Archives : collections
Time to throw in the towel on private practice…or is it?
I don’t buy it.
An article in the New York Times today titled, “More Doctors Giving Up Private Practices,” told the story of an increasing number of physicians who are finding their “bliss” through employed, salaried positions, rather than at the helm of their own private practice. The reason – increased costs, decreased pay, and ultimately unhappier doctors in the private practice environment. Again, I don’t buy it.
The article spoke of the…
Dear Doctor: Here is half your money, take it or leave it
I recall as a student when – somewhere near the last day of school – an instructor would share the funniest things that they’d seen come across their desk throughout the year. It was usually some 5-word blooper from a student or a simple, yet funny misstatement of history that found it’s way into a writing assignment; something that managed to set itself apart from the rest, truly catching the attention of the instructor through…
Cash flow considerations
There is a trend of “slowing payments” over the past several months and we are noticing clinics have higher percentages of aged account balances, particularly from patient responsibility, sitting out in the greater than 90 or 120 day columns. With individuals continuing to struggle in this economy, they are more quickly and frequently making the decision that their medical bills can be put on hold. Clinic owners need to recognize that this may be happening in their practice,…
Take the pain out of collecting from patients
Collecting co-pays and responsible portions from patients is uncomfortable for many in the front office, and for clinicians as well. Unfortunately, choosing to avoid the pain of collecting can land a private practice in a world of hurt, especially in our current economic environment.
This article from the Medical Group Management Association (MGMA) speaks to some ways to make the collections process a bit easier, more professional, and systematic – ensuring that your practice won’t…
Customer focused collection tactics
Collecting on aging accounts is vital to the health of our business. The collection process needs to be thorough and efficient in order to maximize cash flow. But, having a methodical system does not mean that customer service is thrown out the window. Peter Lucash offers some insight into maintaining great customer service while working these accounts.
Collecting fees, from co-payments to non-covered expenses, requires a degree of tact and
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