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Main Subject - Processing Recurring Payments: Get Paid in Full by Automating Receivables
In any business endeavor, an owner may encounter multiple sweaty-palmed experiences. Customers may engage in multi-tiered assaults ranging from vehement criticism of a product or service, censure for (the lack of) customer assistance, objection to time lag for del
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
ivering said product or service and the airing of numerous other grievances. Of course, an owner realizes that this comes with the precipitous territory of conducting business. However, it remains a humbling experience when interacting with a vociferous client --
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
an individual who will let everyone know from friends and relatives to the Better Business Bureau about the perceived shortcomings of the business.
Perhaps the most daunting situation affecting an "it's not all what it's cracked up to be" business owner is a paym
Perhaps the most daunting situation affecting an "it's not all what it's cracked up to be" business owner is a paym
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ent that is late or never arrives. Consider the private school owner who reminds a parent about the monthly fee only to receive this reply: "Just give me a few more days." Think of a construction company owner who rightfully seeks a periodic payment from the clien
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
t and is dismissed with "I'll pay you when I can." Envision a gym owner who may have to do back flips just to collect on that monthly payment.
Whether by choice or even necessity, there seems to exist a bandwagon of customers who may not so easily depart with the
Whether by choice or even necessity, there seems to exist a bandwagon of customers who may not so easily depart with the
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ir money regardless of their responsibility or what is morally right. This lamentable circumstance (i.e., when an owner cannot efficiently collect money that is due) seriously hampers cash flow -- a business' lifeline, crucial to its vitality. When business expend
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
itures outpace revenues (negatively affected by late or non-payments), commercial failure is all but guaranteed.
There exists two primary ways in dealing with an undesirable client whose money remains elusive. Many businesses still embrace the collections process
There exists two primary ways in dealing with an undesirable client whose money remains elusive. Many businesses still embrace the collections process
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
-- whether they perform this task in-house or contract with outside agencies. If the business opts to contact the client directly, invoice after invoice may be forwarded which is very labor-intensive and costly. An owner needs to consider the expense of invoices,
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
postage, late notices and collection calls, and the time it takes personnel to fulfill this duty (and the concomitant pay / benefits such personnel are accruing). Outside collection agencies are not necessarily an advantageous alternative. They typically keep at
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
least 25% of an owner's deserved profit.
The second method of handling the cash flow-challenging customer is predicated on the premise that a business owner must be proactive. He/she needs to realize the benefits of automated payments, and how this process can mo
The second method of handling the cash flow-challenging customer is predicated on the premise that a business owner must be proactive. He/she needs to realize the benefits of automated payments, and how this process can mo
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
re readily prevent the "Dear customer, please pay me" letter.
Automated payments are a vehicle where a customer's account is automatically debited and transferred to an owner's account on the exact date a payment is due. Upon the decision to purchase a product or
Automated payments are a vehicle where a customer's account is automatically debited and transferred to an owner's account on the exact date a payment is due. Upon the decision to purchase a product or
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
utilize a service, a prospective customer signs a simple release form, giving permission to transfer payment on a specific due date. The customer chooses how to pay, most notably with checks or credit cards.
The operative question arises: How are funds transferr
The operative question arises: How are funds transferr
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ed from customer to owner? There exists two primary ways when check processing is involved. One alternative is via paper drafts which may be issued through appropriate software and delivered to the owner so he/she can deposit them (as if they were paper checks) o
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
r sent directly to the owner' bank. The processing company acquires the customers' banking information and converts the information to the appropriate bank draft.
An owner may decide to alternatively use a web-based interface, a virtual terminal, simply inputtin
An owner may decide to alternatively use a web-based interface, a virtual terminal, simply inputtin
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
g the customer's information in an easy-to-use program. (Here, the data entry is performed in-house). Data is automatically converted into the required format, and processed through the ACH (Automatic Clearing House) system. It usually takes two to three banking d
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
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
ays for the transfer to be complete. In the scenario where a check is NSF, some companies employ an auto-collect feature that will automatically re-submit the check two additional times, if necessary. This feature not only saves an owner time and money, it also ma
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
y entirely preclude the rather embarrassing process of collecting the NSF item.
Recurring credit card payments may also be processed through the use of a virtual terminal. Such a terminal should include edit features so that customer information can be changed,
Recurring credit card payments may also be processed through the use of a virtual terminal. Such a terminal should include edit features so that customer information can be changed,
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
added or deleted when necessary. Moreover, a virtual terminal provides a full transactional history of all transactions that have been run through the system.
There are myriad advantages using an automated payment system: It ensures reliable cash flow, cuts down
There are myriad advantages using an automated payment system: It ensures reliable cash flow, cuts down
.
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
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
on expenses such as mailing invoices or contracting with collection agencies, settles funds in a timely manner, streamlines the billing process, etc. Andy Grove, former President & CEO of Intel Corporation, understands the aforementioned benefits. Several years a
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
go, he said, "In the same way that we have seen a massive flow of content to the Internet, we will see a shift to automated payment in the marketplace." Any savvy business owner should want to be an active participant in this shift.
Copyright 2006 William Hamilto
Copyright 2006 William Hamilto
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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