Managing Your Business
One Small Click Almost Destroyed This Business' Credibility
SPEAR Physical Therapy, a unique physical therapy clinic in New York, has been in business for the last 17 years, growing to 8 locations, 40 therapists and 92,000 visits. But it wasn't until year 17 when the company's luck took a turn for the worse.
Like most physical therapy clinics, it works with third-party vendors to mail invoices to their clients. This is usually a reliable and seamless process. But one evening, as its billing vendor was processing statements for another medical company, one wrong click of a mouse mistakenly uploaded SPEAR's client list instead. Suddenly, SPEAR's clients were receiving bills for treatments they never received.
The next day, owners Dan, Dave and Ryan woke up to hundreds of emails from their confused clients. And in a business where client relationships matter deeply, Dan, Dave and Ryan had a lot to be concerned about.
Thankfully SPEAR Physical Therapy banks with Chase for Business and was able to immediately identify the problem. Using Chase's technology, they could view which of their locations were not receiving payments, and even had the option to assign the investigative work to delegates within the firm and outside of it. SPEAR was then able to call every single one of its customers to explain the situation, instructing them to ignore the bills until the correct ones were sent out. Chase for Business was also able to help SPEAR cover the additional strain on cash flow while it waited on these payments. In the end, SPEAR avoided an error that could've potentially affected its credibility, and the entire business.
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