Collections and Your Practice’s Bottom Line

March 25, 2019

Medical doctors spend over a decade going to school to learn how to save lives and treat illnesses. By the time they take their board exams and become licensed, they have spent 12-15 years just in training for their profession as a physician.

Doctors have taken classes in biology, chemistry, anatomy, and pharmacology. They have completed medical school, they served a residency, and they often trained at the fellowship level for even further specialization.

But one class they do not take, unless it is an elective, is business. It’s hard to fiscally run a medical practice and to manage it well, and medical classes don’t prepare you for that. Many large practices hire CFOs to manage their collections, billing, and other financial processes – but if you are a solo practitioner, what is a doctor to do?

Why Should I Hire a Medical Collections Consultant?

Medical practices need an expert consultant who will come in and take the financial reins, and set some policy standards. For example, if a patient has reached a certain dollar total or an extended period has elapsed without any sign of a payment forthcoming, at what point can the doctor turn the patient away from providing further care?

A medical-collections expert like those at our team can help you protect your bottom line by turning negative accounts receivables into profitable bank balances. We can identify and correct potential errors that hold up receiving payment, such as coding errors, spelling errors, and other common issues.

Billing in the health care industry has undergone some major changes in the last few years and is still evolving. Hiring an expert to come in and give your medical practice an unbiased review of collections practices – along with ensuring that there aren’t errors – can help speed up the payment process, keeping receivables low and collections high.

It is the practice that pays the bills, the salaries, the rent, the internet, etc. Anything that causes payments to be delayed can negatively affect the ability of a fledgling medical practice to stay in business.

Medical Collections Experts Can Help Your Practice

Bringing in experts from ProMD Practice Management will have your medical practice running at optimum performance within a week. No more floating loans from the doctor’s personal account instead of being able to collect what the practice is owed.

We will even do all medical coding, billing, and collecting instead of you having to pay semi-qualified staff. After all, every doctor wants a smooth-running, expertly-staffed office where errors don’t happen on a daily basis, right?

Contact our team at ProMD Practice Management to help correct your practice’s weak areas and turn the collections around for a healthy bottom line. Instead of having thousands of dollars left on the table and unpaid, you could be bringing it to the bank.

Call us today at 888-622-7498 or request an evaluation online. Let us help you turn your medical practice into the thriving business it should be.

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