Photo courtesy of Joy Hicks
This week's Medical Office Topics
- 4 Ways to Get Paid: Understanding the different methods of payment is essential for the financial management of the medical office. Financial management includes all components of the revenue cycle including accounts receivable.
Accounts receivables, also known as patient accounts, refers to revenues generated but not yet collected. To ensure cash flow is sufficient for effective management, the medical office has the responsibility to maximize it's revenue potential.
There are four payment methods that should be considered when developing a financial management strategy... Read more
- 3 Golden Rules to Medical Office Management: The medical office manager is ultimately responsible for the success of the entire staff. Managers are required to distribute the work load, motivate and supervise staff, and coordinate the smooth operations of the office. Of course, when things go well, the medical office manager gets all the credit but when things don't go well they also get all the blame.
No matter if you are managing the small staff of a physicians office or the billing staff in a hospital, the manager can accomplish the goals of the organization from the medical office aspect using various tactics.... Read more
- 8 Steps to Developing a Winning Upfront Collections Policy: An important part of the revenue cycle is upfront collections. Upfront collections reduce the number of patient accounts that end up in bad debt or collections status. It is easier to collect from patients prior to services being rendered than 60 days later after insurance has finally paid.
Accuracy and consistency along with a system for determining and collecting patient responsibility is key for your upfront collections policy. When developing a policy for upfront collections for your office, be sure to include the following steps in mind.... Read more