A four-physician surgery practice has reduced its receivables significantly with a collection approach that begins when a bill gets to be a month old. At 31 days, every account with a balance greater than $50 gets turned over to the collection agency, explains Anjelica Alston, practice manager for Piedmont Colorectal Associates in Atlanta. But there’s no actual collection … [Read more...] about A 30-day collection agency letter cuts the A/R days in Atlanta office
Increasing profits
Use weekly meetings with doctors to keep office running smoothly
Meeting every week with the doctors makes a tremendous difference in how smoothly – and also how successfully – an office operates, says the manager of a pediatrics practice in Colorado. For her office, it's an 8 a.m. meeting every Monday, a good time, because it sets the tone for the week. It also keeps everybody on the same page. And it ensures that the doctors know all the … [Read more...] about Use weekly meetings with doctors to keep office running smoothly
Profit-boosting ideas welcome at staff meetings
Staff often have good recommendations, particularly for customer service. So to make sure they stay on the lookout for recommendations, practice manager Jackie Arzooyan of Canton Asthma & Allergy in Canton, MI, sets aside staff meeting time for them. The process is an easy one. When she draws up the agenda for a meeting, Arzooyan includes a question for everybody to think … [Read more...] about Profit-boosting ideas welcome at staff meetings
What happened when a doctor cried on social media
By Ron Harman King, MS bio There's a lot of debate in the healthcare profession these days about social media. On one hand, I've heard some good arguments against doctors taking precious time from successful practices for social media and also against using social media to communicate directly with patients, which obviously creates big privacy problems. On the other … [Read more...] about What happened when a doctor cried on social media
This 2 step program makes it easy to collect more money at the time of service
Ask any office "how well do you collect at the time of service?" and the answer will be "outstanding!" But almost no offices can define outstanding, says Reed Tinsley, CPA, a medical practice business advisor in Houston. Here's the definition: at the time of service, the office should be getting some type of payment from 90% of the patients who can pay anything, even $1. "It … [Read more...] about This 2 step program makes it easy to collect more money at the time of service
3 bonus formulas that boost staff productivity
What bonuses should the office give, and how can it design the bonuses to increase productivity? As to the amount to give, a few consultants recommend setting aside as much as 17 percent to 21 percent of the monthly profits for staff bonuses. Most, however, recommend less. Whatever amount the office opts to allow, here are some ways to mete it out. Formula 1 The traditional … [Read more...] about 3 bonus formulas that boost staff productivity
7 best practices for optimizing your collections
By Ranadene (Randi) K. Tapio, MBA, CMRS, CMC, Guest Contributor bio Collections isn't the most glamorous part of running a practice. Perhaps the only thing worse than making collections calls is receiving them! Unfortunately, collections is necessary and if done correctly, it will allow you to collect on accounts that have sat stagnant for months, sometimes years. In … [Read more...] about 7 best practices for optimizing your collections
Finding the “backdoor” into payer networks
By Steve Selbst bio I am delighted to be able to share with you a key "secret to success" about payer contracting. Today's article is about getting in the "backdoor" with payers and complementing your payer network by building your patient/customer base. In my journey navigating tens of thousands of payer contracts' negotiations, it has become clear to me that there … [Read more...] about Finding the “backdoor” into payer networks
What is the ‘patient experience’ like at your medical practice?
You may have come across the term, "patient experience" lately and assumed it is equivalent to "customer experience" in other industries. Although there are similarities between the two terms, there are also major differences. Everything that happens in a customer experience is applicable to the patient experience, says Jason Wolf, president of The Beryl Institute, a global … [Read more...] about What is the ‘patient experience’ like at your medical practice?
Quick tips to deliver useful, easy-to-use financial reporting
To succeed, the office needs financial reports. And it is the manager's responsibility to see that the doctors pay attention to those reports, that they understand them, and that they take action to keep the numbers on the right track. Thus, it is not just the reports but how they are drawn up and how they are presented that makes the difference. Every day is best … [Read more...] about Quick tips to deliver useful, easy-to-use financial reporting