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
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
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
6 key ingredients of a profitable medical practice
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
For good marketing, try an open house
Want a marketing approach that's both effective and inexpensive? Try an open house. It's an open sales opportunity, says Robin Samora of Let's Make You Shine, a Boston marketing firm for medical practices and small businesses. It can achieve a number of good things: Introduce the practice to prospective patients Introduce new physicians Show off the expertise … [Read more...] about For good marketing, try an open house
10 rules for getting good press and new patients along with it
To get new business, your medical practice has to be the first place the patient calls. To make the call, the patient has to know your practice's name. To know your practice's name, the patient has to see it over and over in the media. Media coverage is good free marketing, says Pam Lontos, president of Pam Lontos Consulting in Orlando. But to be of any value, it has to be … [Read more...] about 10 rules for getting good press and new patients along with it