Do You Want to Get Paid?

Today I'd like to share with you how to keep your accounts receivables under control. Lets first look at a benchmark to measure how well you're doing with your accounts receivable:

Your A/R should be 50-75% of an average months production. For example, if your average month production is $100,000, the amount owed to your practice, or a/r, should not be more than $50,000 - $75,000.

Let me give you a few tips to make this easy to manage:

1. Collect it while the patient is in the practice. 
    It is much easier to collect while the patient is there, instead of sending a statement and waiting for them to send it to you.
    In order to do this, however, you have to be prepared. You have to have their insurance information in the system and be ready
    to give them a total. 

2. Send billing statements as Insurance pays in addition to regular billing cycle.
    As soon as you post insurance payments and see the patient has a balance, send a statement.

3. Create a standard protocol for handling past due accounts.
    What are you going to do at 30, 60, & 90 days? I recommend a combination of both written and phone conversations, but after 90
    days, it is time to get a 3rd party involved. Don't wait too long to turn it over to a 3rd party. The longer you wait the less likely it is
    you will collect on an account.

You work really hard providing services to your patients and I know you want to get paid! It's important that when you put the work in, you get paid as well!