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As healthcare continues to evolve, so do the complexities of managing the revenue cycle, with denial management being one of the most persistent challenges. Denial management is an essential component of healthcare revenue cycle management (RCM) because denials directly impact an organization’s financial health. From 2022 – 2024, the number of providers who said denials are increasing jumped from 42% to 77%.
Lenders and credit card issuers use your credit score to determine your financing terms, such as your annual percentage rate and credit limit. However, that doesn’t mean every point you gain or lose changes your results. Instead, creditors generally create offers for multiple credit score ranges known as credit tiers, and tier 1 credit is the one you want to reach.
Two men have been sentenced for their part in a scheme to launder hundreds of thousands of dollars internationally. According to a Justice Department report on the case, Li Pei Tan of Georgia and Chaojie Chen, 41, a Chinese national residing in Chicago, were the pair at the heart of the international monetary fraud. It was alleged that they were the go-to people to launder tens of millions of dollars in drug proceeds on behalf of foreign drug trafficking organizations.
Finding the time and resources to complete every collection activity needed to be done at the optimal time to be done is a constant challenge. Most small companies come up short because the owner or CFO have more important things to do and there isn’t a dedicated employee responsible for credit and collections. The solution involves maximizing both the efficiency and the impact of the collection activities you do perform.
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
How financial institutions deal with problem loans Problem loans are a natural outcome of the risks banks and credit unions take when lending, and they should be expected over the long run during the ups and downs of the business cycle. In this guest column, Jason Alpert, Managing Partner of Castlebar Holdings , explains how financial institutions should respond.
It’s no secret that automation is the optimal way to manage prior authorization. When 39.7% of denials occur during prior authorization processes , automation is the only way to stay on top of volume and slash write-offs without adding staff. And the possibilities only grow when you layer on generative AI. ( See how Waystar and Google Cloud have automated the extraction of prior auth requirements from complex payer data sets , reducing the time to generate a procedural preauthorization repo
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It’s no secret that automation is the optimal way to manage prior authorization. When 39.7% of denials occur during prior authorization processes , automation is the only way to stay on top of volume and slash write-offs without adding staff. And the possibilities only grow when you layer on generative AI. ( See how Waystar and Google Cloud have automated the extraction of prior auth requirements from complex payer data sets , reducing the time to generate a procedural preauthorization repo
Do you tense up every time you run your business's aging report ? Instead of feeling helpless about delinquent accounts, you can stay calm and take proactive steps to manage the situation. By adopting a strategic approach, you can implement practical solutions to increase your success at recovering outstanding payments. Tired of chasing overdue invoices?
MENLO PARK, CA – Latitude by Genesys , a leading debt collection software solution, is dedicated to positively impacting the communities where its employees and executives live. Recently, Latitude donated to the Food Bank of Northeast Georgia, a non-profit organization committed to alleviating hunger and addressing food insecurity across the region.
Six men have been charged in a case involving an attempt to defraud the United States government and the Department of Defense (DOD). The defendants have been accused of rigging bids, defrauding the government, and paying bribes and kickbacks to sell IT products and services to federal government purchasers. This resulted in millions of dollars being overcharged to the U.S. government, including the Department of Defense (DOD), and resulted in swift action from the Justice Department.
When we first think about credit risk, our minds focus on the financial status of the company in question. To manage the risk that a customer might default, companies implement credit and collection policies and procedures. Those policies and procedures, however, also need to include practices designed to mitigate the risk of fraudulent transactions.
The month of October marks National Women’s Small Business Month 2024, and it is only right that we shine a light on Know-it as a female founded business! Since 2021, the company has been supporting businesses getting paid, but in this blog, we’ll discuss how Know-it began. Know-it is a business proudly female owned and founded. Lynne Darcey Quigley’s journey to becoming a prominent figure in the commercial debt recovery sector is a testament to her entrepreneurial spirit, but how did she
B2B buyers, much like their B2C counterparts, are driving higher expectations when it comes to the purchasing experience. At TreviPay’s Crossroads Conference, the “Buyer Perspectives” panel explored the shifts in B2B buying behaviors, emphasizing the importance of value, relationships and technology in today’s marketplace. Moderated by Piers Gorman , the discussion featured insights from Rosilyn Richey of Viking Cruises and James Norfor of b2buy.
Relatively little has changed over the past 25 years in the credit management profession. Yes, we now send e-mails and text messages instead of faxes and letters. Moreover, we have “fancy” systems and AI. However, in essence, outstanding receivables have not declined structurally within organisations, said Meri Nasole, at the first Onguard University event.
WEST SENECA, NY – P&B Capital Group, a third-party collection agency headquartered in Western New York, has spent a portion of Q3 in 2024 looking for organizations to support as part of its ongoing community outreach efforts. To better serve its employees and the surrounding community, P&B Capital Group has made a sizable donation to Sto Lat Strong , a Breast Cancer Research Fundraising Group.
Budgeting is crucial for any business that wants to succeed in the long term. As a business owner of a small to medium-sized business, you may have experienced the challenges of creating and implementing a budget.
Accounts Receivable (AR) reflect a promise of payment at a future date. Though a paper asset, AR competes with Property, Plant and Equipment as well as Inventory for being the largest line item on a company’s balance sheet. As such, AR is an extremely valuable component of every firm’s working capital and a major source of collateral. (Photo by Roman Kraft on Unsplash ) Moreover, are you aware that you can convert an individual Account Receivable into cash, and receive payment just a
Accounts receivable (AR) is a critical metric that reflects the financial health of a company. A decrease in accounts receivable can be a positive sign of efficient credit management practices, a strong economy, increased sales, efficient inventory management, or favorable payment terms.
Connecting the Dots in B2B Payments: Inside TreviPay’s Crossroads Conference TreviPay’s Crossroads event is more than just a conference — it’s a premier gathering for professionals in the B2B payments space, where innovation meets opportunity. This year’s event in Kansas City promises to explore the future of B2B payment solutions while addressing the most pressing industry challenges.
Digitalisation and vulnerability are two sides of the same coin. When we lock our doors leaving the house but skip the 2FA setup to secure our digital assets, it’s time to “act the other way around” on security and start learning from the younger, said Adriaan Kom, Managing Director, Onguard, in an article posted on VCMB (Association of Credit Management Companies).
The Receivables Management industry mourns the loss of a true visionary, Larry Vasbinder, founder of Second Round, who passed away unexpectedly this past weekend after post-surgical complications. Larry’s legacy is one of innovation, resourcefulness and an unwavering commitment to improving the consumer experience. His absence is deeply felt. Starting his career in public accounting in 1990, Larry became a Certified Public Accountant and joined the tax department of KPMG Peat Marwick, furthering
In the ever-evolving landscape of business, one size rarely fits all. This is particularly true when it comes to financial management. Whether you're a burgeoning startup or an established enterprise, having a firm grasp on your finances is crucial.
490 Small Businesses Served, Securing Over $1.8 Billion in Total Financing for Fiscal Year 2024 For the fourth consecutive year, TMC Financing is named the No. 1 U.S. Small Business. The post TMC Financing Celebrates Four Consecutive Years as the Nation’s #1 SBA 504 Lender, Breaking New Records appeared first on TMC Financing.
Companies are increasingly under duress, especially small and medium-sized businesses (SMBs). While profitability at the largest corporations has risen, it has been falling at firms with revenue below $1 billion. Roughly two-thirds of firms in this cohort are operating a breakeven or worse. While the Fed has finally loosened interest rates, the cost of commercial loans are expected to remain well above the levels experienced prior to the Covid pandemic.
Day One of TreviPay Crossroads began with high energy and a clear focus on the evolving landscape of B2B payments. The morning main stage sessions laid the groundwork for a day filled with forward-thinking discussions, exploring the forces reshaping B2B fintech, from globalization and technological advancements to sector-specific challenges and opportunities.
A Virginia-based contractor, Raytheon Company (Raytheon), is set to pay $950m for bribery, export control, and defective pricing cases brought forward by the Justice Department. Ratheon is a subsidiary of defense contracting company RTX, formerly known as Raytheon Technologies Corporation. The Justice Department has conducted extensive investigations into allegations that Ratheon was complicit in a government fraud scheme involving defective pricing on specific government contracts.
NORFOLK, Va., Sept. 9, 2024 — PRA Group, Inc. (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, has named Adrian Murphy as its global chief data and analytics officer, effective Sept. 16. Murphy will report to PRA Group President and CEO Vik Atal and serve as a member of the senior leadership team. He will lead the continued development of cutting-edge analytic solutions to drive business growth.
Unlock the secrets to Software as a Service (SaaS) success by mastering these essential KPIs, which serve as the foundation for understanding and optimizing your business performance. By focusing on these key performance indicators, you can gain valuable insights into customer behavior, financial health, and operational efficiency, ultimately driving growth and ensuring long-term sustainability in the competitive SaaS landscape.
Photo by John Schnobrich on Unsplash Recently, we have seen a rise in fraudulent letters or email scams being sent to our clients. These letters often claim that the sender has compromising information about the recipient and use fear tactics to demand payment or action. While the threats are typically baseless, the real concern lies in the amount of personal information these scammers have—information they likely obtained from data broker reports.
Companies selling other businesses on open terms need to ensure any collection agency partners can effectively collect non-performing receivables. Doing this involves taking a series of proactive steps. These measures will minimize bad debt losses, maximize collection rates and thereby help maintain healthy cash flow, but require the establishment of credit and collection policies with a mind to the possibility that the customer you approve for open credit terms might eventually not be forthcomi
Three of the world’s five oldest companies are hotels. The oldest is over 1,300 years old: the Nishiyama Onsen Keiunkan hotel in Japan, founded in 705 AD. It has thirty-seven rooms, natural hot springs, and has been run by the same family for fifty-two generations. So, hotels have been around for a long time. But nowadays, innovation is essential if they want to thrive in a competitive industry.
Eight individuals in the Eastern District of New York have been charged with participating in a $68m Medicaid fraud scheme targeting adult day care and home healthcare services. The indictment was unsealed today in Brooklyn, New York, and focused primarily on Akia Khan, who owned two social adult daycares, Happy Family Social Adult Day Care Center Inc.
Earlier today, the New York City Department of Consumer & Worker Protection (DCWP) announced that they are going to delay enforcement of the new Debt Collector Rules until April 1, 2025. The announcement came just two business days after a lawsuit challenging the legality of the new rule was filed, which RMAI reported on in an earlier Member Alert.
To kick off this year's series of Entrepreneurs' Organization (EO) events, ADC Business Development Representative, Shawn Marcum, attended EO Alchemy in Denver, CO last week.
Maintaining the working capital necessary to stay on top of day-to-day expenses is a challenge that all businesses face. However, it can be particularly troublesome for companies that can’t qualify for traditional financing. Cash flow loans are more accessible than many other types of business funding, but they have some significant downsides. Here’s what you should know about them, including how they work, what you need to qualify, and when they’re a good idea.
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