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The Three Minute Read
 You Can Profit From Our Experience September 27, 2010
In This Issue
Improve Collections
Reduce Travel Expenses

Ed cropped


Changing the Financial Set Point of Your Imaging Center

Thank you for the very positive response we received to  this new series of newsletters we began two weeks ago to help you change the financial set point for your imaging center!

There are two obvious areas to focus on as you work to change your organization's financial set point: reducing operating costs and increasing realized revenue.   Today's articles and links focus on key aspects of these two very important areas of your center's financial performance  as you face the difficult challenges created by the Patient Protection and Affordable Care Act (ACA);  reducing travel costs and maximizing receivable collections.

Some market analysts project that more than 2,000 imaging centers across the country could close in the next two years as a result of the reimbursement reductions that are a part of the ACA.  Contrary to this bleak projection, we would like you not only survive but also thrive in the challenging future that we all face in the medical imaging market.  To do this means that you need to think about your expense and revenue profiles in new and different ways.  The Medilink Consulting Group is available to help you evaluate solutions to this great challenge, however we would also like to learn what you think is important in meeting the challenges of the ACA.

If you have additional ideas for cost reduction or revenue enhancement that you would like to share, send us an e-mail. We will evaluate your contribution and potentially  include it in a future issue of The Three Minute Read.  We look forward to hearing from you.

 All the Best 

  

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Ed Eichhorn

Improve Collections with the GreenFlag Profit Recovery System

It is essential that you reduce your costs and spend wisely as you determine how to minimize your operating budget to meet the challenges of the new lower reimbursement levels for medical imaging services.  While this is a critical activity, it is equally important for you to maximize your revenue by collecting all of the payments due that you are eligible to receive.  At times, it can be difficult to collect patient deductibles and co-pays from the patients that you scan.  I am sure that you would agree that retaining an overly aggressive collection agency would also be the wrong choice because more often than not, tactics of that type may result in complaints to referring physicians from patients who feel mistreated by this sort of collection tactic.receptionist

We highly recommend The GREENFlag Profit Recovery System from Transworld Systems.  We have successfully used their collection services in the past. The system is easy to use and very effective.  Last year, across many industries for over 60,000 clients (20,000 in Healthcare), they collected over $700 million for an average of $10.00 per account.  Their recovery rates exceed 50%, which is roughly three times the industry average.  Their approach can be completely automated, and as a client you can keep track of their efforts for your organization's receivables activities through your own robust Online Client Portal.  The collection follow-up is done in a highly professional manner and if necessary, they can provide legal recourse for your toughest collection cases.

To quickly recover more of your profits and increase your in-house team's effectiveness, you may choose GREENFlag's 1st Party automated internal reminders program, or their 3rd Party written demands for PATIENT PAY, or Transworld System's unique approach to collect from MEDICAL INSURANCE providers, all for a fixed flat fee.  We're convinced that GREENFlag's Senior Consultant, Vito Mazza (vito.mazza@transworldsystems.com at 800-850-5110), can assist you and your team as you enhance your focus on Cash Flow Management.  Contact Vito for a free, comprehensive review of your receivables management program.

Click Here to learn more about GreenFlag Profit Recovery 

 



Reduce Your Travel Expenses With The GRID

If you are reading this newsletter on your Blackberry or your iPad as you sit in the gate area waiting for the flight to or from that important meeting, consider attending that next meeting  without leaving your office.  The GRID from Set Focus is a desktop video conferencing and virtual class room system that can easily reduce your travel expenses and travel time by  more than 50%.

There is no capital investment nor do you need an IT team.  All you need to join a video conference or virtual training session is an inexpensive webcam (if one is not already built into your computer) and ear buds.  It takes about five minutes to download the software and learn the system

SetFocus is a leader in the virtual training marketing and has delivered over 500,000 hours of interactive, online training and conference services via The GRID.   It's easy to use and costs only slightly more than a conference call - yet it is much more effective.

The Grid Conference Screen
The GRID Video Conference Screen

 In general, conference calls provide a good low cost way to communicate with your team and customers.  The important missing ingredient is that you can't tell how engaged participants in a conference call are as the discussion goes on.  How many times have you heard hold music on a conference call, or asked a question of a colleague only to find that they have left the room, or were busily answering e-mails during the call?  With The GRID,  you can have  eye contact,  read body language, and have face-to-face conversations with  all the participants  just as  if you were all in the same room  - - but without the time and travel costs.

 Check out this brief YouTube video that demonstrates the GRID in action. 

http://www.youtube.com/watch?v=plUEcBShtOs.

 

In my consulting practice my colleagues and I regularly meet in person on The GRID and we have saved more than 50% of our travel costs to discuss our project activity.  If travel is a regular part of your effort to manage imaging centers,  I strongly suggest that you check out The GRID desktop video conferencing system to greatly reduce your travel  costs while maintaining regular contact with your colleagues and your customers.

Click here to learn how to get a free 30 day trial of the GRID

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This email was sent to justin.beardslee@networksolutions.com by ed@medilinkgroup.com.
Medilink Consulting Group | 11 East Linden Avenue | Dumont | NJ | 07628