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Business to Business Collections

Lawsuits should be used as a last resort when attempting to collect money owed. Any lawyer will tell you that a lawsuit is a very inefficient and expensive way to resolve debt issues. You als

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

o lose control over many issues because a judge and/or jury will be making the decisions instead of you. The use of a collection agent can also be expensive but their use can keep you in control and in most cases a lot quicke

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

. As amazing as it may sound, most small business owners would rather lose the entire amount owed on a debt rather than giving a collection agent a third (33%) of that debt to collect it. The way I see it is that 67% is a hec

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

of a lot better than 0%. I mean, I actually get excited when one of my accounts goes to collections because I know it will be paid soon. My collection agent is a "Pit Bull" and there is absolutely no one that can handle his

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

onstant badgering and harassing. I am talking about Business to Business collections. In most states there are no laws protecting businesses from collection agents like there are for consumers. Therefore they can be forced in

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

o paying.

Here are ways to limit the use of a Collection Agent and collect your past due accounts.

Don’t extend credit!

First of all, the best way to prevent the use of a collection agent is to not extend credit in the fir

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

st place. This can be achieved by explaining to the customer that the terms are COD and asking him or her to either bring a check with them or making sure they have a check on site to give to your service technician. It’s not

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

ing personal and most other small business owners understand the importance of keeping the cash flowing. If you are up front and consistent, asking for a check becomes second nature.

Let your customers know you mean business

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

right out of the gate!

Secondly, if you must extend credit you need to tell them that you expect to be paid as soon as possible and that they shouldn’t wait 30 days. Put “Payable Upon Receipt” on the invoice. Let your custom

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

rs know right away that you will do everything in your power to collect the debt and that you intend on getting paid. It needs to be clearly spelled out on your job tickets, contracts and invoices. This should also be explain

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

d verbally. I always say something like “sorry I couldn’t take your call, but I was on the phone with our collection agent” or “my lawyer” or something to that affect and then I start discussing how I would never leave anothe

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

r small business owner hanging for his/her money. Don’t direct it towards them but discuss the problems that non payment causes and how much you despise a deadbeat.

Use a quality looking invoice system!

Third, you need a co

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

petent invoicing system. This includes quality invoicing software. Your invoices should be printed on quality letterhead and should always include a number 9 return envelope pre-addressed with your company name and logo on i

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

. Your invoice package should scream out "I MEAN BUSINESS!" and not “Please pay if you get a chance someday!”

Be fast and consistent with your invoicing!

Fourth and very importantly you must send out your invoices immediate

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

y if not sooner. Send Statements every 15 days. When your customer’s invoice goes over 30 days, you must make a “courtesy call” and then you need to start sending an invoice every week. I always fax an invoice and then take i

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

out of the fax and then mail it to them. This says “hey look, you owe me money and you are late!” Have some rubber stamps made up that tell your customers how you feel. Make them unique to your business! I have one that say

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

s “we were there for you, now please be there for us.”

It’s time to get your Collection Agent!

Sometimes no matter what you do seems to work so you have to seek professional help. Statistics show that if someone doesn't pay

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

you within 60 days chances are great that they will not pay you within 90 days. You must assume that at the 60 day past due point that they are simply out to rob your company. You must come to the realization that they will n

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

ver pay you and they must be dealt with in a more severe manner. Remember no one likes to lose a customer but a customer that doesn't pay is no better than a common shoplifter and should be dealt with accordingly. They are es

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

entially thieves! Once their account has gone to collections you should never deal with that customer again unless they pay the collection fee of 33%.

© 2007 Affordable Concrete Cutting Massachusetts, Inc. All Rights Reserve

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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If you could reduce the number of serious mistakes in your life with a solution that costs nothing, would you do it? Many hospitals are reducing deaths and injuries from mistakes. Their solution is not more technical training for surgeons, or fancy new equipment. The remedy is much simpler - teaching people to talk to each other in a clear, concise way, using the S-B-A-R technique described in this article.

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