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Optimal Account Aging
I need to know the recommended distribution of accounts receivable by age for a medical practice. What is considered the optimal range of days outstanding for a medical practice?
Question: I need to know the recommended distribution of accounts receivable by age for a medical practice. What is considered the optimal range of days outstanding for a medical practice?
Answer: The Medical Group Management Association tracks this benchmark by specialty.
"The median for multispecialty groups - as a percentage of total A/R per category - as reported in its Cost Survey, 2004 Report Based on 2003 Data, are:
- 0-30 days in A/R: 51.99%
- 31-60 days in A/R: 15.07%
- 61-90 days in A/R: 8.18%
- 91-120 days in A/R: 5.48%
- 120 days or more: 17.52%
"So, that's a norm, but the faster you can collect the money the more chance you have of collecting it at all. If you can beat this, do. Never rest.
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.
