Cash flow is the backbone of every business and the healthcare arena is no exception. And, given that 2018 presents a challenging economy and higher inflation rates, there is a trend we’re seeing in patients who are reluctant to pay their co-payments and deductibles. This problem puts the cash flow of healthcare providers at risk and, if the problem persists, it will eventually cause providers to shut down their practices. To improve medical billing collections and streamline the revenue cycle, we are going to discuss some business tips that will help streamline your practice’s cash flow.
Tips to Improve Medical Billing Collections of your Practice
Staff Training Is Essential
We recommend that you build an effective collection strategy and train your staff to be on board with the same mentality in order to increase the revenue of your practice. You can give your staff a call script that they can use while talking to your patients over the phone. This specially crafted script will allow your staff to be knowledgeable when communicating to patients about the cost of their treatment and payment methods available. Your staff should also remind the returning patient about their payments due before making an appointment.
Make Sure the Treatment Charges are Transparent
Keeping the patients blindsided from their treatment costs always results in challenges when trying to collect on medical bills. It would be wise to always keep the cost of treatment as transparent as possible and never surprise your patients with hidden charges. Always tell them the cost of a procedure upfront so they have the chance to decide whether they can afford it or not. You can also check their coverage before making an appointment, and then include these cost factors during discussions. This is vital to avoid dormant payments, thereby keeping the revenue cycle as smooth as possible.
Make the Payment Process as Easy as Possible
If you want to receive your payments on time then it is your responsibility to make the payment process as seamless as possible. To do so, you can offer them online payment options so they can easily use their debit or credit cards to pay the bill anytime from anywhere. An online payment method will be convenient for your patients and you’ll find it rewarding as well because your practice will be complying with meaningful use requirements. Another thought to consider, since larger outstanding bills are quite difficult for patients to pay at once, you can offer an easy payment plan for patients so they can pay their bills more easily and over time.
Practice Management Software
Practice management and medical billing software is a robust solution to streamline and automate the whole collection process. Such software can help you track past due payments, identify patients who fall behind their payment deadlines, and automate late fees. WebEHR and talkEHR™ are some of the leading practice management software solutions that can fully automate your practice. Such software comes with a price tag but usually ends up saving you a lot of money and headache in the long run.
Partner with a Medical Billing Service Provider
Collecting the payments you’re waiting on is tiring and frustrating, and it can end up distracting a practice from its core responsibility to serve patients and focus on their treatment and care. So we suggest you find and utilize medical billing services from a leading provider. Medical billing vendors work on your behalf and ensure you’re paid, and paid on time. Whether it’s an insurance company or patient, the medical billing service provider will ensure you get paid as quickly as possible. This will allow your staff to focus on other daily tasks, let you focus on your patients, and keep the cash flow of your practice moving in the right direction.