Cash flow management.
In the face of decreasing reimbursement and increasing expenses, careful cash flow management has assumed an increasingly important role in developing and maintaining a successful ophthalmology practice. Funds must be collected as promptly and efficiently as possible, and retained and invested until needed by the practice to pay expenses. Office collection techniques and suggestions for dealing with third-party payers are presented. Managed care contracting and the inherent risks involved are discussed. Advice on accounts payable management is provided, and suggestions for investment of idle funds are outlined. This information should allow the formulation of a practical plan to maximize profitability in each ophthalmology practice.
Accounts Payable and Receivable↗