OB/GYN practices throughout the country work tirelessly to help people in every stage of life. This could be anything from well-woman visits to assisting women through their pregnancies and women looking for pre- and post- menopausal care.
While the mission of your OB/GYN practice is to help as many people as possible, you need a regular stream of revenue to continue the good work that you are doing. How can you determine if your practice is underproducing? And what can you do to ensure your OB/GYN practice is financially viable both in the short and long term?
Know Your KPIs
The best way to quickly gauge the financial health of your OB/GYN practice is to regularly check your practice’s performance against your key performance indicators, or KPIs. This will help you to determine, if the practice is underproducing or on track.
Every practice may have KPIs that look slightly different. They can consist of financial and non-financial measurements of success versus your targets. As you will see below, your KPI’s can cover items that are on your income statement and balance sheet, as well as many that are not.
KPI’s for your OB/GYN practice can include but aren’t limited to:
- Cash flow (daily, weekly, monthly, quarterly)
- Cost reports (location, department, and provider if applicable)
- Collections summary
- Un-billed revenue
- Procedure analysis
- Billing summaries
- Staff satisfaction
- Staff retention / turn over
- Patient retention
- Online reviews (quality and quantity)
- And more!
Once you have access to the data, you have to figure out what changes you should make. To do this, it’s a great idea to know benchmarks for your OB/GYN practice and other practices in the same specialty and geographic area. For instance, if your % of A/R 120+ days is 9%, is that exceptional or completely average? Or could it even be poor compared to other OB/GYN practices? Defining benchmarks is an essential part of determining whether or not your practice is on track.
You might review some of these or other factors – also called KSI’s or key success indicators – weekly, others monthly or quarterly. It is important to know where they should be and keep the information current so you can check whether your practice meets them any time you need to. When you know where you stand, you can plan corrective actions if needed.
How A Collections Agency Can Help
Even during hard times, your OB/GYN practice needs to collect the money owed for the services that you provide. You need those funds to keep your doors open, pay your employees and help as many people as possible. An experienced collections agency can assist you in collecting past-due bills.
By selecting the right agency, one that is experienced in working with healthcare accounts and has a track record of success, you can significantly improve your OB/GYN practice’s cash flow. A professional agency will contact your patients by mail and phone to encourage them to pay for the services they have received.
The Ripple Effect
In addition, using a collections agency will free up your own team members’ time so they can take care of other things to help your OB/GYN practice, such as insurance billing, training and managing other office-related projects.
When you turn overdue accounts receivable over to a collections agency such as Alacrity Collections, you will also note another positive side effect. It is very likely that your team strongly dislikes making calls to patients to ask them for payment. Outsourcing your medical practice’s collections will reduce their stress level and increase their job satisfaction. This will likely increase staff retention.
A happy staff makes for happy patients. The ripple effect based on more positive interactions among everyone who sets foo in your OB/GYN practice may also increase patient retention. This will ensure you can minimize open slots in your calendar.
Positive feelings about your practice might then also turn into more positive reviews on line. This in turn, will lead to more new patients selecting your OB/GYN practice over other options in your geographic area. It will be easier to fill up your schedule and less stressful to let a patient go, should this become necessary.
A professional collections agency also keeps up to date with any changes to the Fair Debt Collection Practice Act (FDCPA) and other regulations tied to collecting on overdue invoices. It’s one less thing your team needs to spend learning about.
Whether you are struggling to find the time to complete the collections process on your own or just want to outsource part of the process to free up staff time, Alacrity Collections is always here to assist you.
Hiring a Professional Collections Agency? Alacrity Collections Is Here to Help Your OB/GYN Practice
Alacrity Collections is proud to be a leader in debt collections since 1982. Chasing overdue invoices is not an effective use of your time. Let our team help so you can work on running and growing your OB/GYN practice.
We achieve great results that are over twice the national average and treat everyone with dignity and respect. We work tirelessly to protect your brand and improve your net returns.
To learn more about our services and get in touch, please call us at 1-800-752-9663 or email us at email@example.com.