Review your collections process. If your collections rate is less than 99%, take a close look at the systems you’re using to collect overdue fees. Start with these questions:

• Do you have documented, step-by-step systems for your financial coordinator to follow?
• Is she fully trained on those systems?
• Are there set times when she works on collecting overdue accounts?

If you answered “no” to any of these questions, you need to improve your collections process.

Management Monday: Check out Dr. Levin’s whitepaper, “The 9 Areas of Expertise: Collections,” by clicking here. Save 25% with code TOD25.