It is a well-known fact that the longer the receivable remains uncollected, the harder it will be to get it paid. And the longer it takes to collect your monies, the more it will cost you to manage your accounts receivable. The Accounts Receivable Department is a whole different beast that can be the biggest headache among many practices. Not only does it affect your bottom-line, but it also costs additional expense for your practice for as long as they remain outstanding.
Outsource Your Accounts Receivable
So, the next question is when is the right time to outsource your accounts receivable? First you need to know if your A/R is growing steadily and consistently. Next, you need to know if your accounts receivable is mostly over 90 days old. If both indicators confirm that such is true in your case, then you need to take immediate action to mitigate the situation.
However, finding the right billing company who will handle and manage your accounts receivable can be an equally challenging task for any practice. Making the wrong choice not only will waste money and logistics but also bring you closer to the timeliness period or deadline to get paid or lose your money permanently. Your outsourced A/R company may be barking the wrong tree when it should have been the plan who should pay the service and not the IPA. Or, if it is a patient A/R, the typical step is to proceed with small claims suit, only to find out that there is no means whatsoever for the judgment debtor to pay the judgment money awarded by the court. This means that a very tedious and expensive (court costs and fees) process just went to total waste. Get the one with the track record and the one with the right expertise to handle your accounts receivable.
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