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Current Healthcare Challenges Require Innovative Solutions

on Jun 17, 2020 7:21:47 PM By | Norman Woolworth | 0 Comments | revenue cycle management for physicians
Even before the COVID-19 pandemic, medical debt was throwing the country’s healthcare system into crisis. Now, as challenges with the virus continue, many people are losing their jobs, making it impossible to pay their bills. Add that to a 50-70% drop in patient volume due to coronavirus fears, and 13% of providers worry they’ll be out of business in a month. Struggling to keep the lights on, practitioners are trying a variety of strategies to obtain patient responsibilities – optimizing IT systems, collecting payments at the time of service, using external business offices (EBO) – but it’s not enough. These challenging times require a truly innovative solution.
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How Can Your Practice Reduce DAR?

If your physician’s office is plagued with a large number of accounts that have an outstanding patient responsibility, then you likely know the negative impact late payments can have on your cash flow. Managing your revenue cycle efficiently and reducing your days in accounts receivable (DAR) is essential to having the funds you need for office improvement, employee training, and other expenses that ultimately contribute to patient satisfaction. Requiring payment at the time of service is a sure way to lower your DAR, however, this is not a feasible option for many providers and patients.
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