Fall is a great time for medical and dental groups to review their
cash-flow and revenue cycle process. It is a crucial time before the
holiday season when you are short-staffed and patients begin
prioritizing discretionary spending.
Recently, an administrator contacted me concerning her group's
growing receivables. Her conundrum was with recent changes her A/R had
grown to a point of concern; however, they were limited on space to hire
more staff. "Interestingly enough" I said. "I just had a follow-up with
a practice who had similar concerns, but were now showing exceptional
results - with fewer staff." In fact, due to one staff member being
transferred and another being out on medical leave, her department was
down to just herself. To make matters worse, they were busy with ICD-10,
EMR upgrades, training, etc.. Nonetheless, she was able to
significantly reduce A/R while managing other priorities. In addition to
increased cash-flow, she reported significantly fewer patients
requiring costly third-party collection efforts. "It has been a
win-win," she said.
Fortunately, three months earlier, their office adopted a solution
compatible with 98% of the top EMR and practice management software. The
technology was designed to significantly improve the efficiency and
effectiveness of a practice's internal collections. Perhaps more
important is the time saved, which may be rededicated to other, more
productive operations. With that said, the demo was scheduled, and a new
client advocate was created.
Summary: Investing a little time to review these enhancements can pay
big dividends for your practice. If your practice is interested in
learning more about the aforementioned solutions via web demo, please
contact me directly or via LinkedIn In Mail. Happy Holidays!