First Quarter Revenue Slump Looms for Dermatology Practices, Warns Inga Ellzey Billing Companies

    CASSELBERRY, FL, December 06, 2023 /24-7PressRelease/ -- Inga Ellzey Billing Companies, the top-rated dermatology billing revenue cycle management company since 1996, is warning that dermatology practices nationwide will face another financial slump in the first quarter of 2024.

"There's always a severe reduction in practice revenues during the first quarter of the year due to factors like patient deductibles, balance billing processes, seasonal patient volume fluctuations, and insurance payment delays," says Inga. "Further complicating the issue, the recently published CMS final ruling projected an overall 3.4% cut in the Physician Fee Schedule for 2024."

Drawing on her years of industry experience, Inga has put together a resource to help dermatology practices prepare for the coming slump and ensure the fiscal well-being of their business. Because cash flow will be key, she urges practices to take a proactive approach to revenue management, especially concerning point-of-service collections, simplified payment structures, and communications with patients and staff.

Inga also emphasizes the importance of long-term financial planning. By collaborating with their accountants throughout the year to develop a reserve fund based on past income and expenses, practices will ensure the financial buffer is in place to counter first-quarter revenue dips.

"With the year's end fast approaching, now is the time to implement strategies to ensure a smooth transition into 2024," Inga states. "By proactively addressing the anticipated challenge, practices will be better positioned to alleviate stress, stabilize revenues, and minimize staffing issues."

About Inga Ellzey

With over 40 years of extensive experience in dermatology, Inga Ellzey is the nation's foremost expert on dermatology coding, documentation, reimbursement, and billing. She holds a Master's Degree in Public Administration and a Bachelor's Degree in Medical Record Administration and is a Registered Health Information Administrator.

Inga has spent the last 30 years as an educator, including teaching as an adjunct professor at the University of Central Florida. She served as a contracted speaker with Glaxo-Wellcome-SmithKline's dermatology division for ten years, addressing over 300 dermatology societies nationally. More than 14,000 providers and their staff attended these sessions.

Founded by Inga in 1996, Inga Ellzey Billing Companies employs 160 U.S.-based employees while serving 120 dermatology practices and 470+ providers nationwide.

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