Business News

Business News

Business News

By Erin M 26 Feb, 2019

If your Ontario veterinary practice is faced with past-due bills and rising accounts receivable, it can leave you struggling to take care of your own expenses. Setting the right fees and recovering payment from the people who have entrusted you with their pet’s care is far from your favourite task, but veterinary collections is very necessary.

Without cash flow, there would be no business.

Cash flow allows you to upgrade equipment, give raises to staff, offer charity care in the community, maintain inventory — everything you need to run a thriving practice that helps the animals, and the people who love them, in your community.

Along with adopting smart billing and collecting practices in-house, working with a reputable collection agency like Collectrite Collections is a smart strategy to resolve past-due accounts and lower your A/R days. Here’s a look at some of the ways our Hamilton collection agency can help.

·         Being persistent and consistent is key to successful collections, because it conveys to people the right level of urgency that it’s time to get current on their bills. Before these accounts move to the collection stage, some collection agencies write and mail that final notice letter on your behalf for a fee — using language that’s proven effective in prompting people to pay.

·         A simple data typo or a change of address can break your connection from those who still need to pay you. To get you back in touch with these lost pet owners, a collection agency offers specialized tools like data scrubbing and skip tracing.

·         It’s unfortunate, but some people who use veterinary services understand how the system works. As long as it’s your office that’s calling to collect the past-due bill, they know the only consequence they face is… additional emails and phone calls. When an account is turned over to a collection agency, however, that changes. A collection partner like Collectrite Collections can use tools like credit reporting to give people a financial incentive to get back into contact and make that debt into a higher priority.

·         A veterinary practice — or any other business — may hesitate to work with a collection partner because they place a premium on the quality of their interactions with people. What happens when you turn over something sensitive, such as billing troubles, to a vendor? To alleviate these worries, choose a collection partner with a track record of professional and ethical communication with the people who have entrusted you with their pet’s health.

When it comes to Hamilton collection agencies, Collectrite Collections is truly the pick of the litter! Recognized and referred by the Ontario Veterinary Medical Association across Ontario, our systematic approach maintains the sensitivity of the collection’s process with your clients, while achieving overall successful results.  

Contact us today to learn more.

By Erin M 02 Jan, 2019

When it comes to the accounts receivable management industry, healthcare is one of the most prominent sources of debt for people. Patients are struggling to pay their dental bills, and dentists and orthodontists often have issues with dental collecting. If you’re in this profession and want to ensure you will be paid, following these best practices for dental accounts receivable is recommended:

Give patients payment plans

For years successful dentists and orthodontists have provided payment plans to patients to help facilitate payments. These plans can be created by patients and allow them to set their own payment terms. If they want, they can generate recurring payments that are automatically taken out of their bank accounts or cards every single month. Dentists and orthodontists may not receive all the money up front, but they will eventually be paid in full and greatly improve their dental accounts receivable.

Let patients pay online

Patients expect paying their bills to be as simple and convenient as possible. They do not wish to spend hours learning a payment system or going through a lengthy phone call to ensure their money is sent in on time. As a best practice for dental accounts receivable, dentists should to give patients the chance to pay online or over the telephone. Online payments can be made over an easy-to-use payment portal where customers can make payments in minutes as well as store their card or bank information for future bills.

Use Collectrite Collections Services

Patients are unfortunately not always responsive to simple phone systems and online payment portals. At that point, it is time to step in and contact them using out Hamilton collection services. Then, they will be more likely to pay in a swift manner to ensure they are out of debt.

If you are a dentist or orthodontist and you want to improve your dental accounts receivable processes, contact Collectrite Collections today. We work with many practitioners in the Medical Industry who do not have the internal resources or time to collect on delinquent accounts. Our customized medical and dental debt recovery process will provide you with peace-of-mind to allow you to work on your business and leave the collections to us.

By Erin M 27 Nov, 2018

Be financially ready to jingle all the way by making sure these commonly missed items are in your December budget.

·         Stocking Stuffers

Fun fact: In Iceland, it’s not coal that gets loaded into the stockings of those on the naughty list. It’s potatoes, which doesn’t sound that bad, really. Potatoes are delightful. But in general, stuffing stockings with starch won’t go over well. Instead, think functional, frugal and fun. Don’t go overboard here, but don’t wait until the last minute and get stuck with the store endcap leftovers either.

·         Cookies for Santa (and all the other baking supplies)

Aside from the obligatory Kris Kringle cookies, you know you’ll be gingerbread-house making and peppermint-brownie baking this month. Have you budgeted enough dough to get the job done?

·         Last-Minute Gifts

It’s inevitable. You’re packing up to enjoy dinner with the extended fam, and you realize you forgot something for the cousin gift exchange. Or you’re helping the kids with their homework, and you remember you didn’t get anything for their teachers. We can make all the lists in the world—and we’re still going to forget something. This year, plan on forgetting. Pad your Christmas gift budget line with a little extra for those last-minute gifts!

·         Holiday Parties

You can’t help but find yourself rocking around the Christmas tree at all the Christmas party hops this month. Work parties, school parties, friend-group parties, family parties, vintage stamp collecting club parties—the fun is endless. And so are the funds, if you aren’t careful. What do you need to buy in order to dance merrily in the new old-fashioned way at all these Feliz Navidad festivities? Plan for it! Better yet, what do you already have or can borrow from a friend to wear or bring? Be budget ready for the bright time, the right time, to rock the night away.

·         Family Traditions

Do you always tour the festival of lights in your area? Is there a live nativity production you visit each year? Does your family need annual pictures with the mall Santa to frame and place on the mantel in chronological order? These traditions create memories, but they also cost money. Be sure they’ve got a special place in your budget, so they can keep that special place in your heart.

·         Giving and Donations

As you’re looking at this month through the lens of generosity, you’ll most likely feel led to grab an angel off the tree, donate to the various food drives, or send money to your favourite charity. All the materialism melts away when you stand up to it with a charitable heart. Encourage the whole family to turn the focus this season outward and prepare to spend more than your normal monthly giving amount. Because that’s the real spirit—past, present, and future—of Christmas.

 There you have it, you can have your Christmas cookies and eat them too, without breaking the bank—if you get budgeting!  At Collectrite we have been successfully assisting the business community collect debt throughout Ontario for over 40 years. For more information, please contact us today!

By Erin M 22 Oct, 2018

Once an organization makes the decision to address the back end of their A/R, there are essentially three choices it can make. The first is to continue with the status quo by keeping the process in-house. For the purpose of this exercise, let’s assume that going backwards is not the choice anyone in the organization is looking to make. 

 The second choice is to sell their backlog of debt, get a bit of cash up front and then never worry about it again after writing off the bulk of its value (probably 90% or more). 

 The third choice is both the most profitable, but perhaps the most painful as well in that it requires a disruption of the current status quo. This choice is to hire a third-party collections expert to handle these collections on a contingency basis. It is also the best choice.

Now it might seem tempting to just sell the debt and never look back. Your organization has been spinning its wheels with these accounts for years which you know costs your organization more money than the effort brings in. 

So, what’s the big deal? The organization has essentially given up on collecting these balances and even though you still provide service to many of these same debtors, you no longer want to deal with pestering them for money. So, sell the debt, get a quick (albeit small) return and be done with it. What could possibly go wrong outside of settling for less money?

Here’s the thing about selling debt – you might sell your portfolio to one agency or a broker but once that sale is complete, you have absolutely no control over who buys that debt next or what they do with it. It was surely the responsibility of your customer or patient to pay for the service you provided but by selling the debt, you are now giving that onus to people you probably have never even heard of and who are now attempting to collect that debt by referencing your organization’s name – and your organization has no way of influencing the way they do so.

With a traditional third-party vendor, your organization has a lot of power in the way credit is reported, the time frame for pursuing legal options, as well as the way the vendor communicates with your customers or patients. If you don’t like the way they are doing it, you can simply pull your accounts and find another vendor. No such luck once you sell your debt.

A much better choice is to bite the bullet and find a partner – like Collectrite Collections – to help with your delinquent accounts receivable through a third-party arrangement that gives your organization much more control over the way your patients and customers are treated, not to mention a much greater financial windfall over time. Our third-party collection agency will go out of their way to assist your patients and customers.

The debt buyer has no interest in preserving the reputation of the debt seller, so they may use Machiavellian methods in collecting these debts while a good third-party firm operates with integrity and does not use a slash and burn method to get paid. So, before you sell your debt, think about how you want your customers and patients treated and then think about how a small one-time investment of time will allow your organization to realize a much higher yield from the backend of its A/R than selling the debt will ever produce.

At Collectrite we have been successfully assisting the business community collect debt throughout Ontario for over 40 years. For more information, please contact us today!

 

By Erin M 04 Sep, 2018

After the summer vacations, neighbourhood block parties, and back-to-school shopping, many of us enter the fall season with lighter wallets and longer credit card statements. Before the holidays pick back up in winter, fall is the perfect season to cut down on costs and save money. By saving now, you can start the new year feeling financially healthy.

Here are six ideas you can implement now to cut expenses and save money.

1. Prep Your Home for the Cold Weather

When's the last time you checked your home for cracks and holes? Up to 30% of air that moves through a home's duct system is lost due to leaks. The more air you lose, the longer you have to keep the air conditioner or heater running--and the more expensive your electricity bill will be. Spend a weekend sealing up holes or cracks around doorways, window frames, and other areas exposed to the elements to keep your air where it belongs.

2. Hold Off on Using the A/C or Heater

The fall months are a great time to give your air conditioner a rest before turning on the heater. Keeping these systems off for just one month a year can help you save big on your electricity and gas bills: it can cost more than $2 per hour just to keep your air conditioner running. If it's still warm in your area, a fan will keep you cool without using as much energy. When it starts to cool down, bundle up with a blanket or put on a sweater instead of turning on the heater.

3. Service Your Heater

Your heater has likely gathered dust after several months of inactivity. Before using it for the first time this season, have a licensed technician service it. During a tune-up, a professional will typically examine the condition of the equipment, clean the parts, check the thermostat calibration and monitor the heating cycle to keep your heater running safely and efficiently. Getting an annual inspection can help you save money on your utility bill and avoid breakdowns and expensive emergency fixes.

4. Re-evaluate Your Internet, Phone, and Cable Bills

Many businesses offer back-to-school discounts or early holiday promotions in the fall, making it a great time to reduce your internet, phone, and cable bills. Some phone service providers roll out incentives to switch to them, like offering discounted phones or lowering monthly bills. If your cable bill is high, consider cutting the cord and using less expensive streaming services. To reduce your internet bill, make sure you're not paying for more speed than you need. An internet speed tool will help you determine how much speed you actually need so you can lower your internet speed-and your bill-if necessary.

5. Cook at Home More Often

On average, Canadians spend $232 per month eating out and, for the first time in recorded history, spend more money in restaurants than on groceries. You can save money--and stay healthy--by cooking at home more often. Plan your meals for the week so you have the right ingredients and avoid unnecessary trips to the grocery store, where you're likely to spend money on items you don't actually need. Fall is the perfect time to bring out the slow cooker, too, simplifying the cooking process even more. Make big pots of stew and other meals that freeze well and make for good leftovers.

6. Put Your Gym Membership on Hold Until January

The last few months of the year are usually the busiest, thanks to end-of-year holidays. Be honest with yourself about how often you can realistically hit the gym this season, and consider pausing your gym membership until the new year, or canceling it entirely. There are plenty of ways you can exercise for free, including riding your bike, hiking, following YouTube exercise videos, and trying at-home weight and cardio workouts.

Take on one or all of these fall saving hacks today, and your bank account will thank you. Once the holidays and new year come around, you'll feel more financially comfortable and ready to take on a new season!

At Collectrite we have been successfully assisting the business community collect debt throughout Ontario for over 40 years.  For more information, please contact us today!

 

By Erin M 31 Jul, 2018

For over 40 years Collectrite Collections has exceled in its ability to stay ahead of industry standards. As your extended business office, we educate the consumer on their charges, and introduce them to all available balance resolution options. This understanding enhances the customer experience, encouraging you to return to the facility in the future. In turn, this provides cohesiveness and drives revenues, while maintaining a high level of customer service.

One of the many services we offer is a pre-collection. This service if for those accounts that aren't quite ready for full collection. The pre-collection service offers an effective way to notify customers of how serious their past due account bill is - while still providing respective leniency.

Here’s How It Works:

Accounts may be submitted manually or electronically.

An acknowledgement of receipt of pre-collection accounts is sent to the client

Client may choose 1 or 2 pre-collection notices to be sent to a customer.

At the expiration of 30 days from submission date, all accounts become full collection services with Collectrite Collections.

Normal client procedures and rates are effective at the time pre-collection accounts enter into full collection service.

Rates are quoted individually for this service.

Why choose us for your pre-collection and full-collection needs?

• We dedicate a team to all of our clients helping us give your customers and patients the personal attention that they deserve. Getting to know your customers and community so we can make them feel at ease and assist them with the resolution of their balances.

• We are your business partner and are here to see we increase your cash flow and help customers resolve their bill anyway we can. We offer your customers every avenue we have and that you have available to resolve their balances ensuring that they come back to your business.

• Finally, we are constantly finding ways to update our services. We feel that the industry has become very competitive and we want our services, mangers, and dedicated teams to stay ahead of industry standards. So, you can feel confident that you are getting the best service, the latest in technology, and the latest in recovery techniques.

At Collectrite we have been successfully assisting the business community collect debt throughout Ontario for over 40 years.  For more information, please contact us today!

 

By Erin M 26 Jun, 2018

For many of us, the summer holidays are the best time of the year. Unfortunately, they can also be the most expensive time of the year…

What if we told you that there’s a tactic to hack your way through the summer holidays, while still making them unforgettable? Travel hacking is a way to get more bang for your buck.

Check out this guide to help you get through your summer holiday without breaking the bank!

·         Hack #1: Avoid hotels

Because camping rules. And putting up a tent these days is a piece of cake. You don’t have to completely rough it, though – there’s a range of Holiday Parks all over the country equipped with toilets, showers, BBQs, and kid-friendly amenities. Plus, you’ll be getting out in nature, giving your body a nice break from those stuffy air-conditioned hotel rooms.

·         Hack #2: Go local – opt for a road trip

A good holiday doesn’t have to involve expensive long-haul flights and pricey international hotel bills. Sometimes, the best adventures are a lot closer to home – and the best way to have them is on the open road. On top of being more affordable, a road trip to a nearby destination is a lot more stress-free than planning a massive trip overseas.

·         Hack #3: Cook for yourself

This one hack can slash your food budget in half! Rather than dining out on your holiday, prepare your own food and enjoy the sights of your surroundings in a more relaxed way. There are some great markets happening all over the country too – full of delicious fare you can bring back to your campsite to cook up.

·         Hack #4: Enjoy the free activities

Hike, swim, climb, fish, surf or just sunbake with a good book. There’s a myriad of activities you can do that don’t break the bank, and they usually involve getting out in nature. Bonus!

·         Hack #5: Travel with friends/family

If you’re smart about it, group travel can be a money saver. Accommodation, food and transport costs can all be divided amongst the group, plus parents can relax a little if their kids can play with others their age and share babysitting duties.

·         Hack #6: Go off the beaten path

Forget the hot-spot tourist traps! Head to the remote places of the country, those hidden gems that aren’t swamped with people, and enjoy them to yourself. Accommodation in far away places is usually cheaper, as is the dining.

 Now that you’ve got all that extra dough in your pocket, where are you heading? Happy summer travelling from all of us at Collectrite Collections!

At Collectrite we have been successfully assisting the business community collect debt throughout Ontario for over 40 years.  For more information, please contact us today!

By Erin M 28 May, 2018

Effective cash flow strategies are the lifeblood of any business, and that’s especially true for a small business. But it doesn’t always flow into your coffers in an even and orderly fashion. Revenues have ups and downs, just like a roller coaster. That forces many entrepreneurs to rely on various forms of credit, including receivables financing, to help them meet monthly expenses, like rent, supplies, leases, and payroll. Lenders offer easy solutions that let entrepreneurs get access to cash quickly. Over time, fees and interest rates can add a lot to business costs. Sometimes, small-business owners find a few smart cash-flow strategies can lift the reliance on credit. Here are a few to think about.

Have a cushion of cash: Ideally, every business has the ability to build its own emergency fund with cash to cover unexpected market changes, seasonal lags and more, so you don’t have to fall back on credit lines and other borrowing solutions to keep operations going. It starts by looking for ways to reduce expenses without sacrificing the quality that your clients and customers expect. Examine contracts with suppliers and vendors to make sure you’re getting your money’s worth, and research money-saving solutions such as outsourcing less essential operations.

Go back to the negotiation table: Timing is everything. Yes, vendors and suppliers need their money just as much as you do. But if the current payment schedule leaves you struggling with a low balance and a need to turn to short-term financing, by all means, renegotiate. A new payment schedule can make a huge difference in your cash flow. To make a later payment more palatable, offer an electronic, automated payment so they’ll have the assurance that in spite of a couple weeks’ delay, they’ll get it consistently.

Allowing late-paying customers to slide: Being agile and responsive to client needs is what keeps you in business. The exception to this rule is on-time payments. When clients are allowed to push this to the limits, it makes it harder for you to stay in business. Begin with a foundation of clear billing procedures. If you don’t already have one, create a billing policy and share it with each client. It should set forth everything they need to know: billing schedule, incentives for early payments, appeal process and collections.

Not working with an accounts receivable partner: Using a collection agency may seem counterintuitive. As long as you choose an ethical collection partner that sees itself as an extension of your business, you may be pleasantly surprised by the results. In many cases, a courteous letter from a third party motivates many late-paying customers to get current on their accounts.

Bottom line, managing your cash flow can help you steer away from costly credit solutions and keep more money in your pocket. Talk to Collectrite Collections and learn more about how our accounts receivable solutions can help your cash flow.

At Collectrite we have been successfully assisting the business community collect debt throughout Ontario for over 40 years.  For more information, please contact ustoday!

 

By Erin M 30 Apr, 2018

As children, we couldn’t wait to grow up. But as we grew, many of us might have discovered that adulthood isn’t all it’s cracked up to be! The older we get, the more complicated our lives get—and that includes the area of finances.

When we were kids, it may have seemed like our parents always had their finances together—and no wonder! Things were a lot different a few decades ago. Today, we’re dealing with a new set of financial problems our parents never had to face.

While financial difficulties aren’t new, it seems like money problems have become more complicated over the years. That’s why we need to ensure a healthy financial future for ourselves and generations to come.

Let’s take a look back. Here are a couple of money problems we didn’t have 50 years ago—and the modern mend for each.

·         Credit cards weren’t in our wallets.

Credit cards officially came on the scene in 1950 with the introduction of the Diner’s Club; however, this buy-now-pay-later concept didn’t explode until the late 1970s. Now, the average American has 2.6 credit cards. And of those with credit card debt, the average outstanding balance is $16,883. Yikes.

Modern Mend:

Cut up your credit cards. All of them. Yes, even if you’re the kind of person who usually pays off your balance in full each month. No one is above slipping up. Instead of charging stuff, save up for what you want before you buy it.

·         We didn’t have truckloads of debt.

In the early 1960s, the average Canadian’s debt was less than $6,000. Now, it’s a stunning $114,400! That includes credit cards, mortgages, auto loans and student loans.

Modern Mend:

If you’re in debt, there’s hope! Use the debt snowball method to pay off your debts from smallest to largest. When you start building momentum and your balances begin to shrink, you’ll feel a huge weight leave your life. Once you’re free from debt and other money problems, you’ll be able to use your money for more important things like retirement savings, kids’ college tuition, and charitable giving.

Make Your Money Count!

Your success has nothing to do with the generation you were born into. It has everything to do with you. Before you start longing for the financial good old days, remember that your money is what you make of it. It’s in your control. Today. Deciding to get out of debt is an important step, and it’s the first step. Educating yourself on smarter money habits will help you prepare for the unexpected and save for your future.

At Collectrite we have been successfully assisting the business community collect debt throughout Ontario for over 40 years.  For more information, please contact us today!

 

By Erin M 28 Mar, 2018

For some individuals, living within their means is natural and easy. This is usually when their incomes are enough to easily support their preferred lifestyles. Unfortunately, most people have to pay close attention to their finances to successfully budget and save. With credit cards and various types of loans, it is all too easy to obtain items and services that you can pay for later and to end up owing more than you bring in.

Luckily, you can recognize that you are living beyond your means before your debt becomes too much and you have to consider your legal and financial options. Some signs that you are spending more than you should include:

  1. Your housing costs more than one-third of your monthly income. The one-third rule for your housing expenses works well everywhere except for certain regions that face exorbitantly high housing costs. Your mortgage payment or rent, homeowners’ or renters’ insurance, and any relevant property taxes should not be more than one-third of your monthly take-home pay. This can be hard to manage, but if your housing costs more, it can be trouble for your finances in the future.

2. You do not save enough. You should focus on saving 5 to 15 percent of your monthly income, with a good goal being 10 percent. This savings includes short-term savings, your emergency fund, and retirement. If you are not putting away at least 5 percent each month into a savings or investment account, then you need to take a close look at your necessary and extra expenses and see what can change. If you do not have any available savings for an emergency, then you need to determine possible changes immediately.

3. Your credit balance goes up each month. If you have noticed that your credit card balances are going up each month instead of decreasing over time, then you have a problem. When you cannot pay the interest as well as some of the principal on your credit card balance every month, you have taken on too much debt.

4. You have a low credit score . Credit scores, which range from 300 to 850, take into account numerous factors, including your payment history and how much credit you have and use. If you are using a large amount of your available credit or cannot always make your payments on time, your credit score will go down. A great credit score is 800 to 850. Very good and good credit scores are between 740 to 799 and 670 to 739, respectively. If you are between 580 and 669, you have a poor score and may not be able to get loans. If you score is between 300 and 579, this is considered very poor and can prohibit you from obtaining loans, getting credit cards, and hinder your ability to rent certain properties.

5. You have to choose which bills to pay. If you are not able to pay all of your necessary bills by their due dates, you need to review your budget and unnecessary spending. Optional purchases should never get in the way of your ability to pay your bills such as rent or mortgage, utilities, and groceries.

At Collectrite Collections, we have been successfully assisting the business community collect debt for over 40 years.  For more information, please contact us today!

 

More Posts
By Erin M 26 Feb, 2019

If your Ontario veterinary practice is faced with past-due bills and rising accounts receivable, it can leave you struggling to take care of your own expenses. Setting the right fees and recovering payment from the people who have entrusted you with their pet’s care is far from your favourite task, but veterinary collections is very necessary.

Without cash flow, there would be no business.

Cash flow allows you to upgrade equipment, give raises to staff, offer charity care in the community, maintain inventory — everything you need to run a thriving practice that helps the animals, and the people who love them, in your community.

Along with adopting smart billing and collecting practices in-house, working with a reputable collection agency like Collectrite Collections is a smart strategy to resolve past-due accounts and lower your A/R days. Here’s a look at some of the ways our Hamilton collection agency can help.

·         Being persistent and consistent is key to successful collections, because it conveys to people the right level of urgency that it’s time to get current on their bills. Before these accounts move to the collection stage, some collection agencies write and mail that final notice letter on your behalf for a fee — using language that’s proven effective in prompting people to pay.

·         A simple data typo or a change of address can break your connection from those who still need to pay you. To get you back in touch with these lost pet owners, a collection agency offers specialized tools like data scrubbing and skip tracing.

·         It’s unfortunate, but some people who use veterinary services understand how the system works. As long as it’s your office that’s calling to collect the past-due bill, they know the only consequence they face is… additional emails and phone calls. When an account is turned over to a collection agency, however, that changes. A collection partner like Collectrite Collections can use tools like credit reporting to give people a financial incentive to get back into contact and make that debt into a higher priority.

·         A veterinary practice — or any other business — may hesitate to work with a collection partner because they place a premium on the quality of their interactions with people. What happens when you turn over something sensitive, such as billing troubles, to a vendor? To alleviate these worries, choose a collection partner with a track record of professional and ethical communication with the people who have entrusted you with their pet’s health.

When it comes to Hamilton collection agencies, Collectrite Collections is truly the pick of the litter! Recognized and referred by the Ontario Veterinary Medical Association across Ontario, our systematic approach maintains the sensitivity of the collection’s process with your clients, while achieving overall successful results.  

Contact us today to learn more.

By Erin M 02 Jan, 2019

When it comes to the accounts receivable management industry, healthcare is one of the most prominent sources of debt for people. Patients are struggling to pay their dental bills, and dentists and orthodontists often have issues with dental collecting. If you’re in this profession and want to ensure you will be paid, following these best practices for dental accounts receivable is recommended:

Give patients payment plans

For years successful dentists and orthodontists have provided payment plans to patients to help facilitate payments. These plans can be created by patients and allow them to set their own payment terms. If they want, they can generate recurring payments that are automatically taken out of their bank accounts or cards every single month. Dentists and orthodontists may not receive all the money up front, but they will eventually be paid in full and greatly improve their dental accounts receivable.

Let patients pay online

Patients expect paying their bills to be as simple and convenient as possible. They do not wish to spend hours learning a payment system or going through a lengthy phone call to ensure their money is sent in on time. As a best practice for dental accounts receivable, dentists should to give patients the chance to pay online or over the telephone. Online payments can be made over an easy-to-use payment portal where customers can make payments in minutes as well as store their card or bank information for future bills.

Use Collectrite Collections Services

Patients are unfortunately not always responsive to simple phone systems and online payment portals. At that point, it is time to step in and contact them using out Hamilton collection services. Then, they will be more likely to pay in a swift manner to ensure they are out of debt.

If you are a dentist or orthodontist and you want to improve your dental accounts receivable processes, contact Collectrite Collections today. We work with many practitioners in the Medical Industry who do not have the internal resources or time to collect on delinquent accounts. Our customized medical and dental debt recovery process will provide you with peace-of-mind to allow you to work on your business and leave the collections to us.

By Erin M 27 Nov, 2018

Be financially ready to jingle all the way by making sure these commonly missed items are in your December budget.

·         Stocking Stuffers

Fun fact: In Iceland, it’s not coal that gets loaded into the stockings of those on the naughty list. It’s potatoes, which doesn’t sound that bad, really. Potatoes are delightful. But in general, stuffing stockings with starch won’t go over well. Instead, think functional, frugal and fun. Don’t go overboard here, but don’t wait until the last minute and get stuck with the store endcap leftovers either.

·         Cookies for Santa (and all the other baking supplies)

Aside from the obligatory Kris Kringle cookies, you know you’ll be gingerbread-house making and peppermint-brownie baking this month. Have you budgeted enough dough to get the job done?

·         Last-Minute Gifts

It’s inevitable. You’re packing up to enjoy dinner with the extended fam, and you realize you forgot something for the cousin gift exchange. Or you’re helping the kids with their homework, and you remember you didn’t get anything for their teachers. We can make all the lists in the world—and we’re still going to forget something. This year, plan on forgetting. Pad your Christmas gift budget line with a little extra for those last-minute gifts!

·         Holiday Parties

You can’t help but find yourself rocking around the Christmas tree at all the Christmas party hops this month. Work parties, school parties, friend-group parties, family parties, vintage stamp collecting club parties—the fun is endless. And so are the funds, if you aren’t careful. What do you need to buy in order to dance merrily in the new old-fashioned way at all these Feliz Navidad festivities? Plan for it! Better yet, what do you already have or can borrow from a friend to wear or bring? Be budget ready for the bright time, the right time, to rock the night away.

·         Family Traditions

Do you always tour the festival of lights in your area? Is there a live nativity production you visit each year? Does your family need annual pictures with the mall Santa to frame and place on the mantel in chronological order? These traditions create memories, but they also cost money. Be sure they’ve got a special place in your budget, so they can keep that special place in your heart.

·         Giving and Donations

As you’re looking at this month through the lens of generosity, you’ll most likely feel led to grab an angel off the tree, donate to the various food drives, or send money to your favourite charity. All the materialism melts away when you stand up to it with a charitable heart. Encourage the whole family to turn the focus this season outward and prepare to spend more than your normal monthly giving amount. Because that’s the real spirit—past, present, and future—of Christmas.

 There you have it, you can have your Christmas cookies and eat them too, without breaking the bank—if you get budgeting!  At Collectrite we have been successfully assisting the business community collect debt throughout Ontario for over 40 years. For more information, please contact us today!

More Posts
Share by: