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What if your financial coordinator (FC) never had to deal with slow-paying patients again? Cash flow would b

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

e healthy and consistent, you would have plenty of money to invest in your business, and you would lower her

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

Examples of combination products may in

stress level and yours. Would you be interested in a way to make this happen? I am certain your FC would!

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

For many orthodontic practices the reality is that some patients treat your unpaid statement like it's a fre

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

e loan. They dismiss phone calls and letters, haggle with your FC and threaten to report you to the ADA for

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

Combination pro

‘abandonment' when she tells them treatment must be discontinued. They will do any or all of these when they

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

do decide to pay after 60, 90, 120 days or longer. But there is a proven way to get paid faster and on a co

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

nsistent basis.

Here are some numbers you need to consider. After 60 days the likelihood of collecting on o

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

utstanding invoices diminishes significantly. According to the Commercial Collection Agency Association you

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

have only a 69.6% chance of collecting at 90 days and at six months it falls to 52.1%.

Think of the benefit

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

s of a collection system that works:

You save company time and resources
You increase your

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

Following aspects would a

receivables each month

Your cash flow improves

Your company becomes more profitable

dd to the challenges in developing combination products:

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

You and your FC's quality of life improves

An experienced Management Consultantcan help youim

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

prove your cash flow situation. Implementing a system that works will prevent unpleasant exchanges between y

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

ou, your team and patients about delinquent accounts when they're in the office for periodic adjustments. On

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

e thing you can be certain of, and that is, you will not receive any referrals from a patient whose account

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

Professional from academic institutions, pharmaceutical industries, health care indust

is delinquent. You will get negative comments said about you and your practice, for sure. Your team will sud

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

denly become rude, your fees too high and your skills questionable. No one can afford this kind of publicity

.

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

; therefore, it's imperative to get a handle on collections in your practice. My system will do that for you

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

Companies that provide selfless information through particip

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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Online auctions are gargantuan now days. I would bet that they've severely hurt some of the local businesses. I know they changed my point of view. I can't help but laugh when I spot a product for 200 bucks, and I know it's online for 120. Who in their right mind would pay the retail cost anymore?

Corporate gift baskets are ideal to express your gratitude and goodwill to clients and employees. If you have a group of delegates coming in for a conference, corporate gift baskets are good to welcome or thank them. During the holidays, sending corporate gift baskets to your most valued employees who have assisted you through a rough period of business is also a great gift idea.

Understanding the purpose of your business is a critical, but often unasked question. However, all businesses are potentially in the same business. Read how you can improve your business and your bottom line at the same time.

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