Tag Archives: Financial Services

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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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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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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Top 10 Tips To Improve Collections (Part 10)

28 May

It’s a problem faced by virtually every business and medical practice – how to deal with customers / patients who pay their bill late, or not at all.  While customers and patients expect prompt and professional service, they don’t always meet the same standard when it comes to paying their bill.

Accounts not paid promptly can severely impact the cash flow of a business or practice.  A clearly defined and carefully communicated, yet diplomatic payment policy, may help avoid difficult collections situations.

Tip #10 (finally, right?)

REMEMBER THAT NOBODY COLLECTS EVERY ACCOUNT

Even with a carefully designed and implemented plan for follow-up and collections, there are a few accounts that will never be collected.  Save your business/practice time and money by identifying these accounts early in the process.  At the same time, your business/practice will benefit from the improved cash flow from the vast majority of accounts that do pay.

Developing and implementing a sound collections policy and strategy is a vital part of running a successful business or medical/dental practice.  Follow these 10 Tips, and watch your business/practice thrive while retaining a good professional relationship with your customers and patients

If you would like to receive a document with all of the Ten Tips included, please respond to me with your email address and a request for the document, and I will send it out right away.

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Dispelling Collection Myths

25 May

myths-twsystems

 

 

ACA (American Collectors Association) International seeks to dispel commonly held myths about the credit and collections industry. Today more than 30 million consumers have delinquent or defaulted accounts under collection, averaging $1,400 each.

“Repayment of consumer debt is the lifeblood of America’s credit-based system and vitally important to the national and state economies,” ACA International Chief Executive Officer Pat Morris said. “It helps ensure that affordable credit is available, goods and services remain affordable, sustains jobs and supports keeping taxes low.”

As an industry, third-party debt collectors help employ more than 300,000 people, pay nearly $2 billion in federal, state and local taxes, donate $85 million and volunteer 650,000 hours to charitable organizations in local communities. “Whether a small town hospital, business or a city struggling to recover taxpayer owed dollars, organizations large and small rely on the recovery of rightfully owed consumer debt,” Morris said.

Myth 1: Avoiding a Debt Collector Makes the Debt Go Away. Consumers who ask debt collectors to stop contact or choose not to respond to calls or letters often mistakenly believe it means their debt has been eliminated. Avoiding contact will not erase a debt. Instead, consumers should communicate with collectors to discuss the account, verify its accuracy and work on a plan for resolution. If consumers don’t owe the debt, communicating with collectors can help put a stop to calls or letters.

Myth 2: Consumers Don’t Have Rights in the Recovery of Past Due Accounts. The collection of consumer debt is one of the most heavily regulated industries in the United States. Consumers have important rights under a number of federal and state laws. For more information about what to do if contacted by a debt collector please visit http://www.askdoctordebt.org.

Myth 3: All Debt Collectors are Bad. Just as “all consumers” aren’t the same, neither are all debt collectors. Most are committed to professionalism, training and customer service. When it comes to the “bad guys,” we want to put them out of business just as consumers do. ACA International and its members continue to work with state and federal policymakers, regulators, courts and attorneys general to comply with the law and hold accountable those who do not.

Myth 4: It is Boom Time for Debt Collectors. It’s no secret that consumers have struggled financially in the current economy. Despite an increase in defaults and delinquency, the inability of consumers to repay rightfully owed debts trickles down to those charged with their recovery.

© 2012 ACA International. All Rights Reserved. Reprinted with the express written permission of ACA International

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Top 10 Tips to Improve Collections (Part 9)`

22 May

It’s a problem faced by virtually every business and medical practice – how to deal with customers / patients who pay their bill late, or not at all.  While customers and patients expect prompt and professional service, they don’t always meet the same standard when it comes to paying their bill.

Accounts not paid promptly can severely impact the cash flow of a business or practice.  A clearly defined and carefully communicated, yet diplomatic payment policy, may help avoid difficult collections situations.

Tip #9

USE A THIRD PARTY EARLIER IN THE PROCESS

Most businesses/practices have trouble keeping up with laws regarding contacting customers/patients regarding their accounts.  Even if they can stay informed enough to ensure their compliance, the additional challenges that the regulations cause means that tactics must change.  In order to collect the accounts, more frequent contacts are necessary (see tip #4).  In a difficult economy, most businesses/practices can not afford to hire the additional staff necessary to effectively and systematically collect before accounts age to oblivion.

Services are available that will accomplish the “in-house” follow up necessary to collect accounts early, while ensuring complete compliance to privacy and collection laws.  These services, like Transworld Systems Accelerator,  can actually save the business/practice the internal expenses of doing their own follow-up at avery reasonable price, and without alienating customers/patients.

By the time an account reaches 60-90 days past due, the customer/patient is sending a message.  They either do not intend to pay, or are waiting to see what the business/practice will do to demonstrate their commitment to getting the account paid.  At that point, a third party can motivate a customer/patient to pay in ways that the business/practice cannot, simply because the demand for payment is coming for someone other than your business/practice.  Avoid paying a percentage to a contingency collection agency, using small claims court or hiring an attorney by using a flat-fee collection service such as Transworld Systems Profit Recovery.  Using Transworld Systems Profit Recovery can save your business/practice both time and money, without having to pay a high percentage of any money collected.

For more information on the suite of services that Transworld Systems has available to make businesses and medical practices more profitable, while maintaining good customer/patient relationships, please contact me through the form below or follow this blog for regular updates.

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