Financial Policies & The Health of Your Practice
“No business runs well if it is collecting less than what is owed it.”
A large factor in the health of your practice is the strength of your financial processes. Practices that lack firm policies and procedures lack growth and revenue. There is no getting around the relationship between the two. If you do not have very specific and firm financial policies in place, with clear expectations and a high level of accountability, then I guarantee you are missing out on precious earnings. Either the Financial Coordinator or the Office Manager needs to be pulling specific reports from your management software on a regular basis and reviewing them with the doctor.
It is very important that when you run a financial report, you know the information is accurate. If your policies for data entry are lacking, your reports will be skewed. When we have accurate information, and understand that delinquent reports show actual delinquent accounts, we can then have a clear direction on targeting our efforts and aggressively addressing those delinquent accounts to bring the monies into the practice. Your protocol for what to do when situations arise, like a denied insurance claim, a patient late on payment, or an AutoPay rejection, should be a smooth and predefined process.
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