In the beginning of the pandemic, WS Audiology confronted various accounts receivable challenges.
They wanted an AR answer that may assist them handle buyer relationships just about. Their current automation software program didn’t enable them to supply clients with an optimized fee expertise. As well as, knowledge silos and a scarcity of inside transparency created points like orders steadily being positioned on maintain, irritating each the corporate’s gross sales group and their shoppers.
That’s why Susan LaRosa, Director of Credit score at WS Audiology, determined to make a change, shifting her group’s accounts receivable operations to YayPay.
“We needed to make it simpler for patrons to pay on-line and enhance their general expertise,” LaRosa stated. “And we additionally needed to develop our buyer base.”
YayPay’s built-in self-service fee portal allowed WS Audiology clients to view the open invoices on their accounts, ask questions, and make funds utilizing their most well-liked technique with simply the contact of a button.
“The software program is so easy and simple to make use of. Prospects love the flexibility to pay on-line. They’re finished in seconds!”
Susan LaRosa, Director of Credit score at WS Audiology
As well as, Susan’s group discovered that they have been in a position to enhance buyer communications. The software program allowed her to make use of quite a lot of templates and personalised messages to make sure that WS Audiology’s AR course of by no means misplaced the human contact whereas protecting necessary info and due dates high of thoughts.
“We use round 80 templates,” LaRosa stated. “We’ve acquired one for each contact level within the collections course of and they are often seamlessly distributed by way of the automated workflows. We have been even in a position to create particular templates for events like Valentine’s Day or Thanksgiving, letting them understand how grateful we’re for our clients. Our clients’ finance groups by no means get thanked. They love receiving these emails.”
One other very important a part of the choice to undertake YayPay got here from the safety offered by the answer’s PCI-DSS compliance. As a company that works in healthcare, they wanted to make sure HIPAA compliance for his or her clients.
“How we defend buyer info is important to us as a healthcare firm. YayPay had the very best safety round it.”
Susan LaRosa, Director of Credit score at WS Audiology
By utilizing YayPay’s detailed getting old studies, reviewing credit score limits and balances, and monitoring the newest touchpoints with the shopper, they can take proactive steps to make sure that the account pays on time. Not solely does this hold their days gross sales excellent (DSO) low. It will increase buyer satisfaction by eliminating issues like holds or suspended accounts. The reporting and talent to see issues like excellent balances, fee historical past, and different account exercise additionally allowed her to speak shortly with the gross sales group when points come up, in order that each groups have the knowledge wanted when interacting with clients.
The outcomes have been fast and substantial. Adopting this customer-centric method to accounts receivable allowed them to cut back their DSO from 65 to 47 days, a distinction of 27%. In accordance with LaRosa, additionally they not depend on an out of doors assortment company to run down late funds, a indisputable fact that has helped them cut back prices and save clients the aggravation of coping with a 3rd occasion.
Not solely did YayPay enable WS Audiology to lower DSO by 27%, but it surely allowed them to help gross sales progress and streamline operations, serving to the group’s income.
“Our portfolio has improved dramatically. We’re controlling money a lot better and we now have the foresight to handle challenges,” LaRosa stated.
“Though income was down through the pandemic, we managed to gather as a lot as if we didn’t have the pandemic. Better of all, this can be a extra gratifying expertise for the shopper. It doesn’t really feel punitive; it feels collaborative.”
Susan LaRosa, Director of Credit score at WS Audiology
To be taught extra about how YayPay helps optimize your accounts receivable, hear from Susan in our upcoming webinar!
