Timely billing
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In reviewing the office's profit and loss statement, the office manager notices a discrepancy between the stated revenue and cash deposits. In fact, it appears that the office may have incorrectly booked $250,000 in revenue for the month. If this error turns out to be a fact, then the office will be unable to meet all of its financial obligations.
Suggest a procedure to ensure timely billing and explain the importance of such procedures for timely billing. Explain how timely billing relates to the medical officeâ??s cash flow
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Solution Summary
The solution discusses a procedure to ensure timely billing for medical offices and explains how timely billing relates to a medical office's cash flow.
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Suggested procedure for timely billing:
Define to the client/patient when copayments or any other fees need to be paid. These terms need to be clearly stated in writing.
Any fees and/or copayments should be billed to patients in a timely manner.
Contact overdue accounts more frequently. Be diplomatic when reminding patients/clients of payment terms.
If necessary place customers in ...
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