Tips on How and When to Ask for Payment
As a medical practice, we would guess that one of your biggest challenges has to do with collecting payments from your patients. Collections typically is one of the last things that you want to deal with, but the reality is that without healthy financials, your entire practice could go under. At Outsource Receivables, we’ve been working with medical practices since 1998 to streamline their medical billing processes to boost profitability for our clients.
Ways to Improve Collections for Your Medical Practice
Boosting profitability for your medical practice revolves around efficient medical billing and collection processes. With it becoming more difficult to collect from both patients and insurance companies, it’s critical that you do all you can to improve your collections rates for your medical practice.
Collect Payment At The Time of Service
One of the easiest ways to improve cash flow in your medical practice is by collecting as much money as possible prior to the time of service. Patients often understand they will need to pay a portion of their bill out of pocket. Be sure to have processes in place where insurance eligibility requirements are checked prior to each service so that patients can be notified of any co-pays or payment required.
Analyze Your Denials
One of the most time consuming processes for any medical practice has to do with working denials. Medical practices should enact a system to minimize denials whenever possible. Should a denial occur, it’s critical to understand if it could have somehow been prevented on the front end. If so, claim edits should be entered in your EHR system to prevent the same problem from occurring in the future. In addition, denials should be handled as quickly as possible.
Just because you’ve been paid for a service, doesn’t mean that the amount was correct. Be sure to analyze each reimbursement to ensure it’s accurate. Analyzing average reimbursement from each payer is critical to determine if your practice is profitable. Your EHR system may not have sufficient reporting tools, which could require you to either hire an outside medical billing agency, or invest in more comprehensive data analytics software.
Partner With Outsource Receivables Today
At Outsource Receivables, we’re incredibly proud of the track record we have with our clients. We’ve helped countless medical practices across the country increase profitability through more robust and technologically driven medical billing processes. To learn more about our services, don’t hesitate to reach out to our team today in our Minneapolis office at 866-585-2800 or in our Chicago office at 708-864-4972.