The healthcare industry faces a multitude of issues related to revenue management, debt, and rising costs. Your medical clinic should have the proper processes in place to help maximize cash flow so you can give your patients reliable, quality care. Understanding the billing process begins with communication, then works towards streamlining your collections. Overall, here are some ways to help improve your system.
Routinely Collect Updated Patient Info
In order to submit a claim to insurance and receive full payment for your services, medical clinics must have complete and accurate patient data. This data includes the patient’s personal information, and insurance plan, in addition to diagnoses, procedures, and treatment plans. Without this data, insurers would have no way of knowing what services were provided or how much to reimburse the medical office. In addition, collecting patient data helps to ensure that patients are billed correctly. Incorrect billing can lead to delays in payment and put a financial strain on your clinic.
Request Patient Payments Before Appointments
The importance of collecting patient payments during appointments cannot be understated. Patient responsibility continues to grow, so they should be aware of any balances they owe. If needed, you should have plans available if they need to split up payments. By offering that, it helps maintain your revenue cycle and helps out your patients who may be dealing with medical debt. It allows you to maintain a good relationship with your patients by demonstrating you’re willing to work with them financially.
Accept Multiple Payment Types
Your medical clinic should accept multiple payment types in order to provide the best possible care for your patients. When patients have the ability to pay for their care using a variety of methods, they are more likely to pay in full. Additionally, accepting multiple payment types can help to reduce the overall cost of care. By accepting payments from a variety of sources, you can spread the cost of care across a larger base, making it more affordable for everyone. Offering multiple payment options shows that you are committed to meeting the needs of your patients.
Use Technology to Track Collections
When your clinic uses technology to track patient collections, it helps you stay on top of payments and ensure that you are properly reimbursed. There are a number of different ways to do this, from using your credit card software to setting up automatic payments. But whatever system you use, tracking collections with technology can help you run your clinic more efficiently and improve your bottom line.
Outsource Your Billing and Coding
There are many good reasons why outsourcing may be the answer to your revenue cycle stalls. Keeping it in-house can be time consuming and result in more denied claims if the team can’t keep up with volume and complexity. Outsourcing can help to ensure accuracy and timeliness in billing, which can lead to more efficient and effective operations at your clinic. Additionally, by outsourcing to a team of expert billers, you can take advantage of the latest technology and systems, which can further improve productivity and save your clinic money in the long run.
When looking for a medical billing company, it’s important to do your research. Outsource Receivables Inc. serves clinics nationwide, and we can save clinics 10-15% overall when they partner with us.