Boosting cash flow through efficient receivables management.
Dr. Sharma's medical practice was experiencing inconsistent cash flow due to slow payment collection. With accounts receivable often outstanding for more than 60 days, she struggled to meet payroll obligations and invest in crucial equipment upgrades. This uncertainty added significant stress to her already demanding professional life and hindered her ability to grow the practice.
Using the Average Collection Period Calculator, Dr. Sharma determined her practice's average collection period was 58 days, significantly longer than the industry benchmark of 30-45 days. By implementing strategies informed by the calculator's insights, such as streamlining billing processes and negotiating faster payment terms with insurance providers, she reduced the collection period to 42 days, freeing up approximately $15,000 in working capital annually.
Dr. Sharma input her annual credit sales and average accounts receivable into the Average Collection Period Calculator. She then used the resulting data to identify areas for improvement in her billing and collection processes.
$15,000 increase in annual working capital by reducing the average collection period.
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