SOURCE: Sequoia Financial Services

Sequoia Financial Services

September 28, 2010 16:02 ET

Sequoia Financial Provides Smart Business Ideas to Increase Profits During Jobless Recovery

GLENDALE, CA--(Marketwire - September 28, 2010) -  There is no question that businesses are struggling these days. As they learn to do more with less, there is a looming risk that money will be left on the table if smart business ideas aren't identified and utilized in daily operations.

Effective revenue management, account receivables, debt collection and insurance subrogation play a pivotal role in profitability.

According to Chris Tidball, Vice President of Business Development for Sequoia Financial Services, "an unintended consequence of doing more with less, downsizing and off shoring is a deterioration of bottom line results."

Tidball continues, "By better leveraging available resources companies can have the best of both worlds. They can make more money with fewer resources, more profitably and with a lower probability of leakage by following three simple rules."

  1. Do it Better -- Businesses, large and small, typically have a core competency where they excel while struggling in many other areas. Consider hospitals that excel at providing medical care but struggle with revenue cycle management.
  2. Do it Faster -- Time is money and the quicker balances are collected, the more effective and streamlined the organization will become, ensuring a competitive edge. Outsourcing processes such as debt collection or receivables to a business partner with that competency sheds layers of bureaucracy and countless overhead.
  3. Do it More Accurately -- Cheaper isn't better; accuracy is. A common misperception is that hiring low wage staff, either domestically or off shore, can increase results. The reality is that you get what you pay for. Accuracy is achieved by having the right business person doing the right job. Asking an entry level clerk to collect a late payment, insured co-pay or an unpaid judgment virtually ensures that the debt will remain outstanding.

There is no question that businesses can make money, but they must have an adaptable change management philosophy, coupled with processes and workflows enabling them to weather difficult economic times. To effectively do this, they should focus on core competencies while leveraging business partners to shoulder the load of adding money to the bottom line. Those that heed this advice are assured of a competitive edge in the marketplace while those who go it alone will continue to struggle.

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