Collecting small patient balances is sometimes more work than it’s worth. To avoid losing money while trying to collect balances that won’t cover the cost, it’s helpful to have a separate policy for your staff in place. Define a cutoff for your small balance policy First, you need to define the cutoff for “small balances”. […]
The Doctor’s Complete Guide to Accounts Receivable Management
Accounts receivable management in healthcare is a constant battle for dentists and physicians working in private practice. As the financial burden of healthcare shifts towards the patient in the form of higher deductibles and copays, doctors who don’t have a reliable collection process are in trouble. Neglecting your accounts receivable management is a recipe for […]
RBRVS Overview
Medicare and Medicaid, along with many other commercial third-party payers, use the Medicare Fee Schedule (MFS) system, based on the resource-based relative value scale (RBRVS) to determine the payment amount for various procedures performed by doctors. Understanding the basics of how the RBRVS works is key to managing your clinical revenue stream, practice profitability, and […]
3 Accounts Receivable Metrics Every Doctor Should Know
Accounts receivable is the revenue you generated but have not yet collected. Understanding and monitoring A/R is vital to healthy cash flow for your practice. When A/R gets out of hand, doctors lose out on the revenue they’re owed. Measuring relevant A/R benchmarks can shed valuable insight into your billing and collection processes. Three common […]
How to Write A Patient Financial Policy: 9 Things You Need to Include
Are you preparing to write your first patient financial policy? Have you decided it’s time to update an outdated copy? In either case, use this list as a simple rubric to help you write an effective financial policy. 1. Remind the patient of their financial responsibilities Explain co-payments, high deductible amounts, and non-covered services that […]
5 Strategies On How To Share Your Financial Policy with Patients
The best financial policy in the world won’t help anybody if it stays hidden on your hard-drive. Doctors need to be intentional about how they share their financial policy with their patients. Clear communication and thoughtful reminders is the best way to encourage compliance and follow-through. Here are 5 simple and effective strategies for ensuring […]