The financial health and stability of your medical practice depends on keeping receivables low and effectively managing outstanding balances. By implementing strategic practices and fostering a patient-centric approach, you can maintain low receivables while promoting a positive patient experience. Here are some strategies to achieve this: 1. Establish Clear Financial … [Read more...] about Could you be doing more to make your accounts receivable less?
Billing & collections
9 things to know about billing software
The large majority of medical offices use billing software. If you haven't made the leap to billing software yet, or if you are shopping for a new software vendor, here are things to know. With billing software, you can automate the entire billing process, from sending out invoices to processing payments. This can save you a lot of time and reduce the risk of errors. This … [Read more...] about 9 things to know about billing software
7 terms to include in your patient debt collection agency services contract
Outsourcing patient collections enables medical practices to generate needed cash flow and concentrate on clinical operations. That, at least, is the theory. But the strategy does not always work. One of the key factors of success is the actual services contract the medical practice signs with the agency. Many a medical practice has seen the anticipated benefits of outsourcing … [Read more...] about 7 terms to include in your patient debt collection agency services contract
How to make a collection call to a patient
A collection call to a patient should never be offensive. But it does need to be firm. Remember, the goal is to collect an unpaid balance. With this in mind, here's what to say and how to respond to what a patient says. Begin by putting the patient on the spot, without being confrontational. One possible approach is, "We haven't received payment for this bill we sent you 30 … [Read more...] about How to make a collection call to a patient
Strategies to stay on top of insurance denials and appeals
Denials from insurance companies can be frustrating and costly for both your practice and patients. However, a well-organized approach to handling denials and appeals can significantly impact your revenue and patient satisfaction. In this article, we will provide you with valuable advice on managing denials and appeals effectively. Understanding Denials Before delving into … [Read more...] about Strategies to stay on top of insurance denials and appeals
Track these 5 metrics for practice profitability
By Mike Rigert “It was the best of times, it was the worst of times … , ” wrote author Charles Dickens in his classic novel, “A Tale of Two Cities.” While it’s certainly not the worst of times for most healthcare practices (that honor likely went to 2020-2021), things could always be better, … [Read more...] about Track these 5 metrics for practice profitability
8 tips for successful collections and increased revenue
A robust collections process is essential for the financial health and sustainability of your practice. By implementing the right strategies and adopting a proactive approach, you can significantly enhance your collections efforts. Here are 8 essential tips and best practices to help you optimize collections and maximize revenue for your medical office. Verify Insurance … [Read more...] about 8 tips for successful collections and increased revenue
17 projects for the last quarter of 2023
As we start the last quarter of the year, it's time to plan the projects that need to be done before we close out 2023. Here's a list to consider. Financial Review: a. Review the year-to-date financial statements to assess the financial health of the practice. b. Prepare a budget for the upcoming year, considering revenue, expenses, and capital investments. Insurance … [Read more...] about 17 projects for the last quarter of 2023
Getting your head back in the game after summer vacation
It can be hard to come back to the office after the fun and relaxation of summer vacation. Consider these tips for a smooth transition and an efficient workflow. Reconnect with the Healthcare Team: Upon your return, schedule meetings with key healthcare professionals and staff members. Discuss any recent changes, updates, or challenges that occurred during your absence. … [Read more...] about Getting your head back in the game after summer vacation
Checklist: Is the office ready for your summer vacation?
Your long-awaited and well-deserved summer vacation is approaching. Is your staff prepared to run the office smoothly in your absence? Use this list to see if you have the bases covered. Vacation Preparation Checklist for Busy Medical Office Managers Delegate Responsibilities: Identify competent staff members to handle key tasks during your absence. Assign … [Read more...] about Checklist: Is the office ready for your summer vacation?