Collecting in challenging times

It's obvious that with the economy, accounts receivable management is more challenging. The Credit Research Foundation reports among 583 companies an increase in average days delinquent of 13.7% in the 3rd quarter of 2008. Accounts delinquent after 91 days have increased 17.7%.

 

For medical practices, the following have been the percentage ranges for outstanding accounts:
 

                               1 - 30 days old    Over 90 days

 

FP                           67 - 71%             23 - 27%

Pediatrics                  68 - 72%             14 - 18%

Orthopedic Surgery     53 - 57%             18 - 22%

Cardiology                 61 - 65%             23 - 27%

(Source:Practice Management STATS Quick Reference) 

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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 >

Reed Tinsley, CPA