by Michelle Tohill
The end of the year is fast approaching, and it’s time to conduct a clean up and review of your billing and inventory systems. Here are some steps to take to get ready for the New Year:
Prepare for taxes
We all have to pay for taxes, but there is no reason you should pay more than you owe. Now is the time to start cleaning up your tax records. Review your write-offs and depreciations and determine whether there are any major purchases that you should make this year to support your tax strategy. Also make sure that you have categorized all write-offs to streamline the tax process.
Analyze software performance
Take a few moments to reflect on the software that runs your business. Is it providing you with the information and systems that you need to optimize your operations? Your software vendors should be providing regular updates and communicating them with you through the year. This will be an easy review process for you if you are satisfied with your software, but consider upgrading, requesting changes, or shopping around if you think it’s time to look elsewhere.
Analyze billing performance
Take a look back at your A/R results for the year. How long is it taking your billing team to get you reimbursed? How much money is being left on the table each year, uncollected or stuck in “rejected” status? Whether your billing is done in-house or you’re outsourcing it, you should take some time to carefully assess their performance. Set completion goals and expectations to improve your cash flow and reimbursement rates.
Consider whether your staff needs training. There have been many changes this year, mainly ICD-10 and EMV standards, which might be tripping up your staff. Schedule training with software and service vendors, or consider scheduling a consultant to come in and provide targeted training to improve performance.
Bonafide is available to talk to you about your software, billing service and training needs. Let us know if we can support your transition to 2016!
Michelle Tohill is Director of Revenue Cycle Management of Bonafide Management Systems and oversees all billing programs and processes. Her specialty is conducting AR audits to expose inefficient billing practices that fail to fully reimburse physicians for their work. She conducts AR audits and provides Bonafide customers with training and consulting on how to improve every aspect of billing and practice management to maximize revenue.