The Fair Debt Collection Practices Act (FDCPA)

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The Fair Debt Collection Practices Act (FDCPA) is a federal law in the United States that regulates the behavior of third-party debt collectors who collect debts on behalf of others. The FDCPA establishes rules and guidelines that debt collectors must follow when communicating with consumers. The FDCPA does not cover business-to-business debts or collection of… Read more »

HIPAA Compliance

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  New Release February 4, 2021 Leib Solutions LLC  Achieves HIPAA Compliance  SUMMARY:   Leib Solutions has demonstrated its effort toward HIPAA compliance by completing Compliancy Group’s proprietary HIPAA compliance process. LEIB is pleased to announce that it has taken all necessary steps to prove its effort to achieve compliance with the Health Insurance Portability… Read more »

Accounts Receivable Automation Tools, AI and RPA

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Advanced technologies, including robotic process automation (RPA), will forever change accounts receivable, collections, and deduction management. Like most other back-office functions, receivables management was a manual affair as recently as twenty or thirty years ago, working off printed agings, typing reconciliations and letters and mailing or faxing. It’s hard to believe that tools MS Excel,… Read more »

Statute of Limitations

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Statute of Limitations by State For Commercial Collections The Statute of Limitations for lawsuits varies by state, and runs anywhere from 3 to 15 years, after which the debt is “time-barred,” and you cannot sue.  You should use every legal means at your disposal, of course,  but if you wait too long and rely on… Read more »

4 Key Components of Revenue Cycle Management

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The Revenue Cycle Function requires excellence in four key areas, each contributing to a company’s success and operational efficiency. Recognizing these focus areas will allow your company to generate a frictionless revenue cycle flow and improve your cash flow, customer service, and overall profitability. When providing B2B collection services for your business, Leib Solutions makes… Read more »

Leveraging Technology for Accounts Receivable Collections

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Manual collection processes, including the many companies that still use spreadsheets to aid the process have performance problems, including very low productivity, errors, and poor cash collections. Perhaps the best investment you can make is licensing an advanced SaaS system which will give you the structure to implement real discipline in your collection operations. It… Read more »

A Guide to Efficient and Effective Collection Practices

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The basis of our accounts receivable management services is the prioritization of collection activities around the money and the priorities instead of an “alphabetic order” type of collection effort. 1. Create a Plan of Action using situational strategies based on the accounts and circumstances, but remember that measuring collection metrics is not the same as following… Read more »

Subrogation Collection Best Practices

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Insurance executives are familiar with subrogation, the insurer’s legal right to pursue damages after paying a claim. However, it turns out that many insurers are unable to or neglect to pursue their subrogation rights.  If they do, they may not be using best practices in doing so. This results in profit opportunities lost forever, as… Read more »

Things to Consider When Hiring a Collection Agency

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Every company needs a collection agency, since there will always be customers that default or who will not pay under the normal terms. Hiring the best commercial collection agency is in your best interest, so here are some factors you should take into consideration when choosing an agency for your company: If you are B2B,… Read more »

5 Tips to Help Forecast Your Bad Debt Allowance

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Estimating your corporate Bad Debt Allowance (BDA) is a fundamental job of the Credit Manager. Doing it right will help your company prepare for the expense and possibly enable you to head off losses. This infographic offers five factors that can help you keep your company’s Bad Debt Allowance within a predicted threshold: To learn… Read more »