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Accounting & Billing Channel

Accounting and Billing

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 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 […]

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 […]

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 […]

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. […]

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 […]

How to Choose a Medical Bookkeeper

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Choosing the right medical bookkeeper for your practice is the first step toward financial freedom and sustainability. But there are many different types of medical bookkeepers, so how are you supposed to find one who’s right for your office? Before you narrow down your choices, there are 3 key questions you need to answer. #1: […]

How To Choose A Medical Accounting Firm

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Choosing the right medical accounting firm will help your medical practice thrive, but it will also free you up to focus on providing your patients with the best care possible. A good medical accounting firm will be able to do all of the following: Provide you and your practice with monthly and annual financial statements […]

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 […]