Dental Practice Accounts Receivable: Putting Your Money Where the Mouths Are.
Accounts receivable turnover--the average amount of time that it takes a patient to pay outstanding invoices—is an indicator of your practice’s financial strength. It’s also used by banks and other financial lenders, when a practice is seeking the necessary capital and equipment to expand or make improvements aimed at better serving your patients. While most practices understand the importance of keeping receivables current, when it comes to actually collecting past due balances, efforts often fall short and can place the practice on precarious financial footing. This paper presents a strategy for preventing receivables from careening out of control as well as collecting existing past due balances.
This document provides guidance and best practices for collecting payments from patients at various points of service, such as in the emergency department, at clinic registration, and through financial counseling. It emphasizes the importance of collecting co-payments, estimating costs upfront, educating patients on their financial responsibilities, and using courteous, scripted language. Collecting payments at the earliest opportunity improves the patient experience and the healthcare organization's cash flow and financial position by reducing bad debt.
This document outlines 10 steps for improving medical accounts receivable management: 1) establish clear financial policies, 2) verify insurance, 3) ensure accurate patient registration, 4) collect copays and balances, 5) thoroughly document services, 6) submit correct claims, 7) monitor reimbursements, 8) address denied claims, 9) invoice patients, and 10) pursue collections or write-offs. Following these steps helps maximize reimbursements and collections while minimizing accounts receivable. Charts are also provided showing indicators for aging receivables and key financial ratios related to receivables management.
Maximizing Front Desk Collections W Next Gen (For Distribution).PptJames Muir
This document summarizes a presentation about maximizing front desk collections with NextGen. The presentation focuses on establishing policies, training staff to ask patients for payment, and using tools in NextGen to track collections. It provides tips for staff, including accepting multiple payment methods, establishing goals for upfront payments, creating scripts, and making staff accountable. It stresses the importance of collecting co-pays upfront to reduce costs and increase revenue.
8 Keys for Practice Cash-Flow Optimization PDFGloria Lyon
This document outlines 8 keys for optimizing cash flow in a medical practice. It discusses the importance of cash flow and identifies challenges in medical collections. It identifies four types of patients and stresses the importance of early intervention. It provides tips for improving internal collections practices and considering working with a compliant collection agency. The document emphasizes that practices must adapt their cash flow strategies to remain competitive in today's harder collection environment.
This document provides an overview of debt collection, including:
1. Defining debt collection and describing the types, including first/third party collections and different types of debts.
2. Outlining key laws governing debt collection practices in the US, such as the Fair Debt Collection Practices Act.
3. Describing strategies used by collectors to liquidate accounts, such as lettering, skip tracing, engaging consumers in payment plans, and maintaining documentation.
This document summarizes a study on debt recovery techniques, problems, and prospects at BASIC Bank LTD's Shantinagar branch. The study investigated causes of non-performing loans through a survey. It found that major causes included economic downturns reducing business profits and consumer buying. It recommended that banks carefully assess borrowers' repayment abilities, monitor loan use closely, and address insider lending to minimize bad loans.
The document discusses opportunities for middle-market insurance agents in large commercial accounts that are currently underserved. It outlines several myths and misconceptions agents have that prevent them from pursuing these larger clients, such as believing they cannot compete with larger agencies or that large clients already have their risk management effectively addressed. However, the document argues large clients face growing complex risks and incumbent agents are complacent, creating openings for new agents. Specific opportunities in workers' compensation, such as actuarial analyses, and health insurance, like data analytics to reduce waste, are discussed. High agent retention rates mean clients stay with agents who avoid changes, allowing new agents to disrupt the status quo.
This document provides guidance and best practices for collecting payments from patients at various points of service, such as in the emergency department, at clinic registration, and through financial counseling. It emphasizes the importance of collecting co-payments, estimating costs upfront, educating patients on their financial responsibilities, and using courteous, scripted language. Collecting payments at the earliest opportunity improves the patient experience and the healthcare organization's cash flow and financial position by reducing bad debt.
This document outlines 10 steps for improving medical accounts receivable management: 1) establish clear financial policies, 2) verify insurance, 3) ensure accurate patient registration, 4) collect copays and balances, 5) thoroughly document services, 6) submit correct claims, 7) monitor reimbursements, 8) address denied claims, 9) invoice patients, and 10) pursue collections or write-offs. Following these steps helps maximize reimbursements and collections while minimizing accounts receivable. Charts are also provided showing indicators for aging receivables and key financial ratios related to receivables management.
Maximizing Front Desk Collections W Next Gen (For Distribution).PptJames Muir
This document summarizes a presentation about maximizing front desk collections with NextGen. The presentation focuses on establishing policies, training staff to ask patients for payment, and using tools in NextGen to track collections. It provides tips for staff, including accepting multiple payment methods, establishing goals for upfront payments, creating scripts, and making staff accountable. It stresses the importance of collecting co-pays upfront to reduce costs and increase revenue.
8 Keys for Practice Cash-Flow Optimization PDFGloria Lyon
This document outlines 8 keys for optimizing cash flow in a medical practice. It discusses the importance of cash flow and identifies challenges in medical collections. It identifies four types of patients and stresses the importance of early intervention. It provides tips for improving internal collections practices and considering working with a compliant collection agency. The document emphasizes that practices must adapt their cash flow strategies to remain competitive in today's harder collection environment.
This document provides an overview of debt collection, including:
1. Defining debt collection and describing the types, including first/third party collections and different types of debts.
2. Outlining key laws governing debt collection practices in the US, such as the Fair Debt Collection Practices Act.
3. Describing strategies used by collectors to liquidate accounts, such as lettering, skip tracing, engaging consumers in payment plans, and maintaining documentation.
This document summarizes a study on debt recovery techniques, problems, and prospects at BASIC Bank LTD's Shantinagar branch. The study investigated causes of non-performing loans through a survey. It found that major causes included economic downturns reducing business profits and consumer buying. It recommended that banks carefully assess borrowers' repayment abilities, monitor loan use closely, and address insider lending to minimize bad loans.
The document discusses opportunities for middle-market insurance agents in large commercial accounts that are currently underserved. It outlines several myths and misconceptions agents have that prevent them from pursuing these larger clients, such as believing they cannot compete with larger agencies or that large clients already have their risk management effectively addressed. However, the document argues large clients face growing complex risks and incumbent agents are complacent, creating openings for new agents. Specific opportunities in workers' compensation, such as actuarial analyses, and health insurance, like data analytics to reduce waste, are discussed. High agent retention rates mean clients stay with agents who avoid changes, allowing new agents to disrupt the status quo.
How to Increase Patient Collection Percentage for Your Facility?Jessica Parker
It may never be possible for your practice to collect 100% of what you’re owed from patients – especially in today’s economy – but implementing firm payment policies is the best way to avoid issues. We have suggested a few points which might help you to get more collection from patients and that is also on time for most of the times!
This document discusses customer sensitive collections and essential self pay processes. It provides tips for effective pre-admission, admissions, customer contact, and bad debt collection processes. The goal is to create a customer sensitive patient experience that treats patients with compassion, dignity and respect throughout the revenue cycle. Opportunities discussed include financial counseling, emergency department co-pay collections, and clinic co-pay collections. The importance of analyzing self pay processes and collecting non-discounted dollars is also emphasized.
This document discusses accounts receivable (AR) and cash flow management in dental practices. It explains that there are three types of AR: gross fee-for-service, adjusted fee-for-service, and net fee-for-service. The distinction between these types is important for understanding actual revenue and cash collected. The document emphasizes that cash collection is vital to practice profitability and success. It recommends carefully monitoring AR reports, using accurate practice management software, and regularly evaluating merchant card processing to maximize cash flow. Increasing cash collections by just 3% in a $1 million practice could add $30,000 to the bottom line.
The document outlines 8 benefits of outsourcing medical billing to a specialist billing service: 1) Economies of scale lower costs compared to a single practice; 2) Dedicated, highly trained specialists focus solely on increasing practice profitability; 3) Practices gain more control through transparency and ability to access reports; 4) Keeping up with changing industry rules is difficult for practices to do alone; 5) Billing services are prepared for changes like ICD-10 through aggregated knowledge from other practices; 6) Outsourcing can get practices paid faster through fewer errors and faster claim submission; 7) It allows practices to focus on patient care rather than billing tasks; 8) Less stress and more cash flow results from billing specialists
The document provides 10 ways to reduce patient statement volume and costs, including segmenting patients and tailoring statements, reducing unnecessary information on statements, encouraging earlier payments, optimizing address data and return mail, providing multiple payment options including online payments without logging in, and collecting payments at the point of service. It stresses applying analytics to statements to understand which methods are most effective.
The document provides 10 ways to reduce patient statement volume and costs, including segmenting patients and tailoring statements, reducing unnecessary information on statements, encouraging earlier payments, optimizing address data and return mail processes, providing multiple channels for payment notifications, making e-statements easy to opt into, allowing online payments without logins, providing statement access through patient portals, collecting payments at the point of service, and applying analytics to understand which methods are most effective.
Achieving Success with Billing and CollectionsJohn Mazza
John Mazza presented on achieving success with billing and collections. He emphasized being proactive by ensuring accurate patient information, collecting payments upfront, and using online tools to check eligibility and benefits. He also stressed the importance of timely filing, tracking missing charges, following up on accounts, training staff, and monitoring key performance indicators like collection percentage and days in receivables. The overall message was that practices need proactive processes and well-trained staff to bill correctly and maximize revenue from collections.
3 Tips To Get 100% Payment from Patients -- Bryan PereyoVSee
Whether you're a solo practice or big health system, slow or non-payments are affecting your bottom line. Find out how you can collect patient debt more quickly and effectively with top-rated medical collection expert, Bryan "Uncle Louie" Pereyo. Get the ins and outs of the collection process, learn the latest technology that can help, and find creative tips you can implement today.
Due to rising healthcare costs and the increase in high deductible health plans, patient collections have become more important for medical practices. It is estimated that the average out-of-pocket costs for patients have risen from 10% to nearly 30% in recent years. To maintain revenue, practices must prioritize collecting payments at the time of service through clear payment policies, communication of financial responsibilities, and the ability to accept multiple payment methods. Ongoing diligent follow-up is also needed to collect on outstanding balances through billing cycles and collection agencies if needed.
Drastic electronic overhauls are revolutionizing dental practices and improving the ways offices record and track patients. However, with all this new technology, many dentists still find tracking patient health a primary challenge in maintaining their billing process. Another factor is getting paid.
The Latest Self-Pay Trends: New Burdens and Opportunitiesathenahealth
Let athenahealth guide you through the burdens of navigating through revenue collections from your patients to make sure your practice has access to all monetary opportunities to ensure financial success.
Drastic electronic overhauls are revolutionizing dental practices and improving the ways offices record and track patients. However, with all this new technology, many dentists still find tracking patient health a primary challenge in maintaining their billing process. Another factor is getting paid.
4 debt collection activities we performDebt Nirvana
Debt collection is the process of collecting money from those who have not paid for products, services, or other items received. A debt collection agency collects money owing on past-due debts. Many firms that owe money to creditors use debt collectors.
This document summarizes an optional financing program called Option-Pay that can be implemented in healthcare practices to help more patients access elective care. The turnkey program provides instant credit decisions and flexible financing options to approve more patients. It aims to increase case acceptance, revenue, and act as a contingency plan when other financing is declined or insufficient. Practices retain control and can monitor the program online anytime. Implementation takes 24-48 hours with no setup costs. The program is designed to enhance and work with existing financing offerings.
The number of patients with high-deductible plans continues to grow. Effective collection of patient financial responsibilities must be a priority for a practice to stay on the path of financial health. Download this eBook to learn key straegies for optimizing patient collections.
The document discusses strategies for optimizing self-pay patient collections. It notes that collecting from self-pay patients is challenging but critical for practices' financial health as more revenue comes from patients. It recommends verifying patient insurance at check-in to collect copays and establish credit card on file programs. Establishing clear policies on collecting balances, offering payment plans, and using agencies only as a last resort are also discussed. The implications of the Affordable Care Act, like grace periods for unpaid premiums, are reviewed along with average exchange plan deductibles. Overall it provides best practices for effective self-pay collection processes and policies.
Financial Strategies for Healthcare Providers Budco Financial
Managing the cost of healthcare continues to be a top concern for consumers and healthcare providers alike. Here are three strategies providers should use to improve self-pay receivables and increase patient satisfaction
This short document wishes the reader happy holidays and a beautiful life. It encourages taking time to appreciate the beauty around you, such as your surroundings, family, and friends. The reader is told to celebrate life and the beauty surrounding their family during the holidays and into the future.
What happens when top clinical dentists and CEO’s come together?Doug Graham
The document advertises the Sikka Summit 2012 conference on "Data Driven Decision Making" to be held November 2-3 in Monterey, CA. It brings together top clinical dentists, CEOs, and entrepreneurs to discuss optimizing dental practices. Attendees can earn up to 10 continuing education units. Early registration provides a $100 discount for dentists using the code "SS2012". Team members can attend for $49 each to improve their practice's financial health. More information is available at the listed website.
How to Increase Patient Collection Percentage for Your Facility?Jessica Parker
It may never be possible for your practice to collect 100% of what you’re owed from patients – especially in today’s economy – but implementing firm payment policies is the best way to avoid issues. We have suggested a few points which might help you to get more collection from patients and that is also on time for most of the times!
This document discusses customer sensitive collections and essential self pay processes. It provides tips for effective pre-admission, admissions, customer contact, and bad debt collection processes. The goal is to create a customer sensitive patient experience that treats patients with compassion, dignity and respect throughout the revenue cycle. Opportunities discussed include financial counseling, emergency department co-pay collections, and clinic co-pay collections. The importance of analyzing self pay processes and collecting non-discounted dollars is also emphasized.
This document discusses accounts receivable (AR) and cash flow management in dental practices. It explains that there are three types of AR: gross fee-for-service, adjusted fee-for-service, and net fee-for-service. The distinction between these types is important for understanding actual revenue and cash collected. The document emphasizes that cash collection is vital to practice profitability and success. It recommends carefully monitoring AR reports, using accurate practice management software, and regularly evaluating merchant card processing to maximize cash flow. Increasing cash collections by just 3% in a $1 million practice could add $30,000 to the bottom line.
The document outlines 8 benefits of outsourcing medical billing to a specialist billing service: 1) Economies of scale lower costs compared to a single practice; 2) Dedicated, highly trained specialists focus solely on increasing practice profitability; 3) Practices gain more control through transparency and ability to access reports; 4) Keeping up with changing industry rules is difficult for practices to do alone; 5) Billing services are prepared for changes like ICD-10 through aggregated knowledge from other practices; 6) Outsourcing can get practices paid faster through fewer errors and faster claim submission; 7) It allows practices to focus on patient care rather than billing tasks; 8) Less stress and more cash flow results from billing specialists
The document provides 10 ways to reduce patient statement volume and costs, including segmenting patients and tailoring statements, reducing unnecessary information on statements, encouraging earlier payments, optimizing address data and return mail, providing multiple payment options including online payments without logging in, and collecting payments at the point of service. It stresses applying analytics to statements to understand which methods are most effective.
The document provides 10 ways to reduce patient statement volume and costs, including segmenting patients and tailoring statements, reducing unnecessary information on statements, encouraging earlier payments, optimizing address data and return mail processes, providing multiple channels for payment notifications, making e-statements easy to opt into, allowing online payments without logins, providing statement access through patient portals, collecting payments at the point of service, and applying analytics to understand which methods are most effective.
Achieving Success with Billing and CollectionsJohn Mazza
John Mazza presented on achieving success with billing and collections. He emphasized being proactive by ensuring accurate patient information, collecting payments upfront, and using online tools to check eligibility and benefits. He also stressed the importance of timely filing, tracking missing charges, following up on accounts, training staff, and monitoring key performance indicators like collection percentage and days in receivables. The overall message was that practices need proactive processes and well-trained staff to bill correctly and maximize revenue from collections.
3 Tips To Get 100% Payment from Patients -- Bryan PereyoVSee
Whether you're a solo practice or big health system, slow or non-payments are affecting your bottom line. Find out how you can collect patient debt more quickly and effectively with top-rated medical collection expert, Bryan "Uncle Louie" Pereyo. Get the ins and outs of the collection process, learn the latest technology that can help, and find creative tips you can implement today.
Due to rising healthcare costs and the increase in high deductible health plans, patient collections have become more important for medical practices. It is estimated that the average out-of-pocket costs for patients have risen from 10% to nearly 30% in recent years. To maintain revenue, practices must prioritize collecting payments at the time of service through clear payment policies, communication of financial responsibilities, and the ability to accept multiple payment methods. Ongoing diligent follow-up is also needed to collect on outstanding balances through billing cycles and collection agencies if needed.
Drastic electronic overhauls are revolutionizing dental practices and improving the ways offices record and track patients. However, with all this new technology, many dentists still find tracking patient health a primary challenge in maintaining their billing process. Another factor is getting paid.
The Latest Self-Pay Trends: New Burdens and Opportunitiesathenahealth
Let athenahealth guide you through the burdens of navigating through revenue collections from your patients to make sure your practice has access to all monetary opportunities to ensure financial success.
Drastic electronic overhauls are revolutionizing dental practices and improving the ways offices record and track patients. However, with all this new technology, many dentists still find tracking patient health a primary challenge in maintaining their billing process. Another factor is getting paid.
4 debt collection activities we performDebt Nirvana
Debt collection is the process of collecting money from those who have not paid for products, services, or other items received. A debt collection agency collects money owing on past-due debts. Many firms that owe money to creditors use debt collectors.
This document summarizes an optional financing program called Option-Pay that can be implemented in healthcare practices to help more patients access elective care. The turnkey program provides instant credit decisions and flexible financing options to approve more patients. It aims to increase case acceptance, revenue, and act as a contingency plan when other financing is declined or insufficient. Practices retain control and can monitor the program online anytime. Implementation takes 24-48 hours with no setup costs. The program is designed to enhance and work with existing financing offerings.
The number of patients with high-deductible plans continues to grow. Effective collection of patient financial responsibilities must be a priority for a practice to stay on the path of financial health. Download this eBook to learn key straegies for optimizing patient collections.
The document discusses strategies for optimizing self-pay patient collections. It notes that collecting from self-pay patients is challenging but critical for practices' financial health as more revenue comes from patients. It recommends verifying patient insurance at check-in to collect copays and establish credit card on file programs. Establishing clear policies on collecting balances, offering payment plans, and using agencies only as a last resort are also discussed. The implications of the Affordable Care Act, like grace periods for unpaid premiums, are reviewed along with average exchange plan deductibles. Overall it provides best practices for effective self-pay collection processes and policies.
Financial Strategies for Healthcare Providers Budco Financial
Managing the cost of healthcare continues to be a top concern for consumers and healthcare providers alike. Here are three strategies providers should use to improve self-pay receivables and increase patient satisfaction
This short document wishes the reader happy holidays and a beautiful life. It encourages taking time to appreciate the beauty around you, such as your surroundings, family, and friends. The reader is told to celebrate life and the beauty surrounding their family during the holidays and into the future.
What happens when top clinical dentists and CEO’s come together?Doug Graham
The document advertises the Sikka Summit 2012 conference on "Data Driven Decision Making" to be held November 2-3 in Monterey, CA. It brings together top clinical dentists, CEOs, and entrepreneurs to discuss optimizing dental practices. Attendees can earn up to 10 continuing education units. Early registration provides a $100 discount for dentists using the code "SS2012". Team members can attend for $49 each to improve their practice's financial health. More information is available at the listed website.
Autumn is arriving as evenings have become crisp, colors are changing with reds, golds and browns appearing, and God's creatures are gathering and storing for the future. The author expresses gratitude for being able to stop and appreciate the present moment, having had a full life with the changing of seasons, and thanks teachers for the reminder to live in the now.
We say Thank You and Good-Bye! to 2011. And, here is to a fantastic 2012; may all of your dreams come true, now and forever.
Celebrate the best for you and yours!
Here is to you and yours; all the best today, tomorrow and forever. May you continue to work for what it is you desire and always have all that you need! Thank you for being such an important part of my life!
At Your Service with Gratitude,
Doug Graham
'Helping Others, Help Themselves!"
Great brochure with 150 reasons to become a member of the ADA (American Dental Association). Here are just a few: #14 Volunteer programs to help the needy at home and around the world. #123 Free industry reports to help improve your practice. #79 Dentists sharing their clinical experience. #146 Consumers believe our purpose is to improve oral health.
This white paper discusses how outsourcing early stage receivables (those under 60 days past due) to the right partner can help mid-sized businesses improve their cash flow. It notes that collecting on accounts before they reach 60 days past due significantly increases the chances of payment. The paper outlines benefits of outsourcing like better collection results at lower cost, retaining customer relationships, and access to expert knowledge. It stresses the importance of carefully selecting a partner with receivables management as its core business that can provide customized solutions and meaningful reporting.
Transworld Systems White Paper EducationDoug Graham
This document discusses the challenges higher education institutions face in balancing enrollment goals, retention rates, and cash flow. It explores ways for institutions to improve cash flow without compromising retention, such as by establishing policies for managing student accounts receivable and outsourcing early-stage debt collection to specialized agencies. Outsourcing can help optimize limited institutional resources, increase early collection efforts, and reduce uncollected debt while supporting retention. The document advocates outsourcing as a way for institutions to yield higher returns compared to handling collections internally or using percentage-based agencies.
Accounts receivable turnover--the average amount of time that it takes a patient to pay outstanding invoices—is an indicator of your practice’s financial strength. It’s also used by banks and other financial lenders, when a practice is seeking the necessary capital and equipment to expand or make improvements aimed at better serving your patients. While most practices understand the importance of keeping receivables current, when it comes to actually collecting past due balances, efforts often fall short and can place the practice
on precarious financial footing. This paper presents a strategy for preventing receivables
from careening out of control as well as collecting existing past due balances.
Transworld Systems Inc. is a debt collection agency that has been in business since 1970. It has over 60,000 clients and 100 offices nationwide. Transworld has recovered over $2.4 billion for its clients in the past 5 years, with a success rate over 4 times the industry average. It serves a wide range of industries and clients that extend credit or accept checks. Transworld's GreenFlag debt collection program aims to minimize clients' internal collection expenses while preserving customer relationships through an early intervention approach with fixed fees averaging less than $10 per account.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia