If you could save hundreds of dollars and hours of time per month, would you be interested? When I looked at how much money our office was spending on paper and the amount of hours I spent on busy work, it amazed me that I ever got anything productive done and that our office was actually profitable. One of the specific tasks I modified in my own practice (and I now teach to anyone that will listen) is how we run the billing statements in the practice.
I was working with a doctor in Anchorage, Alaska, many years ago and he asked me to skip over teaching his team how to send billing statements because his office was going to collect 100% at the time of service. At the time I honored his request, but about six weeks later, he was rethinking his decision because his accounts receivable was creeping up and needed to stop the bleeding. Sending patient billing statements is one of those necessary tasks, but it doesn’t have to be expensive or time-consuming.
There are two things you can change with the way you send out billing statements to patients and it will change your life forever.
- Stop sending statements once a month and start sending them out a couple times a week. My recommendation would be to post the weekend mail and do a statement run on Monday then do a statement run before the weekend. Here are the benefits . . .
- It spreads out the task into smaller pieces. So instead of spending days on your statements, you can spend a few minutes a couple times a week.
- The doctor will like how it evens out the cash flow.
- You will like how it evens out the phone calls.
- You will get paid faster.