How to Use Your Newsletter to Improve Your ARM
Do you offer a monthly or even a bi-monthly newsletter to your clients and prospective clients? If not, you should! A newsletter is a great place to provide useful bits of information and keeps you in touch with your clients. You could offer simple walk-throughs of the lifecycle of projects in your industry. For instance, if you’re an attorney, you could provide a brief explanation of each stage of the legal process from the first consultation all the way through trial. Of course, depending on the length, you might not want to put it all in one newsletter. You could make it a series over several newsletters. You could provide needed information, too. In today’s post, we are going to talk about a few ways that you can use your newsletter to improve your ARM (accounts receivable management).
Providing Needed Billing Information as Part of Your Newsletter
One of the easiest things you can do is include the same billing information in each newsletter. This isn’t personal information that belongs to the client. You don’t want to include case numbers, account numbers, balance due, or anything that personally identifies the client account. It doesn’t take much information at all for an identity thief to try and use it. Even healthcare fraud is on the rise. Instead, you will provide billing information that any of your clients can use. For instance, you might want to provide the direct line to your office, the number for your billing department, and an email address they can use for billing inquiries. This improves your ARM because your clients, and potential clients, have your contact information at their fingertips.
Providing Answers to Frequently Asked Questions as Part of Your Newsletter
Providing answers to frequently asked questions as part of your newsletter is a great way to improve your ARM. Think about all of the times you’ve received your bill and had a question. Did you try to go to your provider’s website for an answer? Probably not. FAQs can be hard to find…and that’s if your provider even has a website. So, by providing the answers to billing FAQs in your newsletter, you’re providing a much needed service. Make sure that this section of your newsletter provides friendly encouragement to your readers to call your billing department if they have any questions.
Providing Discounts for Early Pay as Part of Your Newsletter
Okay, before you balk at the idea of getting paid less than you were billed, read this entire small section, first. Have you ever wondered if people even open your newsletter? If you use something like Constant Contact or Mail Chimp, then you most likely know your open rate. If you want to make sure that more people open your newsletter to see get the information you want them to have, you can offer them something special.
Providing a discount code in the newsletter that provides a small discount for early payors can be very beneficial to your bottom line. It encourages people to open your newsletter which keeps you in their thoughts. It also provides an incentive for early payment. Since not everyone will use it, you’re not going to take a huge hit. Furthermore, this code should include a deadline to use it by in order to get the savings.
Learn More About Your Accounts Receivable Management Process
Looking for other ways to improve your accounts receivable management process? Clients A.R.M. can help! We offer a free process review that can help you spot areas in your ARM that could benefit from a closer look and new procedures. We also provide many other needed services that can keep your business growing while you continue to focus on providing services. Don’t just take our word for it – read some testimonials and then contact us to schedule your free review.