Is Your Income Dwindling?
With statistics such as 80% of medical practices are stolen from by their employees, have you checked to see if your income has started decreasing? Not necessarily will the decrease be by a huge amount, but any amount is dangerous.
Employees, just like physicians, can be disgruntled, unhappy, having issues at home. All of these attributes, and more, can make for a dent in your income. If they are disgruntled or unhappy, “It’s not fair the doctor makes that much” (even though they don’t understand the concept of overhead) I should have a raise! If they are having financial issues at home, the same possible problem.
That is why lately more and more employers are checking Facebook and other social media as well as doing criminal checks on their current and future employees.
Another way to avoid cash flow hits is to outsource to a reputable billing service. The service acts as a check and balance to the cash flow from the front desk as well as has the staff to have its own checks and balances on billing, payment posting and fighting the insurance companies. In fact, if only one person handles your billing, whether in your office or at a billing service; be very afraid!
Not all people are bad and not all good people are good all the time. You never know what is happening. People can be distracted by outside influences you know nothing about and as a result are no longer doing good or excellent work. Those people also need vacation time and without cross-training and knowledge, the cash flow takes a hit.
The best way to ensure accuracy and good cash flow is to have more than one person involved. If you only have one biller, cash flow is tight or are looking for more efficiency with more accuracy, look for a good billing service. It will save you money as well as make you money!