Useful Advices - Business

While having a small accounts-receivable balance indicates good financial management, (around 1.5% to 2.5% of your gross income), collecting past-due bala

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

nces is a displeasing aspects of business. Studies show that 75% of receivables that are 3 months delinquent are paid. However, this number drops to 56%

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

Examples of combination products may in

after 6 months. Therefore your delay in collecting past-due accounts will reduce your chance of receiving payment. This checklist should help you reduc

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

e the stress of collecting past-due accounts:

Encourage customers to pay sooner by offering discounts for early payments. For example, offer a 2

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

discounts for accounts paid within 10 days rather than 30 days. Keep an eye on the calendar for tax refund season.

Keep an eye on the calendar f

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

Combination pro

or tax refund season. Most customers want to pay their bills and will pay if they have the money.

After 30 days of no payment, add a service charge

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

. Contact your attorney to ensure that you do not exceed your state’s usury statutes and federal law.

Make a personal visit to the customer to disc

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

uss past-due accounts. Remember, that you value the client-relationship.

Call your customer when personal visits are not possible. Appeal to your

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

ustomer’s business sense while respecting the valuable client relationship. For example, try “I’m the smallest of the smallest. I can’t play the role of ban

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

k because I am so small.” When you talk with your customer, offer some solutions. Give your client a way out of this uncomfortable situation.

Pla

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

y “good cop/bad cop”. Ask your secretary or partner to call on your behalf. This allows you to maintain the client relationship, while collecting your accou

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

Following aspects would a

nt. Ideally, the client will be so grateful to talk to you, the “good cop”, so they will not have to talk with the “bad cop”.

Send a series of remi

dd to the challenges in developing combination products:

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

der letters. The first letter should include the following statements:

Acknowledge your goal of providing high-quality services and a concern

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

that your valued client has allowed his/her account to lapse

You are aware of his/her delinquent account status

Contact you promptly or hi

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

s/her credit status is in jeopardy (include your contact information)

The total amount due

Pay this amount to avoid sending the account to

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

a collection attorney. Say, “we regret having to take this action, but must do so”

Thank you in advance for settling this matter

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

Professional from academic institutions, pharmaceutical industries, health care indust

our subsequent letters should include several choice boxes:

I am sending a check on _________.

This is part of the bill to show good

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

faith.

Here’s the whole amount; now stop calling me.

File suit in small claims court. In Philadelphia, the maximum amount allowed

.

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

for small claims is $10,000. Corporations and associations with less than a $2500 claim, do not need an attorney to represent them in small claims court.

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

Companies that provide selfless information through particip

If the past-due amount is more than allowed by the small claims court, then contact your attorney to file a lawsuit to collect the account.

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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Time Dimension: presented versus 1991 ZIP Codes in one ZIP and the other side in a United States America ZIP Code. The block to ZIP equivalence file organized by the vendors each chunk was assign to one and only one survey building block.

Imagine a river. Then visualize all that the river carries with it. Apart from the water and fish, there are other elements which form the river. Processes are very much like a river. They flow in a natural direction and carry information with them from one point to another. The process of Value Stream Mapping is a by product of the Lean Manufacturing process pioneered by Toyota and the core fundamental is to identify the areas of waste which can be avoided within a manufacturing or office process.

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Useful Advices - Collections Checklist: How to Collect Past-Due Accounts

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