Rigorously Managed Finances

Tips

Budgeting: 3 Steps to an Effective Practice Budget -- "By tracking your expenses and comparing them to benchmarks, you can create a practice budget that's useful and easy to maintain." (from FPM)

Cash flow: 4 Steps For Improving Efficiency and Cash Flow -- "You can avoid revenue problems with up-to-date policies, statistical reports, claims appeal processes and proper coding." (from FPM)

Co-pay Collection Best Practices from TransforMed -- How many patients left your office today without paying their co-pays? Three? Five? Eight? Do you know?

Tools

Sample payment policy -- This is intended to be used only as a guideline and should be modified to reflect your practice’s specific payment policy.
(1-page Word file; About Downloading)

Companies That Can Help

ADP -- Medical practices need to keep accurate records, calculate and pay payroll taxes, and communicate effectively with employees. ADP helps simplify the process.

Cielo MedSolutions -- Cielo Clinic™ is based on software developed by physicians at the University of Michigan Health System (UMHS) Department of Family Medicine and is used there each day to support over 140,000 annual patient encounters.