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Power Thought: Jan Keller and Associates
In the current economic environment, the collection of accounts receivable becomes more of a challenge each day. There are several easy steps to take; however, that can help:
- Strengthen your collection procedures.
- Shorten your accounts receivable aging numbers.
- Improve your overall collection rates.
- Improve cash flow.
Let's take a look at a few that you can implement easily and quickly.
Define Your Internal Credit Guidelines
If your first thought was "what guidelines?", now is a perfect time to develop and implement a strong internal credit guideline policy. It's important to have clear written guidelines for your team to follow that go beyond "Make sure our patients pay, or "Just collect the money." And remember, as the doctor, you must resist the urge to make or imply financial arrangements when discussing treatment with a patient. Let your Financial or Treatment Coordinator handle this at the appropriate time, based on your treatment guidelines.
Tip: Allow your Treatment Coordinator leeway to vary from the guidelines based on the credit worthiness and past history of the patient, or in an attempt to attract the right new patient into the practice.
Tip: A system of controls for checking out a potential patient's credit should be in place, and it should be used before treatment is rendered. Further, there should be clear communication between the entire team as to current patients who become delinquent or otherwise do not follow the credit policy. Your morning huddle is an excellent place to bring this information to the team's attention.
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