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One Big Mistake Doctors Make When They Start A New Practice

Posted by Emily Herrington on Jan 19, 2021 7:40:19 AM

You’ve started a new practice. Maybe you’re a seasoned doctor or other medical professional, or perhaps you’re fresh out of med school and your residency. Either way, congratulations! You’ve made an important step in your career and you now have a new practice you can call your own.

You’ve hired an amazing staff. You have a team of nurses, an office manager, maybe other administrative support. Things are going really great for the first few months. You’ve developed a great rapport with your patients, you and your staff have found your groove.

Then things start to go a bit sideways when there’s revenue being left on the table due to non-payments of invoices after insurance is filed. It’s inevitable. It starts to add up and very soon you could have thousands of dollars – your money that you worked so hard for – sitting out there that could be turned into revenue right away.

But when you opened your practice you skipped one very crucial step. You should have hired a collection agency to be on the ready as soon as you have accounts that need to be collected.

Instead, you leave the burden of collecting on the office manager or other administrative personnel, but chances are, those individuals are not trained collection agents, and their efforts in collecting are taking them away from other crucial staff and that is costing you additional money.

Many new doctors feel that it’s too expensive to hire an agency, especially for a budding practice that is trying to put a great deal of revenue back into building the business. The reality is that hiring an agency could actually save you money. Once an account has gone more than 90-120 days past due, the success of collecting dramatically drops. These accounts need to be collected immediately by collection agents that have a wealth of knowledge and experience that get you your money much faster, leaving your staff to do what they do best without wasting precious time by chasing patients in order to get payments.

At Account Resolution Team (ART), we can be right in your back pocket, “on GO”, ready to tackle this task. We understand that we represent an extension of your practice and that patient retention is of the utmost importance, which is why we operate with dignity and professionalism in order to get the job right.

For more information on how Account Resolution Team can help YOU get your money, call 423-586-7613 or visit www.accountresolutionteam.com

Topics: Collection Strategy, old debt, debt collections, new practice, collection agency

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