Support Tools Choosing to go down the path of having a debt professionally collected is a very personal decision for a practice. First, we suggest a self-audit of your intentions and these Support Tools can help you make those decisions. The first is a chart that helps you determine which approach for debt collections may…
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When To Use a Collection Agency The chances of collecting on an account decrease dramatically as it ages. It’s expensive to allow accounts to linger that you feel you will not be able to collect. It sometimes becomes a better use of your practice’s time and resources to concentrate on other aspects of your business….
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Establish a process Accounts receivable are your company assets. Choose the best process for managing your company’s accounts receivable, but regardless of the method you choose, be sure that you: Create a record of all sales and receipts Have a system in place for generating invoices on an ongoing basis Keep close track of current…
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Compliant Collections Improper charging and billing procedures can instantly land a practice in hot water. Financial compliance rules dictate that we must charge and bill correctly. However, the collection practices of a business are customizable, within reason, to the desires of the business owner. Randomly writing off balances willy-nilly or charging different fees for the…
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Of course, providers don’t want to see bad debts on their books, but bad debt does happen. This tutorial has a compilation of suggestions for avoiding bad debt and how to decide when—and if—you want to pursue collection if you do end up with bad debts on the books. Find answers here as to the…
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Support Tool Sometimes you must do things the old-fashioned way. Of course, using billing software enables one to print information directly from the A/R. However, an Accounts Receivable Log will help you take control of your Accounts Receivable and allow you to track outstanding accounts, the number of patient statements you have sent out, and…
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