Medical office managers are often so focused on the day-to-day that it can be easy to lose sight of the big picture. That big picture is profitability—because, without it, the practice will not remain in business. Although profitability isn't rocket science—after all, only rocket science is rocket science—it does require attention to detail, or what Medical Office Manager … [Read more...] about 6 key ingredients of a profitable medical practice
Billing and collections
Get personal to get patients to pay faster
Set the expectation of payment before the patient comes in. When the office calls to confirm an appointment, whether it's a live conversation or an automated message, say, "Your co-pay is due when you check in." In other words, "bring your wallet." Some offices go so far as to refuse people who don't have the co-pay at the time of the visit. However, such a strict policy … [Read more...] about Get personal to get patients to pay faster
Polite form on chart collects balance due at registration
Because staff don't like asking patients for money, one manager set up a non-confrontational form that gets patients to pay their outstanding balances at registration. The billing department attaches it to the charts each morning, and the front desk staff hand it to patients with, "Oh, by the way, there is a note here for you from the billing department." The form was designed … [Read more...] about Polite form on chart collects balance due at registration
Patient collections ‘bonus incentive’ program increases patient payments and staff pay
An Indiana practice recently established a bonus incentive program for its support staff that has been a huge help to patient collections. "I had managed an office prior to joining this practice where I was able to track patient collections percentages each day," Leanne Craig, office manager at Hendricks Therapy, tells Medical Office Manager. "I had a report within our … [Read more...] about Patient collections ‘bonus incentive’ program increases patient payments and staff pay
Simple but workable ways to improve collections
What's the cause of poor collections? Don't blame it on the office, says one collections expert. Sadly, the underlying reason for poor collections is today's all-too-common attitude that bills don't deserve respect. In the past, people were proud to pay their bills. No more. A bill that can be avoided gets avoided. And along with that, "the world has changed," says … [Read more...] about Simple but workable ways to improve collections
12 tips for boosting patient payment
The way the bill looks, and reads, plays a major role in when – and whether – the office gets paid. Here are 12 ways to boost patient payment. 1 Include a return envelope with the bill. This makes it easier for the patient to pay and also ensures the payment is addressed correctly. 2 Use colored return envelopes. They make the bill stand out from the … [Read more...] about 12 tips for boosting patient payment
Are employees embezzling funds from your medical practice?
Embezzlement is easy in a medical office because little amounts come through every day, many of them in cash, and $5 here or $10 there doesn't get missed. The scheme can be as simple as a staffer walking off with a bit of cash now and then. But it can also be elaborate. Somebody sets up a fictitious vendor and writes checks to the bogus company. Or somebody sets up a bank … [Read more...] about Are employees embezzling funds from your medical practice?
4 ways to keep your cool in the midst of chaos
By Cheryl Toth How well do you think you handle stress at work? I used to think I was pretty good at it, until a few years ago, when I realized I wasn't. I was working for a healthcare technology company that was young and rapidly growing. Every day, my task and responsibility list seemed to grow exponentially. At first it was exciting, but after a while I was buried under a … [Read more...] about 4 ways to keep your cool in the midst of chaos
How to write a strong collection letter
Increasing patient payments improves the practice's bottom line. But how exactly do you motivate patients to pay? To write an effective collection letter, follow these guidelines. • Make it short. Limit the letter to one page. Limit the paragraphs to two sentences. Limit the sentences to 22 words. And limit the words to three syllables. Do this and the message will be … [Read more...] about How to write a strong collection letter
How to determine your MIPS participation status
Are you unsure of your participation status in the Merit-based Incentive Payment System (MIPS)? Clinicians can now use an interactive tool on the CMS Quality Payment Program website to determine if they should participate in the MIPS track of the Quality Payment Program in 2017. To determine your status, enter your national provider identifier (NPI) into the entry field on … [Read more...] about How to determine your MIPS participation status