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Published at Saturday, May 22nd 2021, 11:14:32 AM. Bill Spreadsheet By Sandy Wade. Collections are a key part of the equation. This is the metric that tells you whether or not you are being paid successfully for your services. Specifically, your collections provide an indication whether charges are being billed correctly, being processed by payers, and being paid in a timely manner. This directly impacts the revenue factor in the profitability formula above. Unfortunately, the collections that your billing team is responsible for often go unmeasured, leaving you without a clear picture of how well youre really doing in terms of cash flow and profitability. Whether you outsource your medical billing or manage it in-house, its imperative to measure the performance of the team responsible on a monthly basis. But how do you accomplish that if you dont quite understand the billing process or dont have the time to dig through data and reports trying to figure out whats working or not? Waiting until your cash flow is down is not the time to begin measuring and managing the medical billing team. It should be a proactive, monthly exercise that takes minutes-not hours or days.



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Published at Saturday, May 22nd 2021, 06:32:10 AM. Bill Spreadsheet By Alexandra Reid. Need more definition - what does under control mean? What is our ultimate goal? Our preliminary goals for all of this organization are: A) Monthly bills are paid on time B) Monthly bills will come in under budget C) Money will be left over each month for lifes unexpected emergencies D) Money is moved into saving each month Our ultimate goal is to have money left over each month after moving money into savings for our own discretionary spending i.e.: "Im buying it because I want it." We want the freedom to purchase! But first... Monthly bill paying is such a chore. Mainly because it is typically disorganized and when you do pay the bills there is never enough money left.



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