Improving medical practice cash flow is easier than you may think. Healthcare revenue is impacted by a myriad of factors from insurance verification to denial management. If your billing department is struggling to keep up, it might be time for a change. To increase revenue, you need to first analyze the inner workings of your billing department and determine where changes might need to be made. Below are 8 ways to improve medical practice cash flow.
Improve Medical Practice Cash Flow
1. Collect Patient Info
A common reason that providers lose revenue is that they failed to update patient insurance information prior to rendering services. This means that a claim will not be approved because the correct insurance information was not on file.
The payment then falls into the lap of the patient, making it much more difficult to collect. Providers need to make sure they have the right tools to automatically verify insurance coverage before each appointment to improve medical practice cash flow.
2. Automatic Eligibility Checking
Your practice management software should integrate directly with your billing software and enable you to automatically check eligibility. This will ensure that the patients are covered for the services they are about to receive.
If they are not, then the provider is able to teach them their options moving forward and remain transparent about their patient responsibility.
3. Collect Patient Payments at Time of Visit
If a patient has an outstanding balance that you are having a hard time collecting, or they have a copay associated with their visit, there are easy solutions to increase medical practice cash flow.
Providers who utilize integrated practice management and billing systems can collect the patient balance at the start of the patient’s visit. This helps protect your medical practice cash flow by collecting more payments upfront.
4. Integrated Billing and EHR
Your billing software should also integrate with your practice’s Electronic Health Record to increase medical practice cash flow.
This will increase revenue by giving your patients an easy way to view and understand their medical bills on their patient portal. Improved understanding encourages patient payments.
5. Outsource RCM Services
The key to increasing cash flow is to outsource Revenue Cycle Management services to a qualified vendor. This is especially true if your billing department is constantly overwhelmed or your staff has a high turnaround rate.
By outsourcing RCM services, you increase medical practice cash flow by handing over a large portion of your billing responsibilities. Experts manage your claims process to increase revenue.
6. Chronic Care Management
Chronic care management might be a great way for the provider to gain more income while also helping patients. A quality chronic care management program can introduce an entirely new stream of practice revenue without straining your team.
The benefits of iIntegrating chronic care management into your practice are twofold: increased revenue and enhanced patient care.
By providing specialized support for chronic conditions, you not only boost financial outcomes but also improve patient health and satisfaction.
With strategic planning, resource allocation, and adherence to regulations, medical practices can navigate this landscape effectively, reaping long-term rewards for both their finances and patient well-being.
7. Improve Claims Management
Quality claims management is possible when you outsource RCM services. Your RCM partner can help increase cash flow by increasing clean claims as high as 99%.
Expert billers utilize claims scrubbing and claims tracking to make sure every claim is optimized for payment.
Improving claims management through RCM outsourcing can boost a practice’s financial success. Partnering with billing specialists can raise clean claim rates by utilizing advanced techniques like claims scrubbing.
With expert oversight, every claim is optimized for payment, reducing denials and maximizing revenue. This streamlined process allows practices to focus on patient care while ensuring financial stability.
8. Improve Denial Management
Should a claim be denied, your practice needs a system in place to effectively handle denials. Your RCM services partner can also help with this.
They can track your claims through payment. If a denial happens, they can quickly correct it and resubmit it for payment.
To learn more about how you can increase medical practice case flow, click here.
