Every practice management system can produce reports, but are you utilizing those reports on a monthly basis? They are the key to your practice management numbers, but it’s amazing how many people I work with who do not know how to run reports
The role technology plays in transitioning your practice to ICD-10 can’t be overstated. Testing that technology and
training your staff are also important, but putting the right system in place to begin with is critical
Independent physician practices can start increasing their cash flow and reducing their bad debt immediately—and they don’t need fancy software or renegotiated reimbursement agreements to do it. All they need is to have some simple systems in place.
Even the most experienced physicians and practice managers face a daunting dilemma on the financial front: Should they handle billing and collections internally or hand over these tasks to an external vendor? There are strategies that physicians can use to evaluate potential vendors and make the best decision for their practice.
With the addition of EHRs and patient portals, many practices today are better positioned to incorporate modern processes and procedures to manage their accounts receivables more effectively, particularly by improving collections from patients.