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Kats Chiropractic Consultants Increase collections through your AR

Uncategorized Nov 01, 2020

Mike Perusich: Hi, everybody. Mike Perusich here with Kats Consultants, and I've got a video tip for you this week. Last week, we put on a webinar to help our clients find money they're leaving on the table, and lo and behold, we helped them find, through all the tips and tools that we gave them, more than $8,000 a year that they're leaving on the table. I want to talk about one of those tips with you today. It's about analyzing your collections and your account receivable. One of the ways that we're leaving money on the table is by not appropriately and timely collecting money.

Look at your AR. Is the money sitting there that could be collected? Looks at the older accounts on the AR. Can you call patients and offer them a discount just to remove the AR from the books? Wouldn't it be best if you had somebody who owed you $200 and it was just sitting there? Wouldn't it be best to go ahead and collect $100 of it and write the rest off? Absolutely it would. Periodically, review your EOBs with your staff. Are you getting denied on things that you shouldn't be? Are you using modifiers and code pointing where necessary, to make sure that you're collecting more money?

How about your PI cases? Can you speed your PI cases up by sending a bill every month to the patient so they can see how much is accumulating on their account? Remember, ultimately, the patient is responsible, so get them involved in the financial side of that PI case. Also, be sending the bills to the attorneys so they know as well. These are ways that you can speed up your collections and bring more money into the office right now. I'm Mike Perusich with Kats Consultants. Thanks for listening.

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