If you’ve had to watch over a toddler without proper confinement (ie crib, play pin), you know that losing sight of the child for a few seconds is bad news. The probability that the newly upright-walking tiny human will be in harms way or potential harms way is in the 99% range.
Even if there is not a life threatening situation, the average toddler can put a distance between you and her in a matter of seconds and keep that distance from you unless you channel your inner Usain Bolt.
You know what’s like an unsupervised toddler? Your practice’s accounts receivables.
Lose sight of it, even for a brief moment and the cost can be significant. Get distracted, and the AR will grow so large, so fast that to reign it in will require a lot of time, money and effort (with no guarantee you’ll get your money).
What can we do with our toddler – aka practice AR – so it doesn’t escape us or get out of hand?
The answer is simple. Don’t lose sight of it.
Constant monitoring is the best way to ensure your accounts receivable doesn’t get out of hand. This entails being proactive and intentional by making changes and adjustment all the time. Over time, the constant monitoring will trigger you to make changes and adjustments that will render improvements and safeguards to your medical practice’s account receivables.
Back home we have a saying “el ojo del dueño engorda el ganado.” The literal translation is, the owner’s eye fattens the cattle. Meaning, if the owner of the business isn’t constantly overseen his cattle (versus hired help or nobody at all), the cattle won’t deliver on its potential.
When was the last time you reviewed your account receivables?
Photo Credit – http://kelocity.com/