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How Many Statements?
Is there an industry standard for the frequency of mailing patient statements? We send each patient a monthly statement, but are thinking it would improve workflow and cash flow to mail 25 percent of the statements each week rather than have one mass mailing.
Question: Is there an industry standard for the frequency of mailing patient statements? We send each patient a monthly statement, but are thinking it would improve workflow and cash flow to mail 25 percent of the statements each week rather than have one mass mailing.
Answer: Ideally, you'd send statements on a rolling weekly basis. That is, for every patient you see Monday through Friday this week, mail statements by next Monday.
Shorter batches improve collections - a patient who just saw you is much more likely to pay than if a month has passed.
It might also help to reduce the number of statements you send. Most practices send far too many. I recommend sending at most three, with increasingly serious language (see the collections letters in the Tools area of our site).
A patient who has not responded after the third statement is not going to respond to the fourth, fifth, or sixth.
After the third, tell patients you are sending them to collections - then do it.
Asset Protection and Financial Planning
December 6th 2021Asset protection attorney and regular Physicians Practice contributor Ike Devji and Anthony Williams, an investment advisor representative and the founder and president of Mosaic Financial Associates, discuss the impact of COVID-19 on high-earner assets and financial planning, impending tax changes, common asset protection and wealth preservation mistakes high earners make, and more.
Reducing burnout with medical scribes
November 29th 2021Physicians Practice® spoke with Fernando Mendoza, MD, FAAP, FACEP, the founder and CEO of Scrivas, LLC, about the rising rates of reported burnout among physicians and how medical scribes might be able to alleviate some pressures from physicians.
