Your business needs to be operating at peak performance if it’s going to survive. This includes dealing with billing, invoices, payments, and accounts. There are a lot of nuanced steps to managing accounts receivable, and it can quickly become overwhelming. Just one slowdown can cause a backlog of problems and become a major headache – but you don’t have to fight through it alone.
Health Care Receivable Management is Complex – Let us Solve Your Problems with Solutions that Work
Proper management of your accounts receivables is absolutely critical to ensuring maximized cashflow for your business: without cashflow, the whole system falls apart. Poor or ineffective management of accounts receivable leads to loss in company value. Payments come in slower (if they come in at all), and it generally spells trouble for the business you’ve worked so hard to build.
Dealing with debt and delinquent payment, let alone following-up and updating invoices, is just one too many things on your plate.
MedConverge has the expertise to effectively manage your accounts receivable so that you don’t have to. We have the tools, tips, and techniques to remove the burden from your in-house employees, freeing you up to do more of what you love.
What is Accounts Receivable (AR)? Benefits, Examples, Our Methods
“Accounts Receivable” is the term given to the money that your business is owed for whatever services you provide.
These are considered short-term gains on your balance sheet – that is, money you should be receiving soon. They are an asset, as it is value and income your company has already generated, even if you don’t have it in-hand yet.
You encounter examples of accounts receivable every single day, from both sides. Examples are bills you receive from the cable guy or phone company, with you as a customer, and bills that your company sends out, with you as the provider.
Accounts Receivable vs. Accounts Payable
There’s a big difference between accounts receivable and accounts payable. While accounts receivable is money others owe your company, accounts payable is just the opposite – it’s money you owe to your vendors, distributors, or suppliers. While accounts receivable is considered a current asset, accounts payable is a current liability.
What if Customers Don’t Pay What’s Due?
It’s not the easiest situation to deal with, but you aren’t alone. MedConverge has experience in tactfully handling outstanding debts and non-payment. We begin with basic techniques – sending a clear invoice right away, and being persistent with follow-up contact. If the situation is in need of escalation to collections, or if you require accounts receivable factoring, we’re there for that too. Our tried-and-tested methods are effective, and we’ll help increase your cashflow by cutting down on late and non-payment.
Should You Outsource AR Management? Experts Say “Yes.”
Outsourcing the handling of your accounts receivable helps to lessen the strain on your in-house employees, which saves you time and money. Think about the time spent having to find and reach out to your customers, and then to negotiate and settle with them. And then consider having to remember and take the time to follow-up with them to ensure payment. It’s a huge obligation, and it’s frankly time better spent elsewhere.
Accounts receivable outsourcing isn’t just popular; it’s typically the first thing to go to when a company seeks to increase employee efficiency and effectiveness. With someone else handling the day-to-day AR needs, you instantly streamline your billing system and free up your team to pursue growth and innovation.
There are lots of companies that provide AR management services – but they aren’t all MedConverge. Check out our services, and see how we can change the game for you.
Our Accounts Receivable Services
Our company offers a wide variety of accounts receivable management services, specially designed and implemented by trained experts.
Creating Invoices & AR Reports; Preparing and Sending Account Statements
MedConverge can create clear and concise business invoices. No need for a billing clerk because we can do it quickly and easily. Additionally, we’ll create updated accounts receivable reports that give you a clear picture of debts that are still owed — and the duration of those debts.
Beyond that, we’ll also prepare and send out account statements to customers without you needing to lift a finger. These gentle reminders of utilized goods and services are key to keeping the communication open between you and your customers — and stepping stones to getting that unpaid bill handled.
It’s all about putting organized, easy-to-read information in your hand, so you know what’s going on with your money at a moment’s notice.
Escalating and Alerting You About Short Payments and Discrepancies
With so much going on, it’s not uncommon to receive a short payment from your customer, and for it to fall through the cracks. Under our watch, you’ll be alerted right away not only regarding short payments, but about discrepancies. Differences in your records and accounting statements need to be found and dealt with early. With MedConverge, you’ll never have to go through the headache of sorting back months to see who and what went wrong.
Updating Factoring of AR
Accounts receivable factoring could be a lifesaver for your business. If your company is eligible, you can sell the invoice in question to a factoring company, which will keep up with the customer for payment. Your company receives an “advance” on the invoice, and the balance once the debt is paid. If keeping track of accounts receivable factoring is an issue for your company, MedConverge specialists are here to help.
Follow Up and Monitoring: Collection of Accounts Receivable
We’ll keep an eye on your accounts receivable follow-ups. Don’t waste another minute trying to get ahold of customers. Remember, accounts receivable is money you’ve already earned, so don’t put in extra effort to earn it twice! Let us do it for you.
Using Invoices to Prepare a Cashflow Summary
With the invoices we generate, we can give you an accurate picture of your cashflow situation and deliver a summary of projected collections and income. This works for past customers and future anticipated accounts receivable income as well, so you can plan accordingly.
Updating Invoices to AR, and AR for Collection
Complete management of your accounts receivable system incudes updating generated invoices to accounts receivable. We keep an organized, full compilation of your accounts receivable, and when the time comes, we can update the appropriate accounts receivable debts straight to collection. From service tendered to final payment, we can help you stay organized and keep track of your money.
Uploading Electronic Invoices Straight to Your System
It’s as simple as that – invoices come and go from everywhere, but MedConverge can get everything in one place. We can upload any electronic invoices that may be floating around out there directly to your AR system and accounting software. Never lose track of an invoice again.
We Support a Wide Variety of Accounting Software Options
MedConverge knows you picked your accounting software for a reason. We do our utmost to support many of the most popular accounting software systems out there, so you can feel at home right away. No need for huge changes, complete overhauls, or learning a completely new system – we’re in the business of smooth transitions and expedited streamlining.
Every Business is Unique – MedConverge Offers a Custom-Fit Solution
MedConverge knows that your business is your business — and we’re here to help, not to hinder. We have a talented roster of AR experts who are here to listen to your needs and formulate a one-of-a-kind solution to your concerns. MedConverge is here for you, every step of the way.
Keystone Commitments that Set Us Apart
As we said before, because outsourcing AR management is so common, there are many companies vying for your business. Don’t settle for a lesser option — let MedConverge prove that we’re a cut above the rest with our keystone commitments.
- Customer Service: We provide an exceptional customer experience. Our friendly staff is here to hear and understand your needs, and work hard to find a solution.
- Save Money: We want to put more money in your pocket. Outsourcing your AR management to MedConverge will cost less over time – ask us how!
- Increased Cashflow: Not only are we saving you money, but we’re also making you more money. Our management system doesn’t let anything fall by the wayside, and our account upkeep ensures that outstanding debts are paid, sooner.
- Save Time: Your time is precious and priceless. Don’t spend another minute worrying over your accounts receivable. Invest it in what matters, and leave the rest to us.
- Experience and Talent: We employ the best in the business and boast 20+ years of experience. When you use MedConverge, you can be sure that the people managing your accounts receivable are at the top of the field. Have a background in AR management? We’re always onboarding exceptional individuals!
- Top-Notch Security: Our commitment to your business comes with a promise to handle your private information with extreme care – no exceptions.
- Flexibility and Readability: We know that your accounts receivables can change hour-to-hour, and we’re always there to keep your AR up-to-date. We provide easy and instant document retrieval as well, so you’re not spending time looking through file after file. We deliver summaries and analysis that’s easy-to-read, so you can get a quick overview anytime.
Let’s Find a Solution, Together
You’re One Click from Consultation: It’s That Simple
There are plenty of ways to get in touch with MedConverge. Right now, you’re just one click away from scheduling a one-on-one meeting with our top experts. Beyond that, feel free to call, email, or find us on major social media platforms.
We’re open weekdays and have two convenient locations near Atlanta, Georgia – stop by and see us on weekdays!
Contact MedConverge today to learn more about our accounts receivable service and see how we can make your business better.