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5 Tactics to Increase Your Medical Practice Revenue

On Dec 18, 2019

Your medical practice revenue is driven, impacted, and influenced by a multitude of different factors. A few of the main contributors being claims management, patient payments, and your in-house billing workflow.

Each of these things largely impacts whether or not a provider sees on-time payments and is able to stabilize their bottom-line year-to-year.

Without the right tools, providers might find it difficult to maintain high levels of clean claims, adjust to an increasing dependence on patient payments, or manage their billing effectively in-house. For this reason, providers need to consider the following options at tactics to increasing and stabilizing their medical practice revenue in the new year. Doing so may not only help sustain your medical practice revenue but improve it dramatically.

Medical Practice Revenue Tactics:

1) Collect Difficult Patient Payments

With the rise of High Deductible Health Plans, providers might find themselves in unfamiliar territory, having to chase patients for payments rather than receiving them from large entity payers like insurance companies. Many smaller practices lack the resources, both financially and in terms of manpower, to run an in-house collections effort. The good news is, outsourcing difficult collections to a trusted RCM services vendor may be a solution to increasing your medical practice revenue and collecting those difficult payments.

Vendors of RCM services have the time, resources, and compassion it takes to receive the payments your practice needs from patients to improve its medical practice revenue.

2) Improve Clean Claims

Submitting a clean claim directly relates to how quickly a provider receives payment from an insurance provider. A clean claim is a medical claim that is submitted correctly the first time, leading to a faster turnaround on payment than when a claim is rejected or denied.

It is important that providers maximize their clean claims in order to protect and optimize their timely payments and positively impact their medical practice revenue. The quickest, most affordable way to do so is to partner with an RCM services vendor and practice management technology partner that specializes in clean claims. Together, they will work with your team to scrub your claims and determine the most common causes for denials at your practice, so you can start to recover.

3) Specialty-Tailored Billing Software

Specialty specific billing software is the next path that providers can take to increase their medical practice revenue and grow their bottom line. Many software vendors offer a “one-size-fits-all” solution that fails to meet the needs of the specialists. With too much information that is not relevant to your practice, it slows down your billing workflow and prevents your practice from working at its best.

By implementing specialty-specific software, providers can access tailored billing tools like a specific list of coding and claim filing tools that help your practice optimize their medical practice revenue and bypass unnecessary information. Your medical billing software should help your team to work more effectively, not slow you down.

4) Improved Scheduling

Improved scheduling is an incredibly important part of improving your medical practice revenue. Many providers are still experiencing high numbers of no-show visits that are negatively impacting their bottom line. Whether their patients are forgetting, their scheduling workflow is not working, or they have low levels of patient loyalty, improving scheduling is necessary to move forward. By reducing no-shows, providers bill more for completed services, complete more follow-up care with their patients, and are not wasting their time when their patients do not show up.

Improved scheduling can be accomplished through a quality integrated practice management software and patient portal. With the right software, providers can improve their scheduling numbers and positively impact their medical practice revenue.

5) Give Your Patients Options

In terms of collecting patient payments, your patients need more options if you want them to make more payments. The days of mailing in payments no longer exist. Patients want to pay their medical bills just as they would pay their rent or their electric bill, online or over the phone. Without accessible options like this, patients will forget or even avoid making payments on their medical bills, negatively impacting your medical practice revenue.

Again, the right software can help your practice offer your patients 24/7 accessible patient payment options. For example, a medical billing software that is integrated into a patient portal allows for day and night credit card processing that enables a patient to make a payment whenever they need to, benefiting your medical practice revenue.

To learn more about a trusted partner who can help you achieve your goals for medical practice revenue, click here.

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Kennedy Kylander

By Kennedy Kylander

Kennedy Kylander is a Copywriter based out of Cincinnati, OH with nearly seven years experience in digital marketing. Her passion is helping a business achieve its goals by creating frequent, SEO-driven content that utilizes keyword strategies to increase quality website traffic and sales.
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