Main Subject - Business

A couple months back I had a little plumbing problem that required turning off the water to the house. Our do-it-yourself job was great until we needed to turn the water back on and nothing happened. Several frustrating hours later

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

the emergency plumber came to the rescue and made everything all better. Should have been a hefty bill right?

Well I wouldn't know because even through I've called them, they've never sent a bill.

Hello, how do you make money if y

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

Examples of combination products may in

u work for free?

It's not on purpose but this same scenario happens over and over with small and large businesses alike. The key is to develop a billing system so that you handle money collection the same way every time you do it.

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

hink about it once, put the process into action and then monitor it regularly. Here are 5 ways put more cash in your pocket.

#1 Get your customers to pay upfront
Put a package together or estimate what the bill will be and ge

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

your customer to pay you before you ever start working.

Yes, you can do that.

Think about the number of programs, seminars, networking dinners, books, CDs, etc. you have paid for before you got to have it. If you set the expectat

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

Combination pro

ion with your clients up front many will be happy to pay you in advance. It's the surest way to get paid for your goods or services.

Not comfortable with getting payment in full, consider getting a deposit.

#2 Send invoices on a r

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

gular basis and make sure you get paid
Pick an invoicing day such as the 1st or 15th of the month. Set that on your (or your assistant or bookkeeper's) calendar and do all billing at once. Make sure you have a system in place

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

o make it easy to create invoices.

Get paid before you end up in a never-never land situation. One of my clients is a high end copy writer. She charges a deposit up front and then the balance once copy is complete. The problem was

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

he would deliver the final product and the client wouldn't pay the balance. She had nothing to hold on to because they already had her words. So we changed her process, now she never releases the final product until she has been pai

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

d in full.

#3 Automate, automate, automate
Got clients on a payment plan?

Have a recurring monthly fee?

Set up automated payment through a shopping cart service such as www.1shoppingcart.com. You tell it when to charge and

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

ow much and it does it for you. The money comes flying in.

But wait; my clients pay me by check. And they are always late. Try sending a nice reminder email or make a kind reminder phone call the week before payment is due.

Talk

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

Following aspects would a

to your bank. See if you can have people wire you payments. Cuts down on the strenuous task of finding a stamp. Or set a policy. Something like two late check payments means they have to pay you by credit card.

#4 Make an effort

dd to the challenges in developing combination products:

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

o collect
Monitor the aging of your invoices. When it gets close to the due date, start calling. Don't just expect that others are going to make paying you a priority. Call them, fax them, and email them. Ask them to pay with

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

a credit card. Even if you don't have a merchant account you can always have someone send you a payment through Paypal. It's worth the small percentage they charge if it gets you paid. You are entitled to collect your hard earned ca

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

h. If you have to, turn your invoice over to a collection agency.

#5 Ensure your money actually gets to the bank
Is there money sitting in your Paypal account that you haven't cashed out?

Are there checks sitting in a PO Box

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

somewhere?

Are you reconciling to make sure your merchant account payments made it to the bank?

I was having a conversation with a client who told me her bookkeeper caught a large credit card payment that the bank "forgot" to cred

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

Professional from academic institutions, pharmaceutical industries, health care indust

t to her account. As my Grandpa Lenny says, don't assume the bank is always right.

Reconcile regularly.

Deposit regularly.

Get your money to the bank so it collects interest, not dust.

© 2005 Beth Schneider. Want to reprint this

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

article, feel free as long as you include the following: Beth Schneider, Chief Infopreneur of Process Prodigy, is a business process consultant who helps solo-entrepreneurs, small business owners and network marketers who want to s

.

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

stemize their business to increase profits, increase productivity and grow their business without having to give up the family oriented, flexible, balanced lifestyle they desire. Beth works one-on-one with her clients, offers home s

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

Companies that provide selfless information through particip

udy courses, and teleclass boot camps. For more information visit http://www.processprodigy.com and sign up for your FR*EE 5- Step Process Starter Kit and FR*EE Process Tips

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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Most of the work that is done in a medical billing program is data entry. As a result, the first area where you will have problems is with your database. We discuss some of the more common problems in this review.

Business partnerships have negatives and positives. Make sure you know them before deciding to bring in a partner or not.

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