If you’re looking to optimize revenue cycle management and get paid faster, you’ve come to the right place. Keep reading to learn more about the benefits of getting paid quickly — and the easiest way to make it happen.
The Benefits of Getting Paid Quickly
When medical practices run into cash flow problems, it becomes that much harder to treat patients effectively and keep staff happy. By doing everything you can to increase the likelihood your practice gets paid faster, you’ll enjoy a number of benefits, including these three.
Cover operating expenses
When you have to wait several months to get paid the money you’ve earned, it becomes that much harder to cover your recurring operating expenses — such as rent, utilities, salaries, insurance, and medical supplies. By speeding up payments, you can rest comfortably knowing that you’ll be able to pay all of your obligations in full each month.
Improve profitability
The faster you get paid, the less time your team will spend tracking down payments and following up with insurance companies. This enables your staff to focus on other responsibilities to increase productivity and provide better service to your patients — which adds up to healthier margins.
Invest in growth opportunities
Without access to cash, it’s impossible for your practice to take advantage of new opportunities for growth — like opening up a new location or remodeling your existing office. The faster you get paid, the easier it is to operate with agility and pounce on opportunities that might present themselves at any time.
Now that you have a better idea of why it’s important to get paid as soon as possible, let’s turn our attention to some tactics you can use to make that happen.
How to Accelerate Payments for Your Practice
While you can’t always control when you’re going to get paid, you can make some moves to increase the chances you receive the money you’re owed faster. Here are four ways to do that.
1. Electronic claim submission
Instead of submitting claims by hand — and increasing the likelihood an employee either makes an error upon submission or forgets to submit a claim altogether — you are better off investing in modern medical billing solutions that enable you to submit claims electronically. The right solution lets you take advantage of real-time electronic claim submission and determine right away whether claims were accepted.
2. Medical billing clearinghouse
The right solution will also give you access to a medical billing clearinghouse, which enables you to seamlessly and securely pass along claims and documentation to insurance providers from one location. As a result, you won’t have to hop from one carrier’s site to the next, resulting in additional efficiency gains.
3. Claims scrubbing
On top of that, your medical billing solution should have claims scrubbing features built-in to automatically scrub claims and make sure they’re accurate, complete, and correctly coded to increase the chances that insurers pay quickly.
4. Partner with an expert billing team
There’s no rule that says your medical practice needs to manage billing internally. By outsourcing your billing function to a team of experts, you’ll know that your practice is in great hands — and that payments will come in as soon as they reasonably can. As an added bonus, by taking billing responsibilities off your team’s plate, you’ll ensure they have time and energy to invest in other areas of operations.
How to Find the Right Electronic Claim Submission Software
Your medical billing solution sits at the heart of your operations. Choosing the right software partner can help fulfill your practice’s mission of delivering the best patient outcomes possible.
We might be a bit biased, but we believe that CollaborateMD is that solution. But don’t just take our word for it.
Curious about how much money you can save with our electronic claim submission tools? Check out our Revenue Calculator to find out! Just answer five simple questions and find out how you could improve your revenue with CollaborateMD.
