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Profit Doctor
We are redefining the collection industry by providing businesses with better tools for recovering bad debt and past due accounts. We’ve been proving it to our customers - from Fortune 500 companies to small businesses - since 1970
Recent Activity
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I recently decided to consolidate my blogs in order to provide the best, focused and most relevant content. Previously known as The Profit Doctor, (where I shared ideas on how to improve cash flow and profits, ideas on how to better manage accounts receivable, etc.), this "new" site will be mainly directed to people in the sales profession. With your indulgence I will move the relevant content to this blog, over time, so that when the Profit Doctor blog goes to that blog site in the sky, the relevant stuff will live on. I am also in the process of... Continue reading
Posted Oct 30, 2010 at Profit Doctor
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Most experts agree the biggest challenge in sales is managing emotions successfully. And let's face it. Anyone who sells anything can identify that sales is a tough, mental game. Following are the Top Five Ways to Manage Emotions: 1) DO THE NUMBERS ANYWAY. That's easier said then done, but when you get the monster out of the closet, you'll usually find he's a lot smaller than you imagined him to be. He (or she) takes the form of rejection (or the fear thereof), time mismanagement, the realization that it's hard work and pressure. Pressure from not doing the work, from... Continue reading
Posted Oct 4, 2010 at Profit Doctor
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At last ... Transworld Systems/GreenFlag makes tools available to small and medium sized businesses at a price point typically reserved for large corporations! Print and fax back for more info today! Continue reading
Posted Sep 30, 2010 at Profit Doctor
Speaking engagement: 09/25/2010 - BONES Society of Florida's 2010 Annual Conference - Renaissance Vinoy Resort & Golf Club. Continue reading
Posted Sep 28, 2010 at Profit Doctor
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"Life is what happens to you while you're busy making other plans," according to John Lennon. As it relates to accounts receivable and running a business, remember that your customer, client or patient gets pulled in many directions as well. Their good intent this morning could have fallen victim to spilled coffee, a rude driver in traffic, a customer service disaster, etc. Here some ways to help reduce the distance between your objective (being paid) and their reality (life happened). 1. It starts with stated credit policy. Is your credit policy stated, in writing, in your lobby or waiting area?... Continue reading
Posted Aug 23, 2010 at Profit Doctor
Transworld Systems Presents Larson Allen Join us for a Webinar on June 24 Space is limited. Reserve your Webinar seat now at: https://www1.gotomeeting.com/register/900571241 Physician Revenue Cycle: A Gold Standard Study Do you constantly battle to manage your revenue cycle? The health care industry will be facing significant changes in the future and accordingly, a medical practice's success will become increasingly linked to its revenue cycle. TSI would like to invite you to participate in a special webinar on June 24th from 3 to 4:15 pm with LarsonAllen. LarsonAllen is one of the top 20 accounting firms in the nation. They... Continue reading
Posted Jun 9, 2010 at Profit Doctor
I donate computers to a local community center, where they can be used by kids who don't otherwise have the ability to use a computer. Phones go to an organization that provides them to women at risk (abuse). Continue reading
Posted May 15, 2010 at Profit Doctor
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There are three things that come to mind when I hear the word "book." 1) That it's been said that elite units within our armed forces can kill a man with a book without leaving any marks. 2) That I learned the art (trick) of how to tear a telephone book in half when I was younger. 3) That too many times people, who haven't been properly trained or empowered, hide behind them. That's the one I want to focus on right now. Yesterday I had the (unpleasant) experience of trying to have a civil, common-sense conversation with my cable/phone/internet... Continue reading
Posted May 12, 2010 at Profit Doctor
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I'm venturing off the beaten path here to pay tribute to one terrific lady, who left us on April 15th. Her name was Angeline (Angie) Goebel and I'm proud to say she was my Mother-in-Law. You might ask how this blog post relates to business. I'll get to that later in the post. But first, let me introduce this fine lady to you. Angie was born in Milwaukee, Wisconsin and fell in love with her high school sweetheart, Ed - whom she married and spent her life with. She was the first person to Varsity in cheer leading for six... Continue reading
Posted Apr 23, 2010 at Profit Doctor
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I don't care for too many television shows, but two I try not to miss (The Biggest Loser and Undercover Boss) have a common theme. Both feature participants who place themselves under a figurative microscope for all the world to see. From the comfort of my own couch I enjoy watching them squirm with no way out from under the microscope. But when I later reflect on it, and attempt to transfer the logic and meaning I also try to put myself in the same environment. Imagine you stood in front of the world with 100 ... 200 excess pounds... Continue reading
Posted Apr 12, 2010 at Profit Doctor
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One of the biggest misconceptions I witness in meeting with businesses owners, corporations and medical practices is that collection agencies and collection attorneys are held to a different standard when it comes to communication with past due receivables. Are you aware that something as simple as leaving a message on an answering machine "about that bill you owe" can put you in serious legal risk? Or how about threatening legal action or sending their account to a collection agency if they don't pay by __________? You could actually be guilty of discrimination by threatening to do either and in one... Continue reading
Posted Mar 30, 2010 at Profit Doctor
Anatomy book called Gummies, Tummies and Bummies for Dummies.
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Mannequins, Puppets and Car Crash Dummies For Dummies
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Organizing Your Social Networks For Dummies
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Mar 15, 2010
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It's very common to hear about the woes of THIS economy, and the challenges it brings to business owners and businesses alike. I think John Maxwell has it right. When speaking before a mortgage industry event recently, he thought through how to motivate the group despite the effects of the economy on the industry. He stated that "three years ago you didn't have to be good to make money." He went on to observe that today you DO have to be good. How can you take advantage of the economy to become "good?" Read. Others who have seemingly failed only... Continue reading
Posted Mar 15, 2010 at Profit Doctor
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Who hasn't heard that saying many times, especially when growing up? We eventually learn that the point is that not closing a door can be a waste of resources and a sign of being undisciplined. I was struck by an article I just read in Success Magazine (my favorite) by Mel Robbins. Her story shares an experience she had in a women's restroom, where a business woman was tidying up. She found herself being interviewed by the same woman later on, which led her to learn a very important lesson ... "A true leader leaves the bathroom cleaner than they... Continue reading
Posted Mar 9, 2010 at Profit Doctor
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Whether or not the word is in your title or job description, we are all leaders. And, while life may be like a box of chocolates, I suggest people are like a rope. Imagine a two-foot piece of rope laying in the center of a table. Now, move the rope with one finger tip so that one end of the rope is aligned with an edge of the table top BUT ... the rope must stay straight at all times. What if you were to put your finger anywhere on the rope and PUSH the rope? Would it stay straight?... Continue reading
Posted Mar 2, 2010 at Profit Doctor
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When you think of Tom Sawyer, specifically in the story of the white-washed fence, what comes to mind? Lazy? Mischievous? Manipulating? That's what I recall getting out of the story when I was in school. Maybe that's because the teacher's spin was to teach us about good versus bad, lying versus truth, etc. But what about Tom Sawyer the business person? The capitalist? The psychologist? To recap the story: As punishment for his latest mischief, Tom had to whitewash the fence. As he started to work, his arch nemesis (Ben) came along and started to poke fun of him for... Continue reading
Posted Feb 22, 2010 at Profit Doctor
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Monday night I had the pleasure of dining at a very popular fine dining restaurant on Clearwater Beach with visiting family members. The experience was 180 degrees opposite my grocery store experience I recently posted about. The waiter, Steve, was attentive - but not hovering. He was friendly - but not forward. He listened. And ... he enjoyed his job! He took great pride in sharing the establishment's rich sixty year history - though he's been there for eight months. He explained how his restaurant takes great care to be consistent and systematic down to the finest detail - in... Continue reading
Posted Feb 17, 2010 at Profit Doctor
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Many potential clients I speak with feel uneasy in asking for payment due them due to the current economy. "After all ... you can't get blood out of a turnip." With the proper approach, you can get paid - which is critical today. You are not doing the customer nor the economy a favor by minimizing your cash flow and perhaps altering the future of your business and the service(s) you provide. Asking For Money Is A 3-step Process 1. SYMPATHIZE. Show compassion ... "I know that happens sometimes." This diffuses any possible anger and catches them off guard. 2.... Continue reading
Posted Feb 13, 2010 at Profit Doctor
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Before I go any further, I should clarify that Rule # 1 in the area of credit and collections policy is the most overlooked ... that of common courtesy and acknowledgment. I frequent a particular grocery store due to convenience (they've acquired almost everyone else, so I have four of the same chain within 3 miles of where I live - and only one other store of a competitor nearby). Yet I seldom leave without feeling that I somehow did them a favor by being there - rather than feeling appreciated and acknowledged. When the employee pushing the cart of... Continue reading
Posted Feb 10, 2010 at Profit Doctor
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When writing your office policy, keep it simple and clear. Last week I received an e-mail solicitation that read (in part): "the award winning and market leading D-I-Y (do-it-yourself) tool for rapid interactivity building helps bridge the interactivity gap in learning content by enabling rapid and cost effective development of high impact and meaningful learning interactivities, resulting in involving and expressive learning content." Nice. What the heck is that? For all I know, they are selling pencil erasers! Have a lay person proof read your written materials/postings to be sure it's free of industry-specific jargon. Have them convey, in their... Continue reading
Posted Jan 25, 2010 at Profit Doctor
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So what should be included in your written policy? Any up-front charges that are required Allowable forms of payment (check, cash, money order, traveler's checks, credit cards, debit cards) Any charge for a broken appointment (if applicable) Whether or not payments, terms or financing are available Interest, billing or service charges (rate and when applied) Collection fees In addition, if yours is a medical practice, your policy should include Medicare - Medicaid policy (established patients only) Insurance assigment/patient responsibility Service fee for filling out forms Be sure to also have a NSF (bounced check) Fee Schedule (outlining fees charged, specific... Continue reading
Posted Jan 18, 2010 at Profit Doctor
The most important thing is to have a defined credit and collections policy to begin with. It should be clear, concise, in writing and posted in a conspicuous place (or handed to the customer, client or patient at the point of service). It should outline what you expect in the relationship and what your customer, client or patient should expect from you. By doing so, you could be legally protecting yourself and your business - but it also allows your staff to have something to stand behind. It's often the front desk/counter person who has to give the customer the... Continue reading
Posted Jan 14, 2010 at Profit Doctor