An Audiology Billing Companies Growth Spurt
September 6, 2023
Hear Billing Solutions (HBS) was established in October of 2014. Our owner, Stacey Long, realized...
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You’ve been there before…we all have. You finish balancing your books only to realize you’re in the red. You have more money due than not which is NEVER a good thing. All audiology practices, small practices in particular, should heed to a few simple, yet significant steps to help control Accounts Receivables (A/R).
Let’s start with knowledge is power. That’s right. Educate your front desk staff on ways to catch over due balances when checking in patients. Your front desk staff can literally stop money from coming in if they don’t know the necessary patient demographics to obtain. Be sure your staff is well informed on what to look for and how to spot it.
Another approach is knowledge is power! (I think there may be a pattern here.) Educate your patients on your office policy regarding outstanding balances and don’t deviate from it.
Is it your policy to agree seeing a patient who has $428 on the books after 8 months even after being notified several times? Maybe it is, and that’s why your companies A/R is through the roof.
Another effective tactic is to set limits and know when to cut your losses. For instance, let’s take our patient who owes you $428. How many times are you willing to have your staff call, send emails, and use postage to try and reach that person? Decide on limits and stick to them.
Now that you feel a little more powerful from all this knowledge we’ve just given you, what are you going to do with it?
You have questions and that’s okay. Maybe you’re wondering; what should my patient limits be? What patient demographics are actually important to obtain? How many times is too many times to contact my patient for payment?
Take a deep breath. We’re here to help! HBS offers a Front Desk Boot Camp to help ensure your front office staff is obtaining all the pertinent information necessary. We’ll teach them what to look for and how to spot it. Our office also offers consulting services to help you better learn how to set limits for your patients and your staff.
Be the driver of your future. Take control and watch how quickly your red numbers turn to black.
