Driving Blind

By August 8, 2013Blog

You’re hurtling down a scenic country road in a little red Maserati, the cool wind blowing in your hair, and the speedometer needle is climbing: 98, 99, 100 miles per hour!

The only catch?

You’re driving with a blacked out windshield.

This is you, without revenue cycle management.

eHow Business offers this definition of revenue cycle management: “An organization’s top leadership implements revenue cycle management procedures to prevent operating losses resulting from error, fraud, technological breakdowns or customer defaults. Management also puts into place these procedures to improve prompt collection of accounts receivable and increase liquidity levels.” Read more. 

My favorite part of that definition is “liquidity levels.” The natural energy of money is to flow in and out. Help with revenue cycle management allows you to see cash coming in and cash going out.

Our client, Centennial Revenue Management, provides dental and medical practices with healthcare revenue cycle management solutions. In their words, “Revenue cycle management provides a forward-looking view of your finances. While your books and taxes provide a clear look at your finances up to date, it is only a two dimensional picture. Revenue cycle management provides a forward-looking view, accurately forecasting what’s to come.”

And I’m telling you firsthand, having worked with a revenue cycle management consultant myself for my own business, that it offers total empowerment to business and practice owners. Once my consultant, Creative Abundance, who works solely with small businesses in the same capacity, cleaned off my windshield and showed me that I was absolutely headed in the right direction, I was so relieved that I had a nervous reaction.

And things looked up from there. Way up. A year later, she is still advising me, and she is the best money I spend. Now, I can confidently tell my team and my advisors where we have been and where we are headed financially. And every time I have to make a major purchasing decision, I can know for sure whether it’s the right time to make that investment.

What’s this got to do with marketing?

Simply, if you don’t know where you’re going, you can’t know how much gas to put into the car.

Quit driving blindly. Contact us for more information.