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?
Increasing profits
Strategic planning is a continuous process
By Nick Hernandez bio Some of my counterparts have a firm belief that strategic planning is a rigid process which should occur once every three to five years. The process they undertake is often done during an off-site planning session with the outcome being printed up in a large three-ring binder. In less than six months, those binders are sitting on a shelf somewhere … [Read more...] about Strategic planning is a continuous process
6 tips for getting your physicians onto the speaker circuit
One impactful way to promote your physicians' expertise, foster professional growth, and enhance your practice's reputation is by encouraging them to speak at live conferences and web events. Consider these benefits of physician presentations and outline how you, as a medical office manager, can assist in securing these valuable speaking engagements. Establishing Thought … [Read more...] about 6 tips for getting your physicians onto the speaker circuit
5 tested ways to make your billing and coding more profitable
The health of your medical practice depends on good quality coding and billing work. One of the most important roles in the medical office that impacts compliance—and your bottom line—is the coding and billing function. "Coding and billing is the lifeblood of the practice; it's the income," says Michael J. Sacopulos, JD, founder and president of Medical Risk … [Read more...] about 5 tested ways to make your billing and coding more profitable
Leveraging voice technology for streamlined operations
Voice technology, powered by sophisticated natural language processing and artificial intelligence, has emerged as a powerful tool that can revolutionize the efficiency and productivity of medical office management. Here are some ways in which voice technology can be harnessed to optimize workflow, improve patient interactions, and streamline administrative tasks. 1. … [Read more...] about Leveraging voice technology for streamlined operations
Is healthcare SEO really worth the investment?
Years ago, planning a marketing campaign was a simple process. With fewer mediums available to reach potential clients, it was more about how much to spend and less about where to invest those resources. Today, though, the healthcare digital marketing landscape has changed dramatically. Instead of just print options, we now have things like pay-per-click (PPC), search engine … [Read more...] about Is healthcare SEO really worth the investment?
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