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Unpaid invoice letter for Procurement

hey everyone my name is Maria and welcome back to the channel if you're a healthcare provider or really any business owner you know how stressful it can be to chase down unpaid invoices in fact 94% of bookkeepers in the US report having to track down clients for late payments and if you're in healthcare you know this can be even more challenging here's another statistic for you did you know that a 2022 study found that 49% of business invoices in the US are overdue that's nearly half of all invoic es if they aren't followed up on that's a significant chunk of your Revenue slipping through the cracks but what exactly are unpaid invoices simply put they are bills sent to clients after providing a service or product that haven't been paid on yet so today I'm going to walk you through five effective tips to help you collect on those pesky unpaid invoices and keep your revenue cycle flowing let's get into it tip number one keep a clear line of communication this sounds basic but it's crucial one of the biggest reasons invoices go unpaid is simply because the client forgets or didn't receive the invoice that's why it's so important to have up-to-date contact information for your patients or clients make sure your communication is crystal clear right from the start set payment expectations and policies from day one that way your clients know exactly when they need to pay and how much they owe regularly update your contact information for clients so there are no roadblocks when it's time to follow up tip number two establish clear collection policies this is all about prevention if you set the right payment terms up front you can avoid misunderstandings that lead to unpaid invoices make sure your patients know about your payment terms before you provide services lay out the due dates available payment methods and any late fees they might incur and get it in writing whether it's through a signed agreement or a digital acknowledgement also be sure to send itemized invoices that are easy to read with clear instructions on how to pay tip number three consistent and timely followup once an invoice is overdue don't wait too long to send a reminder start with a friendly reminder via email text or phone call whatever communication method your client prefers if time goes on and you still don't receive payment you can follow up with more formal reminders Pro tip if you're using billing software automate those reminders this ensures that your follow-ups are Ed and saves your team from having to do it manually tip number four offer flexible payment options sometimes a client might not be able to pay the full amount by the due date that doesn't mean you won't get paid it just means you might need to work out a plan offering flexible payment plans can be a lifesaver for both you and your client it guarantees that you'll receive payments over time while also building trust clients will appreciate the understanding and you'll have a better chance of recovering the revenue your owed and finally tip number five verify insurance coverage before services are rendered this can help prevent misunderstandings about who is responsible for payment by checking a patient's insurance coverage upfront you ensure that both you and the patient are on the same page regarding costs confirm coverage co-pays deductibles and outof pocket maximums to avoid surprises this reduces disputes over invoices and can speed up the payment process and there you have it five tips to help you collect unpaid invoices in healthcare remember late payments might be common but they're not unavoidable with clear communication strong policies consistent follow-up flexible options and insurance verification you can reduce your unpaid invoices and keep your cash flow healthy if you'd like to learn more about revenue cycle management reach out to etactics and you already made it this far into the video so you might as well like it share it and comment below