An RFP is not fun for anybody to respond to. It is not fun to develop either. More than a time-consuming document to write, it is a time-consuming process. Under increasing pressure to achieve goals and reduce costs, oftentimes, RFPs require more time to create, process, and manage. On the other hand, cooperative purchasing agreements … Read more
Cash flow is the lifeblood of any organization. Accurate record-keeping on your end only goes so far because there may be errors on your bank’s end or extra fees or taxes that are more difficult to track and manage. Payment reconciliation can help make sense of your organization’s accounts payable and receivable operations. Here’s your … Read more
Payment facilitators make it faster, cheaper, and easier to process payments. Find out more about how using a payment facilitator can: Help you avoid the piles of paperwork otherwise required to open a merchant account Reduce your risk and liability around fraud and chargebacks What Is a Payments Facilitator? A payment facilitator, also known as … Read more
While the credit card transaction process may seem to take place instantaneously, a lot happens behind the scenes to ensure the payment is accurate and delivered on time. Discover who is involved in each step of the credit card transaction process and how payment processing works. Who Is Involved? The customer and merchant aren’t the … Read more
*Last Updated: August 17, 2023 A balanced account is a hallmark of a well-structured organization, and accurately balancing your agency’s accounts requires following specific steps. While saving receipts or employing a structured spreadsheet can be helpful, verifying your records against your actual financial documents is essential. A streamlined and accurate payment reconciliation process is crucial … Read more
The importance of patient financial responsibility in healthcare—and its significance to hospital revenue models—is unlikely to decrease, and may become even greater. Read more about the true cost of patient payment collections. It’s vital for healthcare facilities to implement more successful methods of collecting on patient self-pay accounts. Consider these four best practices for improving … Read more
Due to the increase of patient financial responsibility, hospitals and health systems often experience difficulty collecting on those patient-pay accounts. In fact, most patient accounts are never paid in full. Research shows that 68 percent of patient bills under $500 are never paid, along with 86 percent of those between $500 and $1,000 and 99 … Read more
