Medical Practice Management
Nov 13

Always track front desk collection efforts

Track over-the-counter collection (i.e., getting patients to pay before leaving the office) success by regularly setting a goal based on the in-office collection ratio. Obtain this number by taking each day’s in-office collections and dividing that total by the day’s office charges.

You get the best in-office collection performance if you set goals. Two fairly easy-to-track time-of-service collection standards are collecting

  • 100% of all copays
  • at least 80% of all patient responsibility balances

Ask your practice manager to monitor these numbers once per week, using daily reports to compare the number of copayments and balance bills collected against the number of patients who should have paid. Adjust the goals as you go, considering what is both realistic and challenging to the staffers involved.

About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read more →