Webinar: 6 Easy Steps to Improve your Clinic’s Financial Health

Hello and welcome to today’s webinar on
six easy steps to improve your clinic’s financial health. Today I’m joined by the
lovely Tara Reynolds we’re also joined by the one known link Jenna Young. Now for those of you that are already InnoCare subscribers you will know that Jenna is
the one the only Queen of InnoCare support. I’m told that we’re going to be
primarily be covering a few steps that can implement at your own clinic and so
that the clinic can look at being healthy in a financial way. Is that correct? it is. Okay, let’s get started. So today
our six easy steps are to reduce days in AR I do believe that’s accounts
receivable. Reduce rejected claims Increase patient visit average, maximize
your schedule, payments reconciliation checkup, and your end of day routine. Okay
Tara so let’s get started with you you’ve been doing patient billing for
the last five years and I’ve heard on the grapevine that you’ve got a great
process to follow to reduce the days in AR. So first off can you explain what
AR is exactly to our less financially savvy audience? Yes I can so AR
stands for accounts receivable and it’s the amount of outstanding balances that
your clinic has. So it’s kind of like the no-man’s land between requesting and
receiving payments. So this can be anything from any co-pays that were
missed, insurance claims that were late or rejected or simply just billing
that was never submitted properly to begin with. Okay so a certain amount of
AR is expected when you’re dealing with insurance companies, but you can really
start getting into trouble when your AR starts to get aged. Really? What’s aged AR? So, aged AR is after 120 days, you really start to get in trouble or at least the
clinics use that as like a benchmark but it’s good to keep an eye on your AR
once it hits the 30 to 60-day mark. Okay. That’s a good point Tara, it’s also
important to mention that some insurers will not allow you to submit electronic
claims after 30 days so it’s really a good idea to keep on top of it even
before then otherwise you have to submit a paper claim. Oh my goodness,
and I suppose when you submit something by mail there’s always the chance of it getting lost as well. So okay but if you’re gonna get paid anyway why does it matter
if the money’s coming in sooner rather than later? So aged AR gives you a quick
breakdown of your clinic’s financial health. So when the company isn’t
collecting the money as fast as they should be it actually means that they’re taking on a greater risk that they’re never even going to receive that money. Okay so what
I’m basically hearing is that all AR is bad. What are some of your
techniques to help clinicians or clinic owners or front desk staff even to improve that
process? All right so the most important piece of advice that I can probably give
the front desk staff or the sole practitioner who does the billing on
their own, is to check the patient in for their appointment when they’re actually
physically there and start the billing process right away. So you could
basically charge somebody whilst they’re getting treated? Yes! Absolutely I bill
the insurance company first that way I know exactly how much to collect for the
patient’s co-pay Okay. So Kelly, I really have to tell you
something. My goodness I’m on the edge of my seat. All right, so I absolutely hate
having to reconcile co-pays because something was missed when the patient
last attended their appointment. It drives me crazy because that means that
I have to go through paperwork I have to call insurance companies I have to call
the patient and then I have to go through all these runaround just to
collect the outstanding bill. So amongst some of that there are other points that
I want to touch on later as well but this is just one of the main ones to
prevent AR. But how much is co-pay anyway? Is it really so terrible if a
patient walks out without paying it? Can’t you catch them next time? Well I
mean in an ideal world, true but the amount of time that it would take to
figure out who owes the money, call them, get them to come into the clinic to
pay it etc it’s honestly much easier and more time efficient if we just get them
to pay while they’re in the clinic I suppose that make sense. How do the
patients find this process? Do they find it easier is it more of a struggle for
them? No, honestly it saves them just as much time as it saves us that way when
they’re finished their appointment they just kind of walk out the door they
don’t have to worry about anything or wait around
none of our patients intentionally skip out on paying us, at least I hope, most of
the time they’re just as busy and they forget and you know we don’t they don’t
want to have us call them and remind them about a co-pay all the time and
truthfully we don’t want to have to call them all the time either.
Of course not, makes sense. So this probably goes a long way to curb aged AR.
I actually read a study recently that found that a huge humongous 79
percent of balances that were not collected at time of appointment will
never be received. Now that is huge it’s it’s astonishing to be
honest with you so what about old they are like years old they are decades say
seriously say that you’ve missed someone at the time of service or that peasants
had an issue with their insurance claim or anything like that is there anything
that we can do to to alleviate that pressure from them there is and I have a
motto that I strongly go by it says have patience with what they say and leave
them with dignity so I do go by that a lot and when you’re gonna encounter
people on a daily basis who are shocked by their bill who are upset with their
insurance or they’re going through financial struggles whatever the reason
may be I just like to take time listening to them I behave in a calm
compassionate manner and I just find ways that I can help them make their
life easier during that time so if that means just explaining payment options or
how I can provide them with any more information with their insurance company
it doesn’t matter anything I can do to help them I will okay so reducing
rejected claims I’m sure that that would have a positive effect on age they are
so is that correct you’re doing well so there are many ways
to make sure that the claims are submitted properly but for me I
definitely having heavily rely on technology so as Kelly mentioned before
I use it in a care software and one thing that I love about this software is
that it highlights which fields are mandatory according to the funding
stream so the software just essentially double checks everything for me
so if you weren’t using our Annika software how else would you double-check
those monstre fields well you would basically have to make sure that your
patients files are up to date and manually check them so sometimes that
can be a pretty long process so for example if the policy was missing I
would have to call a patient hope that they answer and later put in that
information which can potentially cause an doubt stay in balance and go into
being they are but wouldn’t happen to know any even if you submitted a claim
through in a cat software it would but for example if you submit something
through H Kai only part of the claim has actually been approved with the
integration it automatically updates the patient’s file so you don’t need to go
into the patient’s file twice essentially it would also let you know
why your claim was rejected directly through the software and it reduces your
chances of human error okay so that must think make things a lot easier yeah
Kelly enik our software is one of the only
software’s that’s fully integrated with H cry and telecine claims
we’re also integrated with OHIP WSIB and Telep lan my goodness Jenna
so when Tyra spoke about using technology to reduce rejected claims
these integrations make us all the more better they do
Tara’s example of H Kai demonstrates why this matters if you work in Ontario and
don’t use a no care software you know you have to log into the portal submit
your treatment plan wait for that to be approved submit each claim type in all
the patient details as well as the treatment amount and wait for your claim
to be approved okay with our integration you can submit the treatment plans and
the claims directly from your software as well as receive the approvals from
the adjusters right in there so it does keep everything in one environment
reduces your chance of making era with double entry saves time and
keeps the patient’s balance up to date I agree with Jonah I found that the best
way for me to reduce the errors is to have all the information in one place
it’s difficult to stay organized when you’re jumping between different portals
and software’s so I can even assign tasks to myself and others and I can
easily follow up with them and just make sure that everyone is completing those
tasks all right sorry guys I know that you too can best go on and on and on
about these integrations all day my goodness but we do need to move on so if
any of you are interested in seeing the integration up close and personal
make sure to email us at Endicott CA a member of the customer engagement team
will be very happy to go through their processes with you and show you it’s all
the capabilities that any care software can help you with now another way to
improve your clinics financial health is to reduce the patient fall-off now not
only is it bad if the patient actually stops come coming in for their treatment
and they don’t complete their treatment plan but we also know that it’s bad for
the clinic tarah in your experience how do you keep patients coming back so I
think that’s the biggest reason why patients stop coming back to the clinic
is that they don’t feel a connection so it’s very important to build that
therapeutic relationship with the patients so when I see the patients come
in I greet them by their names and I make small talk with them and it
definitely goes a long way to do that yeah nothing can compete or replace that
genuine human interaction but is there any technology that can help along the
way Jenna oh for sure we have a lot of clinics using charting plus with engage
email marketing engage takes complete chart notes and turns them into email
communications to the patients this goes a long way to help them feel connected
and involved in their treatment okay so if you’re not using engage for your
email marketing how else can you ensure that patients keep coming back so my top
suggestion would be before the patient leaves book them for their next
appointment you can also book recurring appointments
for patients so if a patient is prescribed three visits a week for six
weeks you can book them all in advance and in okar software we’ll send the
patient reminders and keep track of their coverage well that sounds very
handy because of our integrations in a course offer can track your insurance
claims and tell you when your patients plan is depleted for the year so you
don’t keep booking them when their coverage is expired I always remind
patients when their coverage is running low I just offer them other options for
payments it just avoids that awkward moment and the patients really
appreciate the clear communication another helpful tool in Oh care is
software has is the ability to tell at a glance which patients have an upcoming
appointment scheduled so on the video you can see that if the patients name is
that tell us eyes that actually means that they don’t have a future
appointment booked from the report you can access the patient file to find out
if their coverage has run out or not and this is a good opportunity for your
front desk staff to call them and try to get them booked in if they still have
coverage left that is a very useful feature it’s so easy to forget to rebook
a patient or the patient has canceled their upcoming appointment so this
allows the complete visibility of the upcoming appointments well that sounds
great so you’re able to get patients coming back you’re able to get them
completing their treatment plans how do you do this without hiring more staff
more clinicians or front desk yeah so you can do this by maximizing your
current schedule so one thing that we always like to make sure is that we keep
track of every clinicians capacity so that’s basically how many patients they
can treat in that appointment block and why does that matter well knowing how
much bandwidth your team has will allow you to better manage your schedule and
it will also allow you to fit more patients in without actually overworking
the staff or degrading the quality of care of the staff is provided so this is
basically just making sure that all of the appointments are set up
appropriately and the transition would be smooth cool so you want adding any
more time to anybody’s days yeah you’re still managing to complete everybody’s
treatments exactly I think that’s why the clinician capacity feature on Anoka
software is so popular you can set up each of your clinicians and let the
software know how many patients they can treat in an appointment block and if
they can treat more than one patient at a time
there’s even a little icon that shows you when a clinician is reaching their
maximum capacity so you don’t over or under book them
I like the icon in the schedule personally I can see where and when to
book the patient to maximize our schedule patients also like that they
can easily be booked in and squeezed in for treatments that’s a great tip ladies
so again if you would like to get a closer look at in the care software and
see how it can help optimize your schedule please book a free demo with us
one of our customer engagement specialist will be very happy to show
you so you’ve done everything correctly till this point why does it matter if
you do a payment reconciliation check so you should come sit at the front desk
with me at one time as great as a plan that is which it’s great clinics do get
busy so you’re checking patients saying you’re answering the phones you’re
helping someone with the door and all the while you’re still trying to collect
all those payments so as diligent as you are I am if you’re bound you’re bound to
miss something on one of those days so the real trick is not letting it get
away from you okay so how do you make sure you’ve done it all right so again
technology technology really helps with that so if you’re not using the inner
care software you can do this manually but what I do is just run the payment
summary report Jenna would you mind explain the payment
summary reports on Innoko software sure Kelly so the summary report actually
shows you a breakdown of all the payments you took in the clinic that day
so whether you had a certain amount of debit mastercard cash check and it just
really summarizes all of that for you and how does that prevent errors well in
my case if my payment summary report says that I’ve
did $100 on debit but the manera says that I collected $200 I’m able to look
through the patients that attended that day and I’m able to reconcile which
patients account that money was supposed to go to well to be honest I can only
imagine how obsessed you would be as a patient if you believe that you’ve paid
your full balance and it wasn’t recorded I would be very upset exactly so good
billing practices don’t just benefit the clinic it also benefits the patient as
well so ensuring that your billing correctly during the patient’s care
helps build that trust and keeps the patient coming back and you do this
every day yeah that’s right every single day that’s that’s a part of mine today
routine cool so last but not least you recommend every clinic owner should have
a daily routine so can you tell me more about that
sure like I said I look over the clinic’s financials every day as part of
as a part of my clothes and procedure so because we use in a care software I can
run the end of day report and get a complete look at the clinic this is the
report that everyone goes wild for when we’re doing training they love it
honestly I love the report – I keep it open all day long and I check it
periodically throughout the day to make sure everything is balanced maybe we
should rename sorry friend trip – maybe we should rename it the old I report I
literally live on this end of day though sorry that’s okay
you threw me off but it was like any incomplete mandatory feels clients with
no future appointments attendant summary payment summary and the financial
summary I basically just need to run this report and it fix any errors that I
have right there from that screen I can access the patient’s file right there
from the screen by just right clicking and it just helps it lowers the AR and I
can even make patient calls off of this and patients up necessary future
appointments I can literally just right click right from the screen don’t have
to go anywhere else Wow mm-hmm now what if someone doesn’t
have a dance even site but what if somebody doesn’t have an akai software
well you can do your own end of day report even if you don’t use you know
care software it just may be a lot more time-consuming but it’s still worth
spending the time to take a look at your overall clinic financial health so I’ve
worked with clinics that use spreadsheets to manually track
information and if you have a low-volume clinic that could be manageable okay so
it’s nice to have it all in one place easy access to patient files and
everything else in that old day report sorry
joking yes and we haven’t even scratched the surface of what you know care
software can do honestly I do find the software to be a huge asset and if you
don’t have it you can still make necessary steps to get your clinic in
good financial health it all sounds too good to be true and I
do believe that I’ve said that before probably if you watched the previous
recordings of the other webinars so no excuses now I expect our phones to go
ringing off the hook throughout the webinar the customer
engagement she team even sorry they they should have been answering any questions
that you submitted but as always if something comes to your mind after we’ve
gone offline or maybe in a couple of days please feel free to send us an
email at sales at Endicott CA you can also speak to myself do John Mehdi or
Karen on one eight five five eight four four four four eight to and of course if
you want to see anything we’ve touched on about any care software I do hate
repeating myself people so please make sure you get on the phone and let us
know if you would like a demonstration our team is so excited they’ll literally
being held back by gates right now so thank you very much have a lovely day
and hopefully we’ll speak to you soon

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