An increased prevalence of fraud, compounded by current financial pressures, necessitates a coherent approach to fraud prevention and hoping that the problem will resolve itself is not a long-term solution. Medical practitioners should take advantage of reputable and affordable technology solutions available today to reap the financial benefits while simultaneously providing customers with flexible payment options. So advises Nexion, a specialist South African technology company that develops cash flow management and fraud prevention software for small companies such as medical practices.
Comments Peter Melchior, managing director of Nexion, “A practice that has not historically suffered losses and has no obvious risk of exposure should not conclude that a fraud event with adverse consequences ‘can't happen here'. While you may have competent employees, effective processes and reliable technology, management should recognise that even a well run operation is vulnerable. The most important measure you can implement to reduce your exposure to fraud is to implement risk mitigation processes, and to take responsibility for oversight of matters relating to fraud. Outsourcing this responsibility to an accountant or practice manager identifies the problem too late, and does not provide adequate checks and balances.”
Melchior moves on to advise that the extent to which a practice is in control of its cash flow is easily done by looking at how many processes, from billing to payment receipting, are manual (manual receipt books) and ‘checks and balances' the existing practice management system has in place to reconcile to the bank account. In many cases, this is a manually maintained Excel spreadsheet in combination with a printout from you practice management system.
“By eliminating manual process you eliminate the opportunity for error, and by implementing effective control reporting systems you are empowered to ask the correct questions when it comes to your cash flow,” continues Melchior.
“Nexion tackles the issue of fraud and cash flow reconciliation head-on. Our solution provides highly affordable and easy to use cash flow management software designed specifically for medical practices but is also used by numerous small companies around the country. Nexion has numerous benefits including the elimination of manual receipt and reporting processes. Moreover, Nexion simplifies bank statement recons and automatically processes all payment types, proactively recovers debt and generates reports with a click of the button from one interface, in real-time. This functionality is available for the first time ever. Take control of your company's cash flow for the price of a credit card facility.”
About Nexion Nexion is a specialist South African technology company that develops cash flow management software for small companies such as medical practices. By automating and eliminating the complex manual receipting and reporting processes, Nexion delivers payment solutions and complete cash flow management systems. For the price of a credit card facility, medical practices and practitioners are able to automatically process all payment types, proactively recover debt and generate reports from one interface, in real-time for the first time ever. Nexion's solution has proven so popular that selected educational institutions and property companies are also reaping the proprietary software's benefits. The Cape Town-based, privately-owned company was launched in 2006 and is headed-up by Peter Melchior as managing director. Further information is available on: www.nexion.co.za.
Visit our PRESS OFFICE: Nexion is a locally developed software innovation that manages small companies' cash flow by automatically processing all payment types, proactively recovering debt and generating reports from one interface in real-time.- more....
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