Healthcare RCM Services to Improve in Healthcare Practices Cashflow

If you are facing problems around cash flow in healthcare practices, you should reconsider checking the workflow at your medical practice to improve the medical billing and collections process. It is hard to keep up with healthcare changes and updates, but it can be done with the right medical billing processes in place which helps you to be more organized. Even though the medical billing process is not the one reason which needs to be improved but it is the most important one when considering improving Medical Practice Cashflow and Collections. Healthcare Denial Management has always been an important factor to consider while checking the Medical Billing and Collection Process.

Manage Cash Flow in Healthcare Industry

Medical Practice Collections depend on different factors and directly and indirectly impact the revenue of your practice. Outsourced Medical Billing Company can help you to streamline the workflow at your healthcare practice. It can play a vital role in maximizing revenue and collections. A Medical Billing Process that is aligned with your medical practice needs is vital to improving the key performance indicators and it can give a boost to your medical practice’s financial stability. Here are a few tips which can help you to improve your Medical Billing Process which will result in Improved Practice Collections.

Medical Practice Staff Training

Investing in human resource development has always been regarded as the most beneficial long-term investment. In healthcare practice, staff members must be trained to round all corners to ensure a consistent cash flow. Develop the standard operating procedures to provide guidelines on how to react and certain types of situations.

Research and Analysis on Denial Management in Healthcare

Help your medical billing team to learn the process of denial management in healthcare to ensure all the denied and rejected claims are being taken care of shortly. Any delay in acting on the denied claim would further reduce the chances to collect possible reimbursement.

Efficient Patient Billing Process

Due to not having an efficient medical billing company standing by your side along with not having an efficient collections process, you might end up having unpaid claims for patient balances. Help your front desk and billing team to bill the patient immediately after the services are provided. If they are self-pay patients and requested an itemized statement to release the payment. Delay inpatient billing would increase your healthcare practice’s account receivable volume.

Billing Efforts and Effective Practice Management System

It’s equally important to have an effective practice management system integrated with EHR System to achieve the required results. If the practice management system is not efficient, consider checking out a different solution to meet your needs. It’s vital to have a system that could support your healthcare practice needs to bill the healthcare claims to insurance, find out remaining/unpaid balances, run claim tracking and provide medical billing analytics to help you make strategic decisions in a timely fashion.

Help Patients by Giving them the Flexibility of Patient Payment Plans

We all know that not all patients feel comfortable putting a burden on their Credit Card and cannot pay the full amount as cash-pay clients. You need to consider checking the patient payment plans and offering flexibility to your patients. This would increase the client’s trust in your healthcare practice, and you will get constant payments without sending reminder emails or sending paper statements which is of course another cost.

Healthcare Practice Bad Debts and Old Unpaid Claims

Always check the options of old unpaid claims which most healthcare physicians consider just writing them off. Follow up with payers to see if you get some payments or re-negotiate the price and make final adjustments by accepting less payment but at least getting something out of it. In the case of Auto-Accident Healthcare Claims, most claim adjusters offer the claim settlement which can be an easy solution to get the payment. In the case of patient payment, you can offer the same deal instead of involving a collection agency and paying approximately two-thirds of the bill amount to them. Providing discounts to patients on pending bills would increase your chances to get paid faster. On the other side, this would improve their trust and confidence in your healthcare practice.

Get Help in Maximizing Cash Flow for your Healthcare Practice

If you are facing cash flow issues in healthcare practices and need help streamlining your medical billing workflow, please contact us today and talk to an expert Medical Biller at Top Ranked Medical Billing Company.