The point of a medical office is to help people, but it is a business that needs to generate money to stay open.
please include the following:
- Identify the difference between billable revenue and collections.
- Consider how a medical office might be helped or hindered by a disparity between receivables and collections.
- Give an example of how a medical office should go about collecting bills that are 60 days past due.
- List the advantages and disadvantages of using computerized banking for a medical office.
- State whether standard banking (for example, physically taking checks to a bank) is better then computerized banking, and explain.
The primary difference between billable revenue and collections, is that billable revenue is an option that is open to medical offices and or medical billers, that is usually facilitated before there is an apparent need for collections, and constitute an invoice-able alternative to collections,. Collections on the other hand, is an activity carried out by medical offices and or their medical billers, in order to collect revenue that is owed to the office organization, but the subsequent success or failure of the collections activity is unknown during the initiation of this activity.
A medical office may be helped by a disparity between receivables and collections, if the receivables are in a much larger quantity than the collections. This is due to the fact ...
The primary difference between billable revenue and collections is discussed in this solution in 488 words.