Despite the stereotype, being a physician doesn’t guarantee financial wellbeing. Truth is, many physicians struggle financially, as doctors are like most people when it comes to money. In fact, many physicians aren’t disciplined financially and are lacking both financial literacy and foresight. Add to that today’s uncertain times, which is likely to saddle more physicians in Read more…
Financial Analytics
3 Benefits of Automated Payments for Specialty Practices
Collecting payments can be difficult and complex for specialty practices. Receiving timely payments, managing and coordinating all the different types of payments used by patients and communicating with patients effectively are just a few of the challenges specialty providers have to navigate. This leads to cash flow issues and inefficiency in the practice as a Read more…
Common Billing Mistakes – and How to Fix Them
Unfortunately, there are far too many healthcare practices that still rely on outdated billing methods. This only extends the payment cycle and days spent in accounts receivable. Practices already struggle with collecting the patient portion of payments, and these archaic billing processes exasperate this problem, while also introducing problems caused by simple error. These problems Read more…
Important Legal Issues to Consider Before Starting a Concierge Practice
Concierge practices, alternatively known as subscription or retainer practices, are drawing physicians in greater numbers than ever before. This sort of practice forges a direct contract between the patient and their physician, with the patient only paying for an agreed set of healthcare services. The fee paid is fixed, paid either monthly or annually, and Read more…
4 Tips for Collecting Patient Balances
During the COVID-19 pandemic, medical practices have had to be creative in order to adapt, survive and ensure continued access to medical services for patients. examples of this include telemedicine, curbside immunizations, and drive-up testing for the virus. The main challenge posed by all of these methods is collecting patient balances. Here are 4 tips Read more…