At the start of the pandemic, WS Audiology faced a number of accounts receivable challenges.
They needed an AR solution that would help them manage customer relationships virtually. Their existing automation software did not allow them to provide customers with an optimized payment experience. In addition, data silos and a lack of internal transparency created issues like orders frequently being placed on hold, frustrating both the company’s sales team and their clients.
That’s why Susan LaRosa, Director of Credit at WS Audiology, decided to make a change, moving her team’s accounts receivable operations to YayPay.
“We wanted to make it easier for customers to pay online and improve their overall experience,” LaRosa said. “And we also wanted to grow our customer base.”
YayPay’s integrated self-service payment portal allowed WS Audiology customers to view the open invoices on their accounts, ask questions, and make payments using their preferred method with just the touch of a button.
“The software is so simple and easy to use. Customers love the ability to pay online. They’re done in seconds!”
Susan LaRosa, Director of Credit at WS Audiology
In addition, Susan’s team found that they were able to improve customer communications. The software allowed her to use a variety of templates and personalized messages to ensure that WS Audiology’s AR process never lost the human touch while keeping important information and due dates top of mind.
“We use around 80 templates,” LaRosa said. “We’ve got one for every touch point in the collections process and they can be seamlessly distributed via the automated workflows. We were even able to create special templates for occasions like Valentine’s Day or Thanksgiving, letting them know how thankful we are for our customers. Our customers’ finance teams never get thanked. They love receiving these emails.”
Another vital part of the decision to adopt YayPay came from the security provided by the solution’s PCI-DSS compliance. As an organization that works in healthcare, they needed to ensure HIPAA compliance for their customers.
“How we protect customer information is essential to us as a healthcare company. YayPay had the best security around it.”
Susan LaRosa, Director of Credit at WS Audiology
By using YayPay’s detailed aging reports, reviewing credit limits and balances, and monitoring the most recent touchpoints with the customer, they are able to take proactive steps to ensure that the account pays on time. Not only does this keep their days sales outstanding (DSO) low. It increases customer satisfaction by eliminating things like holds or suspended accounts. The reporting and ability to see things like outstanding balances, payment history, and other account activity also allowed her to communicate quickly with the sales team when issues arise, so that both teams have the information needed when interacting with customers.
The results were immediate and substantial. Adopting this customer-centric approach to accounts receivable allowed them to reduce their DSO from 65 to 47 days, a difference of 27%. According to LaRosa, they also no longer rely on an outside collection agency to run down late payments, a fact that has helped them reduce costs and save customers the aggravation of dealing with a third party.
Not only did YayPay allow WS Audiology to decrease DSO by 27%, but it allowed them to support sales growth and streamline operations, helping the organization’s revenue.
“Our portfolio has improved dramatically. We are controlling cash much better and we have the foresight to manage challenges,” LaRosa said.
“Even though revenue was down during the pandemic, we managed to collect as much as if we didn’t have the pandemic. Best of all, this is a more enjoyable experience for the customer. It doesn’t feel punitive; it feels collaborative.”
Susan LaRosa, Director of Credit at WS Audiology
To learn more about how YayPay helps optimize your accounts receivable, watch our on-demand webinar How WS Audiology Boosted Business by Making the Customer King.
