$65 billion in medical debt went uncollected in 2010. How much of that affected your practice? In our last post, we discussed 3 tips for collecting outstanding medical bills: setting clear expectations up front with patients, verifying insurance, and requesting payment at the time of service. In this post, we’ll talk about a couple more…
When it comes to unpaid debts, the medical industry suffers. Did you know that on average a staggering 50% of every dollar billed to a patient goes uncollected? In 2010, that meant an estimated $65 billion in uncollected revenue! Part of this figure is made up of the uninsured, of course, but even among the…
Did you make any resolutions for the New Year? Maybe you want to save money, eat healthier, or spend more time with your family this year. Those are great goals! Now how about your business? Did you make any business growth resolutions to help move your operation forward in 2011? If you did, what did…
Late payments and bad debt are not only frustrating but they can impact your business and disrupt cash flow, causing undue pressure and financial hardship. Here are seven strategies that can increase your debt recovery and keep your cash flow moving in the right direction. Preliminary Credit Check: Before granting credit to a customer, whether…
As a business owner, it is understandable that you want to serve or sell to as many customers as possible. You have probably also worked very hard to build a relationship with your customers over time. One thing you have worked even harder doing is building your business and becoming successful and profitable. One way…