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Accounting & Billing Channel

Accounting and Billing

Capital Funding Needs: Pre-Opening, Opening

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In order to obtain working capital to start your medical practice, it’s important to specify exactly what that capital will be used for. By defining your needs in terms of pre-opening, opening and ongoing operational expenses, you’ll be able to find a capital funding lender that’s right for you. During pre-opening, you may need capital […]

How to Find a Medical Bookkeeper

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Finding a great medical bookkeeper for your new practice is a breeze when you ask for referrals, search on the right websites, and vet your applicant with reviews and testimonials. Start by speaking with your colleagues and friends in the healthcare industry. Find out who they use for their medical bookkeeping, and how happy they […]

How to Prepare a Cash Flow Analysis

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It’s been said that cash is king, and that couldn’t be more true than when it comes to running a medical practice. An accurate cash flow analysis will help you determine how much inflow, or cash, is needed to balance your outflow, or the expenses of running your practice. A cash flow analysis looks at […]

Medical Billing Company to the Rescue!

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DR. DONNA is ready to tear her hair out – rejected claims, low reimbursement rates, and coding mistake after coding mistake. Dr. Donna has chosen to fulfill her medical billing needs in house. Unfortunately, Dr. Donna made the mistake of cross-training her nurses, PAs, and other medical staff to complete her medical billing for her. […]

How To Choose A Medical Billing Company

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  When choosing a medical billing company, it’s important to line up all the usual suspects. These are the services a medical billing company must provide in order to make outsourcing profitable for your practice. They include… The generation and submission of claims… Carrier follow-up…. Payment processing… Patient support and invoicing… And transfer to collection […]

How To Estimate Staffing, Payroll, And Benefit Costs

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When you open a new medical practice, some of the biggest costs you’ll incur include hiring staff, choosing benefits, and investing in a payroll company. It’s important to have an accurate picture of the amount of each expense so you can budget the other areas of your business. First, determine exactly what type of staff […]

Merchant Services – Payment Gateway

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In order to accept credit card payments from your patients, you medical practice needs what’s known as a payment gateway. This service is responsible for processing credit card transactions each time a patient makes a payment. Every time a patient pays with a credit card, whether it’s in your office, online, or after receivinga bill […]

Unlocking the Mysteries of Medical Billing

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When an unpaid medical bill is mysteriously rejected by the insurance company, Sherlock Doc is on the case! Sherlock Doc knows that medical billing is the process a healthcare provider goes through to submit and follow up on a medical claim with an insurance company. Medical billing is performed by medical billers, who may or […]

How to Find a Medical Accounting Firm

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Working with a medical accounting firm will assure the financial health of your medical practice. But when you’re first starting out, how are you supposed to find the right accountant for you? With thousands of medical accounting firms to choose from, a quick search online is sure to overwhelm you with endless choices. Here is […]