Episode 6: Accounts Receivable as an Asset

Send us Fan MailIn our last episode, we walked through how claims get created after you’ve seen a patient. Once the claims are sent to the insurance companies, you’ve now got a bit of a wait until they get paid. It is important to keep track of all of those outstanding monies, and to follow up promptly if there are any issues with getting a claim paid. When you think about all of this money that is owed to you, business people refer to that as an asset, and they call it "Accounts Receivable" or "A/R" for short. In most medical practices, it is one of the most significant assets that the business owns. It usually represents several weeks’ worth of services to patients and can be in the hundreds of thousands or millions of dollars. And, because we haven't given you any business training, this asset is frequently overlooked and under managed, and then we have physician owners wondering why their cash flow is so poor. Tune in to learn some easy ways to review this important asset, and some key metrics to determine how healthy it really is.Purchase your copy of Jill’s book here: Physician Heal Thy Financial Self Join our Medical Money Matters Facebook Group here: https://www.facebook.com/groups/3834886643404507/ Original Musical Score by: Craig Addy at https://www.underthepiano.ca/ Visit Craig’s website to book your Once in a Lifetime music experience Podcast coaching and development by: Jennifer Furlong, CEO, Communication Twenty-Four Seven https://www.communicationtwentyfourseven.com/