The summary shall also describe any free or other reduced cost policies for the indigent and shall clearly distinguish hospital bed funds from other sources of financial assistance. The summary shall include notification that the patient is entitled to reapply upon rejection and that additional funds may be available on an annual basis. In addition, the collection agency must provide notice to the patient whether the hospital deems the patient an insured patient or an uninsured patient and the reasons for such determination. The right commercial debt collection partner will produce the highest return percentage and free your business to focus on its goals. Altus Receivables Management has the personnel, experience and technology to bolster your collections processes. For more information or to discuss your situation, please contact us online today.
Our solutions are results oriented as we partner with our clients to address their entire revenue cycle. FCOA has the expertise, resources and ability to successfully provide a fully integrated account receivables solution. Besides cost savings and access to specialized expertise, many businesses also outsource to save management time.
This means that when a consumer moves across state lines, we can ensure the continued collection process, regardless of a consumers’ location. As your business partners in AR, Axim acts as a trusted extension of your team to facilitate payments politely and effectively on your behalf. Enjoy the difference of an outsourced accounts receivable management firm where our only priority is receivables – so you can reduce aging invoices and free up cash flow faster. AR management begins the historical cost principle and business accounting with setting appropriate credit terms for customers, sending timely billing invoices, efficiently tracking and collecting due payments, and handling delinquencies. By leveraging receivable management services, companies can facilitate these tasks and streamline the AR process for improved financial outcomes.
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One of the first things to decide is whether to outsource the entire customer base or just a portion of it. Advanced technology such as artificial intelligence (AI) and machine learning (ML) are also entering the realm of AR. They can aid in predictive analysis by identifying potential late payments and defaults, thereby enabling proactive management of such situations. Experience the InvoiceSherpa difference firsthand and discover a smarter, more efficient approach to AR management. Try InvoiceSherpa free for 14 days and embark on a journey towards optimized cash flow and business growth.
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Receivables Management Services uses effective debt collection software tools to control collection efforts and ensure compliance with regulatory and client-specific requirements. With their deep understanding of the domain, these experts can provide actionable insights and best practices that improve the effectiveness of receivable management. While outsourcing your AR process to an accounts receivable management company is certainly a superior approach to handling it in-house, it’s not without its pitfalls. Since 1989, FCOA has helped consumers and businesses resolve outstanding debts through our ethical, empathetic and professional offerings.
- Software solutions help bridge the gap between back-office operations and front-line customer relationship management.
- The decision, hence, should be undertaken after a comprehensive comparison of both sides and how they align with the overall business strategy.
- Altus is a B2B debt collection agency with the resources and skills it takes to handle any complex case.
- The summary shall include notification that the patient is entitled to reapply upon rejection and that additional funds may be available on an annual basis.
- This is an investment in your business that pays for itself as you’re left with more free time and less stress.
- AR management services are specialized services aimed at optimizing the process of collecting these outstanding invoices.
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Whatever the size or type of your organization, we help reduce your accounts receivable and improve collections. After evaluating your collection needs, we will recommend a program specifically designed to achieve your goals. Altus is a global business process outsourcing (BPO) firm that provides global commercial collections. Altus helps companies gain new levels of confidence and control over their credit to cash cycle. We combine the most advanced technology with the largest international network of trained, certified professionals to streamline first and third-party collections with the highest levels of security and compliance. Technology is increasingly being leveraged in the AR process to improve efficiency, reduce errors and enhance the overall performance.
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They trust us to improve cash flow, reduce risk, accelerate growth and maintain exceptional relationships with their customers. The AR outsourcing market has witnessed substantial growth parallel to the overall rise of business function outsourcing. The emerging trend among companies pertains to the outsourcing of tasks such as payment processing, credit scoring, and high-volume collections of smaller accounts, which were traditionally handled in-house. Choosing the right partner can make all the difference in the realm of accounts receivable management. We hope you feel more confident in hiring an accounts receivable management company after reading through this guide.