard

Everything You Need to Know About The New FASB Standard

Yesterday, August 28th, 2017, FASB issued a new standard that aims to simplify hedge accounting for financial statement preparers and users. Before looking into the specifics of the new FASB standard, it's important to note that it will take effect for public companies beginning December 15th, 2018 and one year later on December 15th, 2019 for private companies. Keep in mind that early adoption of this standard is permitted.