Patient due amounts (copays and coinsurance) can make up roughly a third (or more) of your practice A/R, but on average only one-third of patient dollars are properly collected upfront. If you see a patient in your practice and they leave without resolving their patient due amount, your chances of being paid in full decreases […]
The Importance of Accuracy in Medical Payment Posting
When posting payments in a practice management system the need for accuracy is essential. Inaccurate postings can result in serious downstream financial affects for your practice. Though the importance and possible negative ramifications of posting payments inaccurately are seemingly obvious, mistakes can easily occur with a simple typo. When posting an insurance payment to the […]
Improve Your Practice Financials in 5 Steps
We’ve all seen it. The patient comes to the check-in window, and you ask “Name… date of birth… have there been any changes in your address or insurance?” The patient quickly replies, “Nope”, and takes a seat in the waiting room. The charge is entered and billed to the insurance on file and two weeks […]
5 Questions to Ask to Reduce Denied Claims
We’ve all seen it. The patient comes to the check-in window, and you ask “Name… date of birth… have there been any changes in your address or insurance?” The patient quickly replies, “Nope”, and takes a seat in the waiting room. The charge is entered and billed to the insurance on file and two weeks […]
5 Tips to Collect Outstanding Patient Balances
High deductible health plans and higher copays have driven practices to focus more attention on collecting large outstanding patient balances. For many practices, patient collections account for 20-30% of their overall revenue, so it’s more important than ever that the practice staff be comfortable with and trained on how to collect overdue self-pay balances. 5 […]
The Perfect Team Roster to Open a Medical Practice
Are you finding that your practice’s fees are below other similar specialties in your area? On your insurance payments, are you noticing that the carriers are occasionally reimbursing your practice 100% of the billed amount? If you answered yes to either of the two questions above, it may be time to complete a medical practice […]
Why Physicians Should Open a Medical Practice in 2021
Are you finding that your practice’s fees are below other similar specialties in your area? On your insurance payments, are you noticing that the carriers are occasionally reimbursing your practice 100% of the billed amount? If you answered yes to either of the two questions above, it may be time to complete a medical practice […]
How to get a Medical Practice Loan
For some, going to a bank to obtain a medical practice loan may seem daunting but it’s really a straight forward process. These simple points will help you obtain a good loan. Get a low rate Naturally, you will want the lowest interest rate you can get.Consider using the prime rate as your basis for […]
Medical Practice Fee Analysis: Complete in 2 Easy Steps!
Are you finding that your practice’s fees are below other similar specialties in your area? On your insurance payments, are you noticing that the carriers are occasionally reimbursing your practice 100% of the billed amount? If you answered yes to either of the two questions above, it may be time to complete a medical practice […]
Concierge Medicine: The New Movement for Physicians
Have you considered the benefits of adding a concierge medicine practice to your current business or perhaps switching over entirely? 3 reasons why physicians are considering concierge medicine. 1. Popularity The number of physicians in concierge medicine remains small, but it’s growing rapidly. In 2012 there were 4,400 private physicians practicing concierge medicine, a 25% […]