There's a great tendency, especially in smaller practices, to concentrate on getting the work out on time, and catching up on the business side of the business when time permits. While that's a laudable client-oriented attitude, it does not help pay the bills, an increasingly important consideration in today's economic environment. Revenue management is an important part of that equation. Without adequate cash flow, you simply can't run your business. And unless your clients are doing much better than most these days, they are also looking to stretch their dollars, putting them only where they have to and letting payables go for as long as possible. Keeping tabs on your practice's receivables, making sure that clients are billed quickly and accurately, and do not fall too far behind in their payments, not only helps your practice — it prevents your clients from getting in over their heads in their payables to you, which often results in lost clients and large receivables write-offs.
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