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Patient collections can be a challenge any time of the year, but are particularly stressful during the Holiday season. Some collection agencies make the mistake of pausing collection efforts during this time of the year to avoid increasing tension between the healthcare provider and the patient. However, this approach can be extremely counter intuitive - outstanding receivables affect the bottom lines of both the healthcare providers and the agency.
It’s often said that if you can’t measure it, you can’t improve it and this is particularly relevant when you’re managing a delicate balancing act. Financial institutions face this every day as they try to manage the sometimes conflicting needs of controlling fraud, growing the business and keeping customers happy. Doing a fantastic job of driving fraud rates down is undermined if it creates a negative impact elsewhere in the business.
There’s nothing like daylight savings time to get you to observe how dramatic a small shift in time becomes.? Push back one hour, and all of a sudden it’s instant winter.? People are like, ‘Wow, when did it get so dark out?’? And, hot chocolate sales start to rise. Saving time as a business owner can have a similar effect on you.? But, instead of greeting the coming of winter, you’ll be saying things like, ‘Wow, I just got home, and it’s not even dark yet!
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