The longer your customers go without paying you, the less likely it is that they will pay you at all. Getting paid is an essential part of any business, especially in private practices where the billing process can absorb valuable time. However, billing doesn’t have to be a tedious task. By implementing these five proactive billing tactics, you can streamline your process and get paid faster.
1. Track Your Billable Services Properly
If you’re putting off tracking billable services because there are so many to keep track of, you’re likely forgetting to document all of them accurately. Human memory is not perfect, and delaying this task can result in missed entries, affecting your revenue.
- Use a Billing Tool: Implement a billing tool like CompanyOn to easily invoice services on the go. This ensures that all services are accounted for and billed promptly.
- Passive Time Tracking: Tools like CompanyOn also offer passive time tracking, allowing you to review and decide what to bill for later, making it easier to manage even if you struggle with real-time tracking.
2. Streamline to Stay on Top of Client Costs
Private practices often need to cover client care costs out of pocket, such as gas, equipment, and printing services. Tracking these as part of your overhead costs is crucial.
- Integrated Billing and Accounting: Utilize a practice management tool like CompanyOn that integrates billing and accounting. This allows you to track services, send invoices, and record business expenses all in one place, minimizing the risk of overlooked costs. For more on integrating services, explore How to Streamline the Patient Intake Process.
3. Automation Saves Time
Automation can significantly reduce the time spent on billing, freeing up more time for billable services.
- Invoice Templates and Batch Billing: Using premade invoice templates and batch billing increases efficiency. Consider opting for email delivery, which can be tracked to see if the invoice has been sent and read.
- Online Payments: Take advantage of CompanyOn Payments to bill your clients electronically and get paid online, reducing delays in payment.
4. Get Out Ahead of Collection Issues
Proactively managing collections can reduce the number of clients with outstanding bills and save you stress.
- Consistent Billing: Bill consistently and on time. Clients are more likely to pay promptly if they expect regular billing.
- Clear Invoices: Use clear, straightforward invoices so clients can quickly review and understand the charges.
- Automated Reminders: Leverage your practice management system to send out automated reminders for overdue accounts, saving you time and reducing stress. Learn more about automated processes in Making Scheduling Instant and Easy.
5. Know Where You’re at with Billing Insightful Metrics
Insightful reports can help you know where your private practice stands financially, painting a picture of profitability and productivity.
- Track Key Metrics: With a modern practice management system, you can track metrics such as the proportion of billable services, financial picture, utilization, realization, and billing by party.
- Measure Success: Tracking metrics opens the possibility of measuring the success rate of your practice goals, allowing for better strategic planning.
By changing your billing habits with better tracking, integrated billing and accounting, automation, and metrics, you can reclaim valuable time for billable services that sustain your practice’s health and growth.
The good news is that CompanyOn provides you with every one of these tools to manage your practice efficiently.
At CompanyOn, we’re committed to supporting our community of solo practitioners, no matter where they are in their journey toward professional independence. If you are interested in a particular topic you would like us to discuss, please let us know at [email protected].
Related Resources:
- British Columbia College of Nurses and Midwives
- College of Nurses of Ontario
- College and Association of Registered Nurses of Alberta
- College of Licensed Practical Nurses of Alberta
- College of Registered Nurses of Manitoba
- Canadian Nurses Association
- Canadian Nurses Protective Society
- Canadian Association of Foot Care Nurses
For further insights and strategies, consider reading:
Best Practices On Risk Management and Quality Assurance For Solo Practitioners
It is important for regulated solo practitioners to be committed to ongoing quality improvement and risk management of their practice. Ensuring the safe and effective provision of care services is paramount for the establishment, maintenance, and growth of any business.
One key step to accomplish this is committing to developing policies and procedures that address risks and quality assurance of your private practice
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