Thursday, July 31, 2014

Partnering with Hospitals

Despite a tradition of strained relationships, trends in modern healthcare delivery reveal the need for physicians and hospitals to find new ways to work together more closely. The ultimate alignment, of course, includes hospitals purchasing physician practices and employing the doctors.

After the debacle of hospital employment in the 1990s, some physicians are reluctant to consider the idea. But successful hospitals have learned from the past and have found creative ways to structure physician-employment arrangements. Veteran physicians, tired of dealing with reimbursement issues and uncontrollable costs, have become more interested in surrendering some of their treasured autonomy. And recent graduates represent a generation characterized by a greater willingness to be an employee rather than a business owner.

Wednesday, July 23, 2014

The Financial Health of Your Medical Practice - Pearls of Wisdom

Financial Health of Your Medical Practice
Whether or not you agree with today’s common wisdom that America’s healthcare system is “badly broken,” one fact remains virtually undeniable: Billing and collecting for health services is unlike that of any other industry. Consequently, providers are way behind the rest of the business world when it comes to credit reporting and debt collection.

Thursday, July 3, 2014

A Primer on Medical Accounts Receivables

medical practice collections
Collecting patient balances has become more important than ever for medical practices. Many practices neglect pursuing those accounts, but those who do usually take one of two extreme approaches. The “aggressive” practices turn accounts over to traditional collection agencies for a contingency fee after 90 or 120 days. The “conservative” ones keep on hounding the patients with statements, letters, and phone calls for months—or maybe years.

Either extreme ignores how patient accounts differ from one another. Recommendations include “segmenting” accounts into at least three categories: