Collections are the lifeblood of a successful medical practice. However, many practices are starting to report a slowing in collections that is causing concern.
If you are a practice experiences a slowing in collections compared to previous years or you are starting to experience cashflow issues even though your A/R is steady or has increased, you are not alone.
Today, staying on top collections is a challenge because of two factors:
There is simply a shortage of people. Healthcare workers have borne the brunt of the pandemic and keeping a practice fully staffed is a challenge. With the continued need to quarantine and the increase in healthcare professionals leaving the industry, many medical practices find themselves in the unenviable position of just trying to keep up. More often than not, the fundamentals of operating the practice take priority, leaving little time to focus on the day-to-day activities needed to stay on top of your billing.
A healthy and effective A/R process requires follow up. When an issue is raised by a payor, the medical practices that respond the quickest receive the best service. The reverse is also true. Medical practices that actively follow up on open balances at 30 days are more successful in shortening collection times. There is nothing magical to the follow up process. It just takes time and dedicated focus. Although simple, maintaining the focus on follow up remains a common challenge.
If you are struggling to stay in front of your A/R, we recommend enlisting the support of a revenue cycle management expert. Many revenue cycle management companies offer part-time and flexible A/R and collection services.
Don’t wait until cashflow becomes a problem. A little bit of support now can go a long way to maintaining the continued success of your practice.
If your practice is currently experiencing A/R management challenges having a negative impact on your bottom line, or if you would like to learn more about MRG’s outsourced revenue cycle management services, please speak with your CPA advisor or contact MRG’s Karrie Plaskett at 888-818-0563 ext 317 or email@example.com or visit MRG’s website at www.mrgllc.net.