MERCHANT SERVICE TIMES

SERVING OVER 15,000 READERS SINCE 2003

March 2021

Strongbox eSolutions CHFS

Prior to the Pandemic, increasing healthcare costs and higher insurance deductibles were challenging the medical industry. Now with added expenses and bad debt from Covid-19, healthcare providers are searching for alternative RCM (Revenue Cycle Management) solutions to reduce losses.

Dr. Bradford Ress, CEO, having first-hand experience at the struggles medical professionals face collecting patient self-pay receivables, has teamed up with C&H Financial Services, Inc., a leading credit card processing and merchant services provider, to integrate Strongbox eSolutions medical RCM platform with C&H’s patented Cash Discount technology to provide a unique all-in-one solution for medical and dental healthcare providers.

StrongBox is a web-based Revenue Cycle Management platform that enhances practice profitability and efficiency in a secure, PCI-DSS and HIPAA compliant environment. StrongBox empowers practices to collect or prepare scheduled payment arrangements on patient-due amounts on the same day they receive Electronic Remittance Advice from Insurers. This results in improved revenue recognition, decreased time to payment, reduced accounts receivable to near zero, decreased costs of collection and an improved workflow and productivity environment of the practice.

StrongBox also provides patients with third party financing options at favorable rates and at less cost to the practice than “traditional” medical lenders. Patients can apply for health provider loans at the time of service in as little as five minutes.  The StrongBox platform also provides the ability for practices to offer in-house or “self-financed” installment plans as well.

While Strongbox does not claim to replace existing healthcare platforms, by adding Strongbox and replacing current credit card processing methods, medical offices can lower the amount of bad debt, offer patient financing options, and eliminate the costs associated with credit card processing, enhancing the patient experience and improving staff productivity.

For ISOs and Agents looking to expand outside of the typical b2b market, together with C&H Financial Services, Strongbox offers complete training, sales support, and up to four lines of revenue on every account. Contact Karen Whiteley at kwhiteley@chfs.us or call 855-600-2437, x836 for more information or to get started selling Strongbox eSolutions today!

Mediocrity the Death of a Thousand Cuts

I don’t know about you, but it’s been a barn burner of a start to 2021. I’ve been looking to add to our teams both in sales and operations and one thing continues to show is just how many people are okay with living mediocre lives and getting mediocre results. I see so many people just settling for average, not willing to put out any additional effort to improve their lives or even their loved ones. It’s as if they’ve just accepted their lot in life and they’ve settled.

Let me start with a question, what makes one person with relatively the same intellectual capacity, skillset and resources far exceed another?

Performers vs. Non-Performers

I’ve been observing salespeople, middle management and executives for over 30 years now and have noticed several fundamental distinctions that separate the non-performers from the real producers. When I use the word distinction, I’m using it in the context of a demonstration of excellence that sets one individual apart from another.

I want to share, at least from my perspective, what I feel are driving mind sets and behaviors that when diligently practiced can set anyone free from the chains of mediocrity. Mediocrity comes from the Latin word medius, meaning middle and ocris, meaning a rugged mountain. Literally it means to settle halfway to the summit of a rugged mountain.

It’s a compromise of abilities and possibility; an arbitration between the drive to excel and the biological urge to settle for the most comfortable option. It’s choosing the easier, softer way.

I’ve seen this mediocrity raise its ugly head in my life as well as almost every businessperson I’ve had the privilege to work with. It’s not whether it will show up in your life, but more importantly how you will counter it does.

Don’t be a Frog

Unless vigilant, mediocrity will creep up on you, it’s akin to the boiling of a frog. What does this have to do with boiling a frog? There is a fascinating 19th century science experiment. As the story goes, researchers found that when they put a frog in a pot of boiling water, the frog instinctively jumped out immediately. On the other hand, when they put a frog in cold water and put the water to boil over time, the frog eventually boiled to death.

The hypothesis is that the change in temperature is so gradual, the frog doesn’t realize it’s boiling to death until it’s too late. While the results of the experiment are in question it’s a good metaphor for how mediocrity can slowly take over every area of your life.

These distinctions address the necessary alignment across six domains, which I believe promote the realization of the dream of owning a thriving business and awakened life. These domains are the foundation of what I strive to live and share with others, whether they are new to the industry or have been in payment processing for years. This is the foundation.

The Six Domains

· PURPOSE
· POSSIBLITY
· PLANNING
· POWER
· PRODUCTION
· PROFIT

The six domains are meant to be worked on and realized in order and apply across your individual life and business. To maximize each, we must align them appropriately. When I use the word alignment, I’m using it in the context of the proper positioning of the parts of your life.

The 10 distinctions; listed below are the core actions or tactics you can deploy to help you realize mastery across the six domains. Extraordinary performers do the following:

1. Live in Alignment with Their Values and Purpose.
2. Take Responsibility for Their Results.
3. Have Clearly Defined Outcomes.
4. Master the 90 Day Game.
5. Create a Life not Just Build a Business.
6. Install Powerful Habits.
7. Keep Score and Measure Results.
8. Surround Themselves with the Right People.
9. Have Processes, Procedures and Systems in Place.
10. Live Like Warriors.

These 10 distinctions are guidelines and not meant to be an end all and be all. Over the coming months I will address each one and why I feel they are so important to our collective success.

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