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Treasury Management: Services Are Smart Strategies That Can Save Your Practice Money
By incorporating just a few treasury management services into your practice’s cash management strategy, you can drive efficiency, save money, enhance security and increase your overall revenue.
Many physicians and practice managers are so focused on the day-to-day operations of their medical practices — like caring for patients and submitting insurance claims — that they often fail to focus on how they can enhance their overall business strategies. One way that practices are improving their money management is to seek out treasury management support from their banks. By incorporating just a few treasury management services into your practice’s cash management strategy, you can drive efficiency, save money, enhance security and increase your overall revenue. Banks offer a wide range of treasury management solutions that can benefit your practice, including:
Most banks offer a remote deposit service that gives clients the ability to scan and electronically submit checks for deposit using a basic PC with Internet connectivity and a certified scanner available through the bank. This improves the efficiency of your practice because it allows you to make check deposits electronically without having to physically transport checks to the bank. It also improves your practice’s cash flow because the funds are available much faster and deposits can often be made after typical branch closing times.
Lockbox helps your practice reduce collection float, accelerate remittance procedures and simplify processing of accounts receivable. You can reduce your processing costs and increase the speed of your cash flow by outsourcing your accounts-receivable processing to the bank.
Merchant services is the treasury management capability that lets you accept credit and debit cards for goods and services sold to your customers. Your bank can provide you with the proper tools, software and security measures to process payments and receive credit directly into your account. Merchant services will not only benefit your practice, but will also provide a convenience to your customers, as they have the option to use other payment methods besides cash and checks.
Many banks offer online accounts receivable collection tools that give you the ability to debit your patients for a one-time payment, a recurring payment or a payment plan, via Automated Clearing House (ACH) or credit card. This makes it easier for patients to make payments at their convenience. Many practices are utilizing ACH, an electronic payment network that businesses use to transfer funds from one account to another. It can be used to automate payroll and for making business-to-business payments, thus eliminating the need to print and mail paper checks. This option also reduces the room for error and is less expensive than wire transfers. These are just a few examples of the many treasury management services available to medical practices. Most banks offer all of these services and more, and there is no one-size-fits all approach. Investing in quality treasury management solutions will ultimately help you to better manage your funds and help your practice run more efficiently. So talk to your banker about how you can best utilize treasury management within your practice.
Howard Lutz is Senior Vice President and Private Banking Manager for Amegy Bank San Antonio. He leads a team of professionals who work extensively with physicians and hand in hand with bankers from all lines of business, enabling clients to receive one-on-one, personalized solutions and comprehensive service at any time. The Private Banking team specializes in meeting and anticipating the needs of doctors, corporate executives, professionals, entrepreneurs, business owners, wealthy individuals and families who expect and deserve excellence and seek personalized relationship banking. For more information, Lutz can be reached at (210) 343-4555 or email@example.com.
MD News January/February 2012, San Antonio