- Revenue Cycle Management: Taking Back Your Medical Practice is Possible
Revenue Cycle Management has improved standard billing and collections' practices just as surely as smart phones have eclipsed the phone booth in communications capabilities. Revenue Cycle Management companies can benefit from thousands of "paid" claims for specific services and submit a provider's claims correctly the first time, resulting in a rapid reimbursement over 90% of the time.
- Would Your Practice Benefit If Medical Insurance Claims Were Paid 3-4 Weeks Earlier?
Is that kind of performance even possible? Basic knowledge of cash flow and accounts receivable tells us getting paid earlier would increase cash flow. Regarding the "how" question, quantifying the benefits of increased profit, and taking steps to achieve it are the real challenges in an industry whose costs are rising and whose regulatory climate continually adds more time and effort just to get paid for services rendered.
- Avoid The Collections Process And Keep Your Customers Buying From You
Effective AR management is more than sending statements and transferring customers to collections for non-payment. Two integrated collections processes that must be considered include 1) Basic invoicing, or point of sale, conditions and 2) Expert AR follow-up after invoicing. This latter process is a mission critical function called pre-collections, or soft-collections, and is available from companies who specialize in these services.
- What to Do When Customers Are Late When Making Payments
An effective receivables management program, then, is the key to handling late payments. However, most companies do not have the staff, especially the trained staff, to manage receivables this effectively from the start. Outsourcing the receivables management can be a good alternative, and can even help decrease the costs of maintaining strong cash flow by not adding permanent staff.
- The Most Overlooked Aspect of Your Company and Why It May Be Stealing Your Profits
Most business owners understand sales but few understand the intricacies of implementing an effective accounts receivable management strategy. In fact, it is one of the most overlooked aspects in business today and it could be costing you a lot of customers and a lot of money. Your customer bought from you before, if you provided a good product or service, they are very likely to buy from you again. Don't lose them before their next purchase.
- Quickbooks Review
QuickBooks, once considered good accounting software for small business, has successfully made the transition to a highly effective solution for midsize corporations and meets all customer account management, inventory tracking, payroll, accounts receivable management, and overall corporate accounting management software needs.In order to survive in today's business climate, the agile business needs to select appropriate management software.
- Veterinarians and Accounts Receivable Management
Like most small businesses, veterinarians have to be competitive and offer a suite of services directly and indirectly related to pet health and safety. And like medical offices, vets offer a variety of methods of payment, including cash, check, credit card, and even insurance. Although insurance is not as prevalent in vet clinics as it is in the other health fields, it has become a factor in attracting customers.
- Payroll and Low Cash Flow - What to Do When Business Income Is Less Than Expenses
At a recent business luncheon, the featured speaker was the President of a small services company. He shared a story of taking his company from a monthly net loss position to profitability in less than 12 months. He was an excellent speaker, but that point was ignored by the attendees, who were captivated by his dramatic cash flow success story.
His speach was titled: The 9 Most Important Cash Flow Actions in Attaining Profitability
- Revenue Cycle Management for Medical Providers - It's Not Just Billing and Collections!
The demand for effective accounts receivables management for medical practices has spawned a large market for services called Revenue Cycle Management . Revenue Cycle Management properly addresses the complex regulations medical providers face to get paid for health care services. To ensure cash flow in an industry where reimbursement is highly regulated, physicians and dentists must employ people with specific Revenue Cycle Management skills.
- How To Increase Profit In Your Business
Accounts receivable? Isn't that the part of the business no one wants to think about, or talk to the customer about? Sadly, that can be true. And too often managers delegate that part of the business to people who perhaps don't have the same sets of skills as those in sales, service, and QA. That is a mistake. Accounts receivable is perhaps the only department that can positively influence both the top line and the bottom line of a business.
- The Affordable Care Act Effect: How the Affordable Care Act Affects Medical Practices.
The practice of medicine is highly revered in the U.S., and yet no other industry or career path has as much regulation or such widespread and public potential of litigation for malpractice. The days of the venerable country doctor are over, yet the public still holds that perception, while the reality is more controlled by Federal agencies, insurance companies, Congress, drug companies, attorneys, and technology.
- When Should You Use 3rd Party Medical Insurance Claims Resolution In Your Practice?
Though there are state and federal regulations for insurance payers regarding time limits on reimbursements of non-disputed claims, the payers are still often accused, officially and unofficially, of deliberately slowing payments to providers. Deliberate payment delay tactics are often extremely hard to prove. For providers, the best defense is a good offense and that is why third parties have been so helpful to providers.
- What Are Collections And How Do They Work For My Business?
To people in business, the term "collections" has various meanings. The real meaning of collections, however, takes in the entire process from invoicing to obtaining payment for value rendered to another entity. Collections is not synonymous with accounts receivable. Accounts receivable is a static asset and collections is a dynamic process of realizing maximum value from that asset by advancing cash flow as much as possible.
- Dental Practices' Accounts Receivable: Managing Patient Balances and Insurance Claims
Accounts Receivables Management, in a dental office, is perhaps more complex than any other small business, including medical offices. There are many third-party insurance company "hoops" to jump through just to get paid for preventative dental health, and especially cosmetic or restorative services. Therefore, to maintain a healthy cash flow in an industry where third-party reimbursement can adversely affect cash flow...
- An Effective AR Strategy Has Cash Flow Impact and Can Stimulate Your Business
More companies are beginning to see that professional accounts receivables management is not just about the cash flow impact and decreasing costs, although those are the expected results. It can also be a clear example of a well-managed, customer oriented business to both existing and prospective customers alike.
- The Challenges Facing Healthcare Practices Today: Maximizing Cash Flow is Necessary.
A review of the financial status of any industry will reveal costs associated with government regulation, but few industries are facing challenges as much as the healthcare industry. The need for prioritizing a practice's cash flow, through professional accounts receivables management, has never been greater.
- Patient "Out-of-Pocket" Healthcare Costs are Rising: Medical Practices Feel the Pinch
Since it takes more effort for medical offices to collect the initial reimbursements from insurance companies and since insurance companies are paying less than before, balances of unpaid bills (or claims not yet paid by the insurance company) are increasing. Many practices struggle to keep up with an ever increasing workload because they just don't have the time, or the efficient systems, to keep up with every claim for every patient.