Archive | June, 2013

Medical practice executives cite financial management issues as most challenging – MGMA

27 Jun

Medical practice executives cite financial management issues as most challenging – MGMA.

As an MGMA Admini-Serve partner for over 13 years, the tools provided by Transworld Systems are THE best answer to the concerns that medical practices are facing in an ever increasing way.

  • We can help you deal with the new reimbursement models that place financial risk on the practice
  • We can help you better manage your finances
  • We can ensure that self-pay patients, or those with high-deductible health plans pay you sooner and more often.

In 22 minutes, I can help you determine if the tools I can provide will help alleviate these concerns for you and your practice.  I will conduct a brief A/R strategy session at no cost or obligation via phone to help you determine if our tools are a good fit for your practice.

Isn’t it worth a 22 minute investment of time?

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Your A/R is Leaking!

27 Jun

Accounts Receivable depreciate in value.  Everyone knows that the older an account gets, the harder it is to collect.

What they may not realize is the extent that their money is evaporating from accounts that have not yet been collected.  According to the US Commerce Department study indicated by the graph below, accounts over 90 days depreciate at a rate of .5% every day that they are not collected.

By the time an account reaches 180 days, the threshhold at which most businesses and medical practices throw up their hands and assign the account to a collection agency, 70% of the value of the account will never be recovered by anyone.  They have already spent considerable time and money in chasing the account in-house.  That time and money is gone, as is the collectibility of the account.

depreciation schedule

But, there is a better way.  According to the Dartnell Institute of Business, the average cost of collecting a slow-pay account in-house is $31.60 each.  Using an outsourcing partner to do it not only gets the account collected sooner, before it depreciates, but can generally save the business a majority of their cost to do it as well.  Relationships with customers/patients can be retained, cash flow increased, and staff has more time to do productive things, rather than chasing the patients for money.

I ca show you in a 22 minute A/R strategy session by phone if the tools that I use can help your business.  Respond to me via the form below and we can make an appointment to talk briefly.  Isn’t it worth a 22 minute investment to see how much your cash flow can improve?

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Protect Your Office from Embezzlement

20 Jun

Dental office manager sent to prison for embezzlement – DentistryIQ.

Wile we don’t read articles like this one every day, the fact is that practices are being embezzled all the time.  By the time the crime has been identified, it is often too late to recover, and a great deal of money has been lost and the practice hurt terribly.

One of the little-mentioned ways of protecting your office against embezzlement is to use a 3rd party partner to work with your practice A/R.  The earlier you can get a partner involved, the less opportunity there is to hide embezzlement from the office.

Let me show you how to quickly and easily protect your practice from this terrible situation.  It is easier and less costly than you would believe.  Respond to me via the form below and I will call to set up a brief consultation via telephone.  There is no charge, and no obligation.  I’m just glad I can help.

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The most common lies dentists tell themselves – DentistryIQ

15 Jun

The most common lies dentists tell themselves – DentistryIQ.

This is a good article, and I recommend that all my dental clients and friends read it and take it to heart.  There is one lie that dentists often tell themselves that I would like to add to the list:

PATIENTS WILL PAY THEIR BILL EVENTUALLY AS LONG AS I DON’T MAKE  THEM MAD BY ASKING FOR IT TOO AGGRESSIVELY

This is just not true.  Patients who owe you money may be waiting to see how serious you are about collecting the money, or they may not be planning to pay you at all.

Systematic, regular follow-up early in the process (not just a monthly statement) is required for those who either forget to pay or are too disorganized to get your bill paid on time.

Third party impact is necessary for those who don’t believe that you are serious about collecting their money.

Professional collectors are necessary for those few who are “professional debtors.”

Even if you could do some of this in-office, it is not time-effective or cost-effective.  I would like to show you a way to accomplish all of this less expensively than the way you are doing it now, and giving your staff time to do things that actually grow the practice.

Request a brief consultation, via phone, using the form below.  Quite lying to yourself!

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Flourishing in Changing Times: A dental office should have solid systems in place – DentistryIQ

13 Jun

Flourishing in Changing Times: A dental office should have solid systems in place – DentistryIQ.

I totally agree with the idea behind this article.

As the world changes around us, and reality demands efficiency and effectiveness in every area of a practice. solid, workable systems are mandatory.

From my perspective, one of the most critical systems to have in place has to do with your revenue cycle.  Getting paid quickly by insurance companies and patients is vital to a practice’s success in the new economy.  Having systems in place to make that happen, and systems in place for what to do when they don’t are challenging, at best, for a practice to accomplish on their own.

New options have become available and affordable for even small practices to utilize technology and new tools that enable them to do very systematic follow-up on insurance claims, without having to spend staff time waiting on hold for insurance clerks to find claims, and to follow-up on patient balances.  These tools will not only enable the practice to get more of their money faster than ever before, but also free up staff time to work on more productive and profitable activities.

I offer practices a free, no-obligation look at these tools to determine if they make sense (and profits) for their practice.  Isn’t it worth an investment of 22 minutes to find out how much more profit your practice could be making right now?

Respond to me with the form below and request a brief, telephone meeting.

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Patient payment responsiblity increases | Healthcare Finance News

11 Jun

Patient Payment Responsibility Increases.

Does this surprise you????

If you have been paying attention these last few years, you already knew this.  It has been steadily going up for a lot of years.  What many doctors and practice administrators don’t know, or aren’t paying attention to, is the result of this increase.

Doctors MUST, perhaps for the first time, figure out how to get patients AND insurance companies to pay them faster.  In many cases, to pay them at all.  To fail to do this quickly is resulting in:

  1. A 10-fold increase in SBA backed loans made to medical practices over the last 10 years.
  2. An unprecedented number of physicians forced to declare bankruptcy, even though they have very busy practices.

This does not have to happen!!  It is foolish and unsustainable.  I can show you, in 22 minutes, how to get more patients paying you, and faster than before as well as speeding up the response time from insurance companies who benefit from dragging their feet before finally sending you a check.  I can show you how to do it for less than you are currently spending to do it the way that you are currently doing it, possibly the reason for the problem after all.

Respond to me via the form at the bottom of this email, requesting a 22 minute A/R strategy session.  It won’t cost you anything and you will know, when we are done, if the tools I recommend will help you put more cash in your accounts than you are currently getting.  Even so, after we are done you are under no obligation to take my advice.

Isn’t it worth a 22 minute phone call?

Patient payment responsiblity increases | Healthcare Finance News.

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Just 1 Doc in 10 Meets Meaningful Use Criteria

9 Jun

This is horrible.  Many of the practices who originally jumped on the EMR bandwagon because there was money to be gained, are finding that it’s not as easy as they thought it would be.  I’m seeing lots of practices buying their second or third EMR system to find the one that they can use, and that will achieve them meaningful use.

PLEASE!  Talk with me before jumping at the next “shiny thing” in EMR.  I can help you find the right next step to get you to meaningful use.  And, NO, I don’t sell EMR systems.  I just have devoted my life and career to helping doctors and dentists do businesses the right way.

Take a look at this article, and then respond to me via the form at the bottom.

Just 1 Doc in 10 Meets Meaningful Use Criteria.

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Effective Cost Management for Your Medical Practice | Physicians Practice

6 Jun

Here is a good article that I read regarding cost management.  One of the most critical cost management strategies not contained in the article is to control the expense of following up slow-pay insurance claims and patient balances.

Patient responsibility is growing, due to the economy and High Deductible Health Plans.  Follow-up is both costly and challenging for a practice that is trying to keep its labor and overhead costs down, while staring down a growing A/R aging report.

I can show you tools to help you control, and even decrease, your cost of following up insurance and patient balances, while increasing your revenue and profitability.

It only takes an investment of 22 minutes in a free personalized A/R strategy meeting via phone to determine just how much these tools can increase cash flow, reduce costs, and increase revenue to your practice.  If so, you can see results almost immediately.  Isn’t it worth the investment of 22 minutes to find out?

Effective Cost Management for Your Medical Practice | Physicians Practice.

To schedule your free, no-obligations, personalized A/R strategy meeting with me via telephone, respond to me via the form below.

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Top 7 ways to get more new dental patients to your practice – DentistryIQ

5 Jun

Top 7 ways to get more new dental patients to your practice – DentistryIQ.

Here is a great article on getting new patients into your practice.  Obviously, that’s where your cash flow comes from, hopefully.

If you follow these steps and bring more patients into your practice, I can show you how to actually get them to pay their bills, and faster than ever before, without putting any additional stress on your staff or expense to your bank account.

Contact me below for a free, personalized A/R strategy session via phone.  We will know in 22 minutes or less whether or not the tools I recommend will help your practice be more profitable.  Isn’t it worth a 22 minute investment?

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Dental Collections Made Easy (and Inexpensive!!)

4 Jun

Dental-Infographic-green2013

 

Would you like to recover more and pay less? Dental Collections does not have to be difficult.  Dental Collect integrates seamlessly with your practice management system (PMS), and helps dental practices increase overall cash flow while saving time and maintaining patient diplomacy.

Because of products like Accelerator, Dental Collect and Profit Recovery, the dental industry can have a healthier bottom line and better cash flow, which improves the office accounts receivable.

For a personalized A/R strategy session, by telephone,  for your practice with me, Mr Cash Flow, request it through the form below:

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