Financial Reconciliation: A conversation with Dr Swann

Financial Reconciliation

Financial Reconciliation: A conversation with Dr Swann

Successfully managing Accounts Receivables is a significant aspect of running a successful practice, as we clinicians aim to provide quality care without compromising our business’s financial stability.

In our latest blog post, we delve into the complexities of handling unpaid collections and the strategies you can implement to maximize your collections effectively.

From payment plans to ethical considerations, Practice Support aims to help you make informed decisions tailored to your practice’s needs.

Join us as we explore practical solutions and the importance of a balanced approach to managing your receivables.

When you have collections that haven’t been collected, they move into what we call Accounts Receivables. And Accounts Receivables might be a write-off on your taxes as well. We want to try and collect as much as we can from what the obligation of our patients is for the services that we’ve rendered.

There are important processes to put in place for that. And I always recommend at least attempting a payment plan first. A lot of clinicians collect the money upfront.

When you’re working with populations that maybe don’t have access to that kind of income, attempt a payment plan. But in cases where you cannot collect those services, the fees for services, that’s a big thing. The way to write off debts is there, and available to you.

I know that there are ethical questions around whether or not you take your patients to collections, and I think that that’s something that each practice needs to evaluate individually and what seems to fit best with the practice that they’re doing.

 

Practice Support can help you with your financial reconciliation – click here to contact Dr. Swann or one of our team for a free consultation

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