It doesn’t matter how busy you are if production doesn’t turn to revenue – collections rule the day! Here’s what you can do to keep the money flowing.
First, establish solid financial policies. Put them in writing, communicate your expectations of staff, give them the training and the tools to succeed, and then hold them to the task. It can be done, but your success depends on you giving staff the support they need and paying them what they are worth.
Next, review and analyze collection performance. It is wise for the manager and physician to review these reports together each month, compare performance to historical trends and look for hot spots that should be addressed.
1. Unpaid claims
2. Aging reports
3. Aging by payer class
4. Patient balance report
5. Payer performance reports
Analysis of these reports should include several months with graphs to identify trends. The trends revealed help you understand how the practice is performing and determine if a change in procedures or policy might improve performance.
These actions are essential steps to ensure you are getting paid for what you do.
Contact Judy Capko, one of America’s best known practice management consultants; www.capko.com
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