Member Resources
SIX TIPS
to Get Your
Accounts Receivable
Under Control
I
n many cases, chiropractors
are not only clinicians but
also small business owners.
Cash flow management is
vital to the long-term survival
of any business. Good billing
practices, proper account
management and workflow
processes go a long way in
ensuring your clinic runs like a
well-oiled machine.
It goes without saying that collecting
payments from patients and staying
on top of your accounts receivable
is an important part of running a
successful clinic. Consider that the
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FALL 2017
older accounts receivable gets, the
less collectible it becomes. InnoCare,
an OCA Advantages partner, has done
research which shows that the chances
of collecting on billings over 90 days
are remote. Clinic owners aren’t alone
in this. Many studies show that small
businesses struggle to collect payment
for invoices that are 90 days past due,
with half of them writing off bad debt
each year.
You don’t have to struggle with this
alone. There are easy steps you
can implement to better manage
your clinic’s cash flow and accounts
receivable. InnoCare offers helpful
tips on how to improve your accounts
receivable and get paid faster. Here are
the top strategies they recommend to
better manage your clinic finances:
1
USE TECHNOLOGY
When you bill insurance companies,
consider migrating from paper claims
to electronic submissions. All major
insurance companies now allow you to
make claims online through their user
portals.
When billing patients, speed is of the
essence. Try setting up a workflow
similar to this:
∞ ∞ Start the claim submission to the
patient’s insurance company when
they arrive for their appointment.
∞ ∞ Have the patient’s invoice waiting for
them when they’ve completed their
treatment.
∞ ∞ Online claims portals such as the
Telus Health eClaims platform can