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 the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.