Tag: Anne Orrick
Business operations: Define your mission
March 6, 2019Anne Orrick
A. Yes, a collection policy defines the mission and rules you want employees to follow to reach company goals. It guides employees on how to handle patient accounts and outlines your approach to balancing getting paid with customer satisfaction.
Policies will differ for each provider. For example, direct providers may demand more credit cards captured upfront versus providers receiving referrals or infusion providers, who are supporting end-of-life scenarios.
Collection procedures detail the...
Business operations: List, prioritize, then engage
December 21, 2018Anne Orrick
A. Today, there is an urgency to improve patient collections. You have thoughtfully created your collection policy and procedures to meet your goals. Now what? Two keys to success that cannot be found in a written policy are: Your staff and culture.
Assume you have the best employees. Culture can be the X-Factor that accelerates collections. Culture is the beliefs, assumptions and attitudes that guide what's acceptable behavior and what's not. When you hear, “That's...
Business operations: Answer these five basic questions
October 30, 2018Anne Orrick
A. A collection policy is the set of procedures your company will follow to ensure payment of patient accounts. To cover the key elements in your policy, answer these five basic questions:What are your collection goals?Always start with the end in mind, so establish your collection goals. Industry goals to consider include: days sales outstanding, clean claim ratio, open order days, hold days, cash recovery rate, denial rate, write-off rate.How will those goals be measured?Goals should use SMART...