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![\"CFO-Tips\"](\"https:\/\/www.medicalbillingstar.com\/blog\/wp-content\/uploads\/2013\/01\/CFO-Tips.png\")
<\/a>Don\u2019t Work, Like Everybody Else !<\/span><\/h2>\nBeing the CFO of a hospital is challenging enough. Every minute is spent slogging it out to increase revenue and insuring your medical practice against financial blizzards. But sometimes working till you drop, is sadly, barely enough.<\/p>\n
Blame it on reimbursement cuts<\/a>. On a government policy that\u2019s come in, for a lot of flak. Or, stop blaming and work on a strategy that will help you weather out the storms. And come out at the other end, a more financially sound practice.<\/p>\n The mistake that most medical practices and hospitals make is to never discuss financial details with patients. It is a fact that almost 30% of a practice\u2019s revenue come from patient responsibilities. \u00a0Caring for your patients is important, but so is getting paid for it.<\/p>\n If you are following the old fashioned approach of sending out confusing patient statements and making mildly threatening calls. It is time to change. Educate your patients on co-pays, deductibles and their healthcare plan. Instruct your staff to insist on collecting balances and offer payment options, your patients are comfortable with. Promise yourself you wouldn\u2019t leave money on the table, ever !<\/p>\n Analyzing and tracking important financial metrics can be the crystal ball that offers a glimpse into your practice\u2019s future. This is easier said than done. Request, your, billing staff, to provide a detailed financial spreadsheet of your practice.<\/p>\n Develop work lists and set specific targets for your billing team<\/a>. Understand what your weaknesses are, it could be no-shows or ineffective payment collection process<\/a>. Identify the Achilles heel of your practice. Insist on a thorough, insurance verification process<\/a>, medical necessity checks and authorization management.<\/p>\n Conduct regular labor productivity assessments. Follow department to department benchmarking. CFO\u2019s can use this data to make informed decisions about labor force and clinical improvisations.<\/p>\n Nothing, quite, succeeds like teamwork. This is not just another bumper sticker slogan ! Encourage everybody in your practice to participate in weeding out money drainers and developing sustainable solutions. It is after all, the responsibility of a CFO, to ensure not just a better financial future for their practice, but to make sure everybody contributes, to that end !<\/p>\nInclude Patients In The Equation\u2026<\/b><\/span><\/h2>\n
Fresh Approach !<\/b><\/span><\/h2>\n
Gazing Into The Crystal Ball !<\/b><\/span><\/h2>\n
Reflect , Strategize\u2026<\/b><\/span><\/h2>\n
Make Everybody Contribute Their Two Bits !<\/b><\/span><\/h2>\n