Time Management Tip #7: Payment Strategies

Time Management Tip #7: Payment Strategies

Time management can be huge for productivity, and the point of this next time management tip is to give you back hours and hours: it has to do with payments.

“So think about it. Just run a report in your system if you’re tracking payments. You do that math, times two hours per client a year. You’ll see very quickly whether it’s going to save you a ton of time.“

So let’s talk about payments. You might be thinking “Oh, it’s only a payment, it only takes a couple of minutes.” And while payments might seem quick and easy, they actually take about 10 minutes of your time, because they break your concentration. You need to document, you need to get back into what you were doing beforehand. It’s definitely not as seamless as you think. 

At the end of the day, if you’re spending 10 minutes processing payments, that’s two hours per client per year, which is a ton of time. You could do five or six renewal reviews for clients in that amount of time. Plus, clients who come in often have payment issues, and it tends to be a “lower level” fix, such as missing documents. 

So what’s the solution? Get people to convert to automated payments. Hand out fliers that explain why people are overpaying for their insurance, and the discounts or fees they’re paying when it comes to automated payments. You might be surprised at how many people change their tune.

The main goal when it comes to payments should be making sure your whole team is trained up on how to ask for payments, how to give out that flier, and how to track everything. You’ll see very quickly that it can save you a ton of time.

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