It goes without saying that cash flow collections in practices throughout the country have been affected considerably by a changing landscape of industry rules and regulations. Keeping earnings can be vital in maintaining a steady cash flow in a practice.
The last thing you want to do for the sanctity of your practice is to lose out on money due to poor medical billing processes. That is why we are providing some helpful tips that will ensure that you are maintaining this steady cash flow to keep your practice in the healthiest possible condition, no matter what the future holds.
- Be candid with your patients regarding collections
Nothing good comes from keeping your patients ill-informed about expenses throughout the treatment process. Educate your patients and keep them up to date and aware of any charges that could come as a result of their treatments.
We all know chasing down payments can be tiresome and irritating. Hitting a patient with a payment they were not aware was coming looks bad on you, and it undoubtedly leads to a frustrated patient. To that end, be sure to always collect any co-pay dues upfront in order to avoid this unnecessary and cumbersome cycle.
- Put a capable billing system in place
Having an effective and trusty billing system works wonders for your practice and your collections. Billing errors are certainly a main reason for claim denials and late payments in practices across the country. With medical insurance companies cracking down and following strict code practices, claim denials pop up more and more. That’s why connecting yourself with a strong medical billing system is vital for your practices economic viability.
- Managing your denials
So what if errors do occur and you do have claims denied – hey, it happens! Having an effective denial management system in place will ensure that these rejections are handled and rectified in a quick and efficient manner. Having a team or individual in place, depending on the size of your practice, will help guarantee that you take as little time as possible managing these rejections. This, in turn, will lead to you getting paid in the shortest amount of time possible.
- Flag delinquent accounts
Developing a system to highlight problematic accounts is another great step to ensure consistent collections. What makes a problematic account you ask? Anything from consistently declined or late payments to frequent changes in contact information.
Having a system in place to regularly remind these individuals of impending payments will be beneficial to ensure collection in full. And, of course, if these accounts still happen to have issues, actions can be taken to have them be forwarded to a clearinghouse to get what is missing.
American Medical Software’s Medical Billing and Management system can certainly help improve cash flow within your practice. Imagine a family-friendly billing system with endless tools and features that can lead to increased revenue throughout your practice. For more information, give us a call today at 800-423-8836.