Having a skilled insurance specialist on your team is essential for maintaining smooth financial operations and ensuring patient satisfaction. This role serves as a vital link between your practice, insurance companies, and patients. From verifying patient coverage to submitting claims and resolving billing disputes, an insurance specialist helps reduce financial stress for … [Read more...] about How to add an insurance specialist to your team
Billing & collections
Could you be doing more to make your accounts receivable less?
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?
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
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
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?
10 ways to get patients to pay up
Effective patient payment collection is crucial for the financial stability and success of a medical office. However, it can be a challenging task to navigate the complexities of medical billing and ensure timely payments. To enhance your medical office's patient payment collections, it is important to implement strategies that streamline the billing process, improve patient … [Read more...] about 10 ways to get patients to pay up
6 common problems in medical offices, and suggested solutions
Got a problem with your office? Chances are it's one of a half-dozen common problems for medical offices. Here are the problems and suggested solutions. 1 Streamlining Appointment Scheduling Problem: Patients often experience long wait times and confusion during the appointment scheduling process. Solution: Implement an online appointment scheduling system that allows … [Read more...] about 6 common problems in medical offices, and suggested solutions
CMS posts info on the No Surprises Act for patients
The Centers for Medicare & Medicaid Services (CMS) made available new consumer-friendly web pages for people with easy-to-read information regarding the consumer protections in the No Surprises Act. The No Surprises Act protects people covered under group and individual health plans from receiving surprise medical bills when they receive most emergency services, … [Read more...] about CMS posts info on the No Surprises Act for patients