It’s important to know how to use your collection KPIs once you have launched your collections policy. Review your key performance indicators (KPIs) on a regular basis. By keeping an eye on your trends, you will know if you need to adjust your policy or procedures. Here are some examples:
You discover your days sales outstanding (DSO) is more than 50 days. According to your policy, you are sending out two invoices during the first 45 days. You may want to adjust your policy by adding a reminder call between the invoices to help collect the balance sooner.
Continue reading Collection Policy, Part 5: How to Use Your Collection KPIs
When creating a collection policy, your goal is to create a published document that outlines the company’s collection procedures. It will include a variety of topics from setting up a patient record to processing a payment. Keep in mind, the purpose of the policy is to help establish the collection culture of your organization and define who will complete which tasks throughout the process.
To begin, pull out your current documents. These notes will help you outline what is commonly known as your “workflow.” Your workflow will detail what happens when you receive an order and follows a patient’s journey until their bill is paid. Our patient invoice flow chart will give you some ideas on what to include.
Continue reading Collection Policy, Part 2: Where do I start when creating a Collection Policy?
High deductibles, larger copays and HSAs have grown A/R portfolios. How do you slow down the growth? Learn the ratios to track and which processes will help you recover your A/R balances faster, reduce your collection costs and improve staff productivity. Join “Maximizing DME Cash Collections in 2018: 5 Ways to Grow Cash and ROI”
You will learn tips on how to:
• Assess your A/R portfolio’s health
• Establish and introduce financial policies to help your company
• Monitor your progress
• Implement a new culture
Bruce Gehring, svp, was a contributer to the Medtrade article – Software Companies at Medtrade Spring 2018.
“Medtrade Spring attendees already know that ruthlessly efficient billing/reimbursement software (in-house or outsourced) is essential in 2018. Providers looking to upgrade or switch their billing system will have an amazing chance to sample, see and speak with representatives from several companies. Medtrade Spring convenes March 27-29, 2018, at the Mandalay Bay Convention Center in Las Vegas.”
“For those…who may be pondering registration, advance rates are still in effect. In part two of its software spotlight, Medtrade Monday again spoke with additional exhibiting software companies to get a feel for what Medtrade Spring attendees can expect when the show starts on March 27 (Expo Floor opens March 28).”
Read full article in Medtrade
See you there! Allegiance Group will be exhibiting in Booth 655!
(as published in HME News)
Are you struggling trying to collect your private pay balances?
If so, you are not alone. Outstanding private pay balances can create
problems for business small and large. Your staff gets too busy to
mail statements or make collection calls. And in the back of your
mind you know the longer a balance goes unpaid, the harder it will be
to collect. Where can you turn for help?
Read the full article on page 7 in HME News