Onguard
OCTOBER 19, 2023
Credit management has undergone a significant transformation in recent years. Whereas credit management was previously seen as the back office’s grab-can, today it is an essential part of an organisation’s financial strategy. In the process, the challenges posed by COVID-19, persistent inflation and rising interest rates also require a different, more proactive and sophisticated approach.
Your Virtual Credit Manager
OCTOBER 31, 2023
Accounts receivable (AR) represent the amounts owed your business by your customers for the purchase of goods or services delivered on credit. Because AR constitutes one of largest assets on your books, proactively managing accounts receivable is crucial for the financial health of your business. Especially in these times of high interest rates and economic uncertainty.
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Abrigo
OCTOBER 17, 2023
Why change management is vital for banks and credit unions Regulators promote change management to manage risk, but banks and credit unions can also achieve important benefits when they manage change. You might also like this 7-step guide to a successful software implementation. DOWNLOAD Takeaway 1 Financial institutions should review change management processes, given the ever-evolving landscape and examiners' attention.
RevCycle
OCTOBER 4, 2023
Dignity and respect are two important concepts that are often confused with each other. However, there is a subtle but important difference between the two. Dignity is the inherent worth and value of a person. It is something that we all have, regardless of our circumstances or actions. Dignity is not something that can be earned or taken away. Respect is the act of showing esteem or deference for someone.
Due
OCTOBER 18, 2023
Once an eagerly awaited milestone, retirement is currently undergoing a transformative reevaluation. Traditionally seen as a well-deserved period of rest and relaxation, the dream of early retirement is now being challenged by a new perspective – that of embracing lifelong work. This paradigm shift reflects the changing nature of work, increased life expectancy, and the desire for personal fulfillment.
Chaser
OCTOBER 24, 2023
Late payments have become a common challenge for businesses worldwide, especially for SMEs. Research indicates that 87% of businesses are typically paid late (Chaser, 2022). These late payments can have a detrimental effect on businesses, forcing as many as 50,000 businesses in the UK alone to cease operations every year, as highlighted by the FSB. Chaser, the market-leading accounts receivable solution, is committed to helping businesses combat late payments, and by utilising Chaser's receivabl
Credit Management Source brings together the best content for credit management professionals from the widest variety of industry thought leaders.
Your Virtual Credit Manager
OCTOBER 24, 2023
As with any other task, some people are better at debt collections than others. The good news. everybody can improve! This includes people who are not comfortable in a collection role, which is a common situation in smaller organizations, especially for those that doesn’t have formal credit and collections training or experience. (Photo by Jo Coenen - Studio Dries 2.6 on Unsplash ) After observing top notch collectors doing their job you might come to the conclusion that personality is cri
Waystar
OCTOBER 20, 2023
In the healthcare revenue cycle, acronyms are common — and also critical. Whether you’re in charge of denial prevention or billing services or working appeals, you need to be able to quickly grasp healthcare revenue cycle terminology. Scroll through the glossary below or click on a term to jump to a concise definition of each commonly used term. Healthcare revenue cycle terminology: Denials 101 Allowed amount Appeal Balance billing Billing fee schedule Birthday rule Bundled service Capitation Ce
Sky Business Credit
OCTOBER 12, 2023
Running a successful business comes down to a few key factors; the most important one is cash flow. Factoring is a type of alternative financing that allows you to take control of your cash flow by selling your accounts receivable to a third party (also known as a factor) to obtain immediate working capital. Now, instead of waiting for your customers to pay based on 30-, 60-, or even 90-day terms, you get cash immediately, and the factor collects the payment later.
Due
OCTOBER 3, 2023
For most business owners, there will come a time when they must decide whether they want to sell their company. If the answer is yes, a significant portion of their financial and professional future will suddenly hinge on an undertaking they’ll be doing for the very first time. And let’s be honest, there are few things in life we get right the first time.
Chaser
OCTOBER 25, 2023
Siloing your sales and AR (Accounts Receivable) teams can harm your business. A lack of communication between these two integral departments can result in missed opportunities, delayed payments, and, ultimately, lost revenue.
Abrigo
OCTOBER 19, 2023
Abrigo has been awarded a G2 “Leader” badge award for its loan origination and anti-money laundering solutions. Along with these recognitions, Abrigo won “Best Support” and “Easiest to Do Business With” badges for its loan origination platform. What is a G2 award, and why is Abrigo so proud of this win? G2 is the world’s largest and most trusted tech marketplace where users can discover, review, and manage software.
Your Virtual Credit Manager
OCTOBER 17, 2023
Extending credit is the financial backbone of Business-to-Business (B2B) commerce. If you require payment in advance or upon delivery of goods or services, you are unlikely to find many customers willing to trade on those terms causing your business to not generate enough revenue to survive. (Photo by Jandira Sonnendeck on Unsplash ) In most cases, you therefore have to extend credit to your B2B customers, which entails the following risks: Not being paid anything Being paid an amount less than
Waystar
OCTOBER 11, 2023
If you’ve ever had to chase down referral status from a payer, you know it’s a tedious, time-consuming process. Whether you’re calling payers or checking portals, referrals wreak havoc on efficiency — and they don’t stop there. If your organization routinely experiences delayed or extended referral processing, you risk everything from patient leakage to poor clinical outcomes.
Lendio
OCTOBER 17, 2023
We understand that running a business can be tough and that additional capital can make a huge difference. It’s completely understandable that obtaining a business loan may seem overwhelming, but we’re here to help make the process easier for you. By being prepared and following these simple steps, you’ll be one step closer to achieving your business goals.
Due
OCTOBER 2, 2023
Before the rise of the advanced technologies that many companies use today, traditional quality assurance practices required products and services to be evaluated manually. They evaluated key factors, such as workflow development, process improvements, and revenue generation. The American Society for Quality (ASQ) tells us that in late 13th-century medieval Europe, artisans formed guilds (or unions) that managed the development of stringent guidelines regarding the quality of products and servic
Chaser
OCTOBER 19, 2023
Poor cash flow caused by late payments is one of the most common problems faced by businesses. It can affect the growth, stability, and even survival of a company. Unfortunately, late payments are becoming increasingly common in today's business landscape.
Abrigo
OCTOBER 19, 2023
Ideas for educating and promoting cybersecurity in October Cybersecurity Awareness Month is an opportunity for banks and credit unions to promote online safety and take steps to reduce cyber risks. You might also like this whitepaper: "Protecting banking customers starts with you." DOWNLOAD Takeaway 1 Cybersecurity Awareness Month, in its 20th year, highlights the shared responsibility of everyone to safeguard their digital data and assets.
Your Virtual Credit Manager
OCTOBER 10, 2023
In larger organizations, those with credit professionals on staff, the credit function is sometimes disparaged as the “Stop Sales” department. When that’s the case, it’s clear that sales and credit are not properly aligned and the resulting friction is bad for business. (Photo by krakenimages on Unsplash ) The purpose of having a credit function is to ensure a profitable sale.
Waystar
OCTOBER 4, 2023
[Note: This post was originally published in January 2021 but was updated in October 2023] Prior authorization. Pre-authorization. Precertification. Prior approval. Prior review. All of these names, though slightly different, refer to the same thing: prior authorization. What is prior authorization? Prior authorization is the process by which healthcare providers must request confirmation that an insurance provider will cover a prescribed medication, service, or treatment for a patient.
Eagle Business Credit
OCTOBER 12, 2023
Many small business owners have been turning to accounting software for their bookkeeping needs. Software can be used with or without an accounting department, depending on how lean your business is. Accounting software has stepped in to fulfill the need of monitoring financials and minimizing errors in account processes, so does your small business need an accounting software?
Due
OCTOBER 4, 2023
In a world where working hard for your money has become the norm, it’s time to flip the script and let your money start working hard for you. Achieving financial freedom is not a far-fetched dream but a tangible reality. It’s not just about getting rich; it’s about creating a prosperous life. This notion of having one’s money working overtime is slowly gaining traction.
Chaser
OCTOBER 16, 2023
At the risk of sounding like a broken record ( we've covered this a few times ), the key to staying on top of your accounts receivables, implementing good credit control, and getting paid on time, is good administration. We know it's not flashy or exciting, but making sure you've got your admin right will help you get paid faster, avoid bad debt, allow you to accurately predict your cash flow, and even improve your relationship with your customers.
Abrigo
OCTOBER 16, 2023
Advice from a former credit union BSA Officer A former compliance officer offers considerations for creating a successful and compliant AML program at your credit union. You might also like this resource: "Building a strong future: Succession planning strategies for you AML program." Watch webinar Takeaway 1 Recent FinCEN consent orders show that weak compliance programs are coming under more scrutiny, especially at gap institutions.
Lendio
OCTOBER 11, 2023
With 10 million new small businesses opening their doors in the U.S. in 2021-2022—the highest years on record—a Lendio study reveals the top industries for starting a business. As the U.S. experiences this small business boom, Lendio analyzed which industries are most likely to grow and succeed in the next decade, helping to answer the question: What industry should new entrepreneurs explore?
SMB Commercial Lending
OCTOBER 17, 2023
2023 Update: SBA Loans for Business Expansion In a bid to stimulate business growth, the #SmallBusinessAdministration (SBA) has officially affirmed that no equity infusion or #SellerFinancing is mandatory when purchasing a company that shares the same NAICS code as the buyer's current business in the same geographical area. The recent revisions to the SBA 7(a) loan program herald promising opportunities for both buyers and sellers.
TMC Financing
OCTOBER 3, 2023
This year’s trolley tour, we embarked on a journey to meet two remarkable Alameda-based businesses that have harnessed the power of the SBA 504 loan program to supercharge their. The post TMC Financing takes a Tour to Alameda via Trolley: 2023 appeared first on TMC Financing.
Due
OCTOBER 13, 2023
In the fast-paced world of business and entrepreneurship, learning from successful individuals is invaluable. In this blog post, we’ll dive into a video transcript featuring insights from millionaires and billionaires. These entrepreneurs share their 13 rules for success, including adaptability, ambition, and dealing with pressure. So, without further ado, let’s explore these rules and get inspired by their experiences. 1.
Chaser
OCTOBER 16, 2023
We've all had that one friend who borrows money and assures us that he's going to pay as soon as the cash from his car comes through. Three years later… While a bad debt is incredibly frustrating in our personal lives, overdue payments in business can be crippling. These outstanding amounts in business are known as Accounts Receivable. They can quickly get out of hand and impact your financial health if not managed correctly.
SSI Healthcare Rev Cycle Solutions
OCTOBER 30, 2023
The Next Era of Healthcare Revenue Cycle Mananagement: Why Experience and Expertise Matter More Than Ever Home / October 30, 2023 In an industry characterized by tightening margins, workforce reduction, and the omnipresent rise in medical claim denials, hospitals and health systems find themselves grappling with an age-old question: How do you do more with less?
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