> Financial Office Policies in Place to Maximize Your Profits
Financial Office Policies in Place to Maximize Your Profits
Journal/Article Reprint from Revenue Cycle Management IQ Center
Declining profitability has
led many physicians to conclude that their only solution is to see more
patients. But, in many cases, profitability can be increased significantly -
without increasing patient load - simply by improving revenue cycle processes.
Today's revenue cycle begins the moment a patient makes an appointment, and it
involves your front office, back office, and even your exam room. Nearly every
interaction with the patient is an opportunity to communicate or capture
information that is critical to being properly paid.
Small inefficiencies in your revenue cycle can systematically chip away profits
you should be earning. But, fixing these problems is often easy - and can lead
to immediate gains with no increase in workload.
Learn the essential steps your practice must take to get paid all that you've
earned - and work smarter, not harder!
It is clear that A/R and collections relate to the business side of medicine and are critical to your financial success. After patient care, your focus should be on getting paid for your services and collecting what is due, having a fine-tuned billing process with all its components working in a coordinated fashion, maximizing revenue, managing patient payments and overdue accounts, and ensuring that your employees are operating in a trustworthy manner. Disparities in Internet access among the most vulnerable patients could lead to differential access and utilization of healthcare if not addressed. Practices using EHRs should routinely ask and record patients' preferred communication methods and communicate using individual patient preferences. This article from The Journal of Medical Practice Management discusses the office policies to maximize your profits.