Your income is directly affected by the activities done by your billing department. If there are mistakes or problems with preparation or submission of fees, you may actually be losing money.
There are several things that you can do to prevent this:
1. Make sure that you understand the system - Many doctors do their own work but do not know exactly how or when billing is done for them. As a business owner, however, you need to remember that if billing is done incorrectly or delayed, you are the one who suffers. financially.
2. Have checks in place to prevent errors - Each day I compare my calendar of scheduled appointments with the computer Sales Report to ensure that all invoicing was done. This only takes a couple of minutes but keeps the money flowing and also allows prevents having problems that would have to be corrected at a later date.
3. Set specific deadlines - Billing is not something that can be done whenever staff feels like doing it. This is your income and the sooner that receivables are done, the sooner you will be paid. Make sure that your billing department does the billing as a priority task. I make sure, for example, that all of my billing is done on the day that I have done the work.
4. Review activity - It is important that you not only have an income goal for each day but also know that you have met it. You can ask your billing department to forward reports to you on a regular basis so that you can assess how you are doing.
5. Ensure that collections are done in a timely fashion - It doesn't take long until you are under financial strain when accounts are not paid in a timely fashion. It would therefore be a good idea to have a process in place where your staff will follow-up and collect any outstanding amounts.
6. Confront issues - Do not hope or wish that things will improve. If you find that there are repeated errors or problems with your billing procedures, set an appointment with the person in charge of your accounts. Meet with that person to discuss the things that are not being done in an efficient or timely manner. You can document the meeting by writing a short email to the other person in which you briefly review the situation as well as the changes that will be implemented for the future.