Accounts Receivable Management

A few days ago, on one of our Silkin Management Group blog sites we presented an article about how to do a quick evaluation of one’s accounts receivable.

If, when completing this analysis, you find that your receivables are not doing well and/or you have a large amount of A/R’s over 90 days, you might try following these suggestions that Silkin Management Group consultants use.

1. Make sure you have written patient finance policy. If you don’t get it written immediately. Samples of such policies can be found in Silkin Management Group’s Office Policy and Job Description Manual.

2. Get the policy implemented and signed immediately with all patients who come in for an appointment.

3. Run a full aging report.

4. Highlight all accounts 90 days or greater.

• If it’s an insurance account, trace the history as someone should have picked this problem up no later than day 45 from filing. Follow up with the insurance company and find out what is going on and what can be done to get the account paid.
• If it’s a private pay, call the responsible party, get in communication with them and find out what is going on. Work out a means for them to pay the bill off rapidly using check, credit cards or an outside funding source if you have such an arrangement.
• As needed, send letters saying “We’ve called but haven’t heard from you.” You can send this Registered Mail so it impinges more with the receiving party. Follow it up with a phone call.
• If still no response or payment, send a letter letting them know you will turn it over to a collection agency if arrangements can’t be made within a certain time.

There are many, many other details and parts of a collection secretary’s job description which go into running an effective collection area. What we’ve covered above and in yesterday’s Silkin Management Group blog is just a brief outline of some quick things that can be done.


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