Providers of all shapes and sizes are struggling to adjust their revenue cycle to accommodate changes in the billing world. For small practices, especially, having to rely less and less on large-sum payments and more on patient payments.
Now more than ever, providers need to make sure they are improving the way they send patient statements in order to maximize payments received. With the rise in high deductible insurance plans, patients have been even more hesitant to pay their portion of their medical bill.
As a healthcare provider, you are most likely familiar with revenue cycle management. Guaranteeing that your practice receives payment in a timely manner from both private and government insurance payers is crucial for your operating margins.
Mental health providers, more than any other, have to pay special attention to the way they bill their services. As time progresses, insurance providers are becoming increasingly particular with the claims they approve and deny.
Understanding, developing, and protecting your revenue cycle is a critical component to running a successful practice.
Regardless of your specialty, well thought out and executed billing practices are necessary to the overall success of your practice.