Nexion Features and Benefits
Nexion on-line receipt book provides complete control of your cash flow.
Replace your regular credit card facility with a comprehensive cash-flow management tool. Nexion receipts all your payments – not just card transactions, provides innovative tools to optimize cash flow, and generates detailed reports, making reconciliation effortless and efficient
Nexion is a digital receipt book, designed to simplify the complex task of remotely managing multiple practices. Because Nexion automatically reconciles the accounts settled at a practice, as well as those paid directly into its bank, head office will always be up to date. In real-time, while saving time. No more waiting for statements from practice managers or doctors. What’s more, Nexion also gives you access to a virtual terminal, so you can process card payments on behalf of the practice. The integrated software is secure and smart.
The subject of Cash Flow Management has become an enigma to most medical practitioners – as it’s perceived to be outside the realm of understanding – and the fear of having to admit that it’s misunderstood results in capitulation on the subject which is then relegated to accountants who only see the paperwork after the fact,—when it’s too late or to practice managers or spouses who in many cases have not much more grasp on the subject than you do.
The truth is – it is not that hard to understand – and more importantly it’s not that hard to manage – and the results of improved cash flow can be exponential – all it takes is for you to take responsibility and be involved.
When it comes to managing your incoming cash flow – your objective is to:
- OPTIMIZE – Making sure that your incoming cash flow is as much as possible.
- ACCELERATE – Making sure that your incoming cash flow comes in as fast as possible.
- CONTROL – Making sure that received funds are properly accounted for and end up in YOUR bank account.
In order to meet these objectives, there are two key elements that Nexion provides;
- Nexion ensures you have adequate CHECKS AND BALANCES in place:
- Nexion MAXIMIZES AVAILABLE TOOLS TO COLLECT FUNDS.
Nexion’s ‘digital receipt book’ has been designed specifically for medical practitioners, providing all the necessary tools to ensure that the infrastructure in place to Optimize, Accelerate and you have full control of your cash flow. Since Nexion is integrated into your debtor system we can add efficiency be eliminating multiple manual tasks involved with receiving, receipting and posting funds. Only Nexion gives you a real-time, anytime snapshot of your practice’s cash flow. The
integrated software also includes tools to improve, enhance and streamline cash flow on-the-go.
(1) Nexion ensures you have adequate CHECKS AND BALANCES in place:
For funds received, Nexion’ s on-line receipt book provides a paper trail that allows you to identify and find discrepancies in funds receipted and funds deposited. This paper trail is OUTSIDE and INDEPENDENT of the billing system – otherwise you are checking the billing system against itself. Nexion replaces the old fashioned receipt book – yet gives you the necessary check and balances without unnecessary manual duplication of effort.
Nexion tracks both receipt date AND statement date for every transaction and can provide real time reporting making balancing of your debtor system and the bank account as simple as comparing two reports.
To mitigate the possibility of fraud,
- Nexion receipt numbers and date and time stamps are generated by Nexion and are un-editable.
- Refunds are controlled in that they are cross referenced to the orginal receipt issued and in the case of Card refunds ONLY THE CARD USED ON THE ORIGINAL TRANSACTION can be refunded.
- Nexion allows for real time remote monitoring of till content and keeps track of date/time and amount of bank deposits of cash.
(2) NEXION maximizes available tools to collect funds.
There are a multitude of tools available to you to collect funds and minimize outstanding debt. Nexion provides multiple ways in which you can collect funds from your patients – this gives you more options to present to patients. Tools available on Nexion include:
- Nexion built in card facility gives you as many card options as possible – besides the standard Visa, MasterCard, American Express, and related Debit card facilities, Nexion offers RCS, Edcon and Buy Aid cards as available payment options.
- Nexion provides virtual card terminal facilities allowing processing of Card transactions over the phone from anywhere Nexion is installed making it as simple and entering card details on your PC screen.
- There will always be cases where there is the will to pay – but the money is just not available – in most cases you are allowing the patient to pay over time – there are debit order systems that allow you to be in control of this process – you no longer have to rely on the patient to send an EFT every month – and your staff will not have to chase these patients every month
- Credit Card preauthorization’s – a tool you have all experienced when you rent a car is also available to you – a simple swipe will reserve the funds on patients card and ensure funds are available once procedures are completed and patient is billed.
Nexion’s digital receipt book makes managing a practice that much easier. It’s simple, secure and saves time – no matter how you receive patient payments. Multiple doctors in a single practice? No problem. Nexion’s integrated software sorts that out, too. You’ll be able to automatically reconcile the accounts settled on site, as well as those paid directly into the bank. Then check the numbers anytime with a click of a mouse – even from home – and free up time for other things.