Imagine Getting Paid Fast!
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National Wholesale Distributor
Chain of Department Stores
12 partner accounting firm
Country Accountancy Practice
Small Legal Practice
More money – The Aged Trial Balance
reduced by 32%
(over $70,000) after only 8 weeks. It has remained at this lower level.
Monthly statements were abandoned and an automatic payment process introduced that was
taken up by 88% of clients
More control – Reporting Schedules, KPI’s and Responsibilities were clarified and Management are now aware of exactly what is happening in their own business.
Time saved – Staff spend considerably less time actioning overdue accounts.
Less Patient confusion – Payment of Fees is discussed with all new Patients at their Initial Consultation.
New Patient Folder” was created
containing Medical Questionnaire, Health Fund Requirements, Ongoing Health Care matters, Payment options and a “Welcome As A Patient Of The Practice” letter.
The practice had a very time-consuming debt collection process.
Monthly statements were taking 3 staff one full day to collate, prepare, envelope and mail.
Many patients were paying by monthly coupons, and generally late doing so.
Staff not confident talking to patients on the phone.
One Office member spending 2 full days each week “chasing up” debtors.
Many patients not paying their Initial Consultation fees ($70).
The Directors not really aware of what was/wasn’t happening with the accounts.
There was no clearly defined New Patient Procedure in place.
THIS is what we did
Three ways to improve cashflow.
Spot The Techniques …
When You’ve Just “Had Enough”
Text Messages Work
Being Ignored? Try this …
About Michael Todd
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