18 Jul Managing Your Accounts Receivable
The basic rule to lowering overhead and increasing happiness within your practice is simple: Charge for what you produce, and then collect for what you produce. It’s easy to lose patients when they owe you money. In many cases that’s when they’ll complain – i.e. “it doesn’t look good,” “it doesn’t feel good,” “I could have gotten it done for less,” etc. The solution is a strong financial policy with a clearly understood and accepted treatment plan managed and coordinated by a dedicated staff member. Prior to beginning treatment, patients are made to understand and agree that payments will be made in full as each treatment is completed. A practice that is fee for service centered, rather than insurance dependent, greatly reduces, or eliminates entirely, the need to handle accounts receivable.
Managing accounts receivable does not mean handling accounts receivable. Not having AR in the first place – that is the essence of control and proper management of finances. With your team motivated and focused on the same vision to attain certain goals, individual workday stress is reduced, and opportunities for personal prosperity and happiness are increased. Along with exponential growth of your practice are the bonuses of having more fun, freedom, and fulfillment in both your practice and personal life.