Maximum revenue generation is the primary concern of every business. But it sounds awkward when we talk about money and healthcare together. When you think about it, it makes sense. Because no business can sustain its existence in the market without a streamlined cash flow. The same is true for medical practices. Therefore, healthcare providers should adopt innovative solutions to improve their practice’s medical billing and collections.
Patine’s care undoubtedly always comes first. But in order to maintain consistency in the healthcare services, medical practitioners need to have a hefty amount to
purchase equipment, salaries for paramedical staff, pay for different kinds of insurances, etc.
So, in order to improve the cash flow of your medical practice, healthcare providers should pay special attention to the billing system. Because you can only maximize the reimbursements, if your billing process runs smoothly.
However, sometimes physicians ignore the impotence of medical billing and only concentrate on providing quality care to the patients. As a result, the claim denials rate increases and they end up with revenue leakage and disruption in cash flow.
There are many reasons that slow down the collection process. For example,
Sometimes, patients are reluctant to pay their high copayments and deductibles. This problem increases the financial burden of healthcare providers and if this issue continues for a long time period, it puts the financial stability of your medical practice at risk.
Here are the following ways, a medical practice can improve the billing and collections to achieve financial stability.
- Clear Medical Bills
Healthcare providers face immense challenges when it comes to collecting payments from their patients. Sometimes they face this situation because they don’t inform their patients about their financial responsibilities appropriately.
Therefore, you should keep the cost of treatment transparent to your patients. So they can easily decide whether they can afford your medical services or not. There should be no complications in the medical bills, so your patients can easily understand what they are going to pay for or at which cost they have received your medical services.
Once they get the complete information about their co-pays and deductibles, they would not feel reluctant to pay. So it is the smart way to streamline medical billing and collections. To make this more convenient, you can also introduce online portals to communicate with patients that can help them to get the answers to their questions. You should also discuss these factors including service charges, etc. with your patients before making appointments. It will keep your revenue cycle running smoothly.
- Offer Flexible Payment Options
Offering flexible payment methods is crucial to minimize the rate of the uncollected amount. So, if you want to collect your hard-earned revenue timely, you should make the payment process as seamless as possible. For this purpose, you can offer flexible payment options to your patients, including credit/debit cards or other online methods to pay their bills anytime, anywhere.
In addition to this, you should keep your patients updated, when the deadlines reach nearer. You can send them payment alerts via email, text messages, or other methods. It will help you to remind your patients about their due payments.
- Outsource Medical Billing Services
Medical practitioners find it difficult to manage their billing and collection process along with their busy schedules. However, if they decide to keep the billing system in-house, they have to spend a considerable amount of time monitoring the billing staff. As a result, you can lose your focus from providing quality care to your patients. Which is not a good thing to sustain your good reputation in the market.
Hence, while keeping in mind, all these reasons, healthcare providers prefer to outsource their medical billing services to a reliable company. Outsourced billing experts eliminate the excessive burden of your staff and allow them to focus on their daily tasks. It will be essential to keep the billing and collections process optimized.
Reliable billing vendors have the extensive industry experience to manage the revenue cycle in a productive way. They share the same purpose, which is to increase the profitability of your healthcare practice. They follow a systematic procedure including, verification of prior authorization, accurate medical coding, preparation, timely submission of medical claims, regular follow up and effective denial management, to collect the maximum payments on your behalf.
By outsourcing, physicians can also decrease their financial burden. For example, they don’t need to spend a hefty amount on the overall operational costs including, the deployment of billing staff, constat training, higher salaries, employee incentives, installation and maintenance of advanced software, office workspace, and other expenses. Moreover, you can also get the assistance of highly trained billing employees at minimum costs as compared to managing the billing department in-house.
Medicare MSO, with over 12 years of experience, is a top-rated medical billing company in the United States. we have been providing custom-tailored services to optimize the process of your medical billing and collections.