This year has been an unprecedented period in modern healthcare, and the industry has had to rapidly adapt to the times. As a result, many clinics and providers have struggled to reach their typical revenue goals and budgets. While it could all be blamed on COVID-19, it might also be a call to improve your clinic’s internal issues. Here are a few key ones to consider that could help improve your bottom line going into 2021:
Stay on top of your scheduling and patient reminders.
Gaining loyal patients starts with your initial interactions with them: setting up an appointment. Whether you’re interacting with new or recurring patients, it’s a pivotal step in your office’s procedure. Additionally, when clinics encounter a large number of no-shows due to a lack of reminders, their revenue overall suffers from it. In many cases, this issue can be solved with diligent reminder systems and keeping up-to-date on patient information. If a patient did not follow-up on scheduling their routine appointment, for example, informing them that’s it’s time to schedule also helps keep them on track. Consistent communication builds stronger clinic-patient relationships, and patients feel like they are cared for properly.
Acquire new billing software.
Even before the rise of contactless options due to COVID-19, the demand for digital services has been higher for almost all industries and services; healthcare is no different. When clinics have the support of an effective software, their productivity improves in many areas as they are able to schedule patients, record information, and offer secure online payments. Since most people are now used to paying their bills online, they also look for that type of advantage in their healthcare providers. If a patient has multiple options to pay their bill online, the patient bill will be paid more consistently than mailed ones.
Identify patients that require payment plans.
If you have patients who have difficulty paying on time, then front staff should be aware of who they should be communicating with and offering options often for those payments—whether it’s upfront or for a bill. Additionally, then front staff will know whether or not they should delay an appointment until the patient has paid what they owe. Without this communication, payments will continue to be delayed, and the clinic’s overall revenue will suffer for it.
Consider outsourcing your billing.
Every clinic has their own specifications on their billing and may not have seriously considered outsourced billing. However, if clinics are not taking the full picture into consideration, they could be losing revenue because they blindly believe in-house is always best. For many clinics, outsourcing actually helps them save money because they have a dedicated team of experts rather than a salaried staff biller. This is even more important when business levels drop but not your staffing. For example, whether your clinic has a slow or busy month, you are paying billing employees the same salary. When outsourcing, you are hiring a team of experts that works on the bills you need as a percentage of receipts. When adding it up, this will almost always prove the best option for a clinic.
If you’re still unsure how outsourced billing can be a benefit to your clinic, try out our ROI calculator to see how much you can save. Then give the experts at Outsource Receivables Inc. a call to have a no-commitment assessment of your practice.