Scrutinize Your Billing
We hope you’re been with us as we’ve walked through these eight ways to “stay from behind the 8 ball” in your practice’s financial matters.
*Review your client billing. Your staff is busy and it’s not uncommon for someone to fail to note a service that is provided, or, if you are billing hourly, to forget to watch the time. If you rely software, you will probably lose less charges, but you still can miss charges if a staff member is not well-enough versed in all of the functions of the software. If capturing revenue is a concern, take time to look at all your processes.
* Updating your fees is another good idea, if revenue is your concern. Typically, practices do this once a year, but, if you are having shortfall, you may want to do this more often. Identify areas where gross fees are lower than expected. Know your competition.
* Formalize your collections procedures in writing, so they are not lost when key staff members leave. And, by the way, do you have a succession plan? Cross training is always a good idea. You never know when a staff person will have to be absent or leave.
*Improve your insurance company collections.
* Monitor your accounts receivables regularly. And, while you are at it, you can be thinking about possible additional sources of revenue, as we discussed last week.
For more details and more of our eight tips on good financial management, seek out our article in the August TRENDS magazine, published by the American Animal Hospital Association. It’s entitled, “Financial Efficiency. 8 Ways to Keep Your From Being Behind the 8-Ball.”
Signing off for today….
Carolyn and John
Watch for our next post, in which we’ll discuss the seventh aspect of financial management.
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