What are the Efficient Ways to Boost Practice Management Cash Flow?
- May 2, 2021
- Posted by: Sarah James
- Category: Practice Management System
Healthcare revenue gets affected by a myriad of factors from insurance verification to denial management. As a healthcare provider, analyzing each and every process and KPIs of your cash flow will improve practice growth. If your billing department is unable to improve cash flow and bringing down accounts receivable, it’s time for a change.
First, analyze the inner workings of your billing department and determine where changes will need to be made. Below are few ways to improve medical practice cash flow:
1. Charge Capture Details and Insurance:
It all starts with the charge entry process. If your billing company or staff makes errors in charge entry, they will end up pushing countless claims into your A/R buckets. Complete review of demographics and charge capture process is essential if you want to maximize your practice revenue. Make sure that you reconcile the number of charges entered and submitted v/s the patient seen on a particular day. Go through the reconciliation process and ensure the correct processes are in place. Verify the demographics and insurance coverage before each appointment to improve medical billing cash flow. A common reason for revenue loss is failing to update patient insurance information. This results in an increase in denials.
2. Eligibility Verification:
Integration of your practice management software with the real-time eligibility verification tools allows quick patient insurance information verification. This ensures that your billing staff and your patients are aware of the coverage and responsibilities. If they are not covered, a simple and transparent process must be in place to guide them about other options they have for moving forward with the services.
3. Patient Collection Process:
There are several ways to increase your patient payment collections. Here are a few recommendations for your collection process. The process must focus on collecting out of pocket fee before service because statistics show that the most effective time of collecting payment is at the time of service. Educate patients about their responsibilities for the visit and decide whether or not you will collect upfront payments. Always have easy options to pay including online payment via patient portal for example as well as offer them a payment plan if they have difficulty paying all in one go.
4. User-Friendly Practice Management System:
Running a successful medical practice is a difficult job that often requires outsourcing medical billing or a practice management system to manage every aspect of your medical practice. If your practice is growing in size and you add more specialists to the staff, it is apparent that your practice needs the accuracy that advanced software can provide.
Manual systems are inefficient and practices need to switch to practice management software for maximum output and efficiency. Free PM software is also available, through which you can get great benefits. It makes it easier to process and submit claims.
Practice management software streamlines the major tasks of your medical practice. It enables checking insurance eligibility, scheduling appointments, managing claims, denial management, aging AR recovery, financial reporting, ICD-10 code conversion, insurance eligibility verification, and improving cash flow.
Practice management software lets you schedule patients’ appointments, cutting down waiting times for patients. The ability to electronically file claims to several insurance companies is critical for accelerating the revenue cycle of your medical practice. Medical billing companies also offer practice management software since they understand that electronic claims result in faster processing, quicker turnaround time, and timely payment of claims. Practice management software allows the generation of customized reports for compact information in one place.
5. Outsource Revenue Cycle Management Services:
When it comes to thriving practices, in-house employees are very often the top contributors to the organization’s success. However, regardless of talent, skills, or capability, these individuals often lack the time and availability to keep up with the ever-changing tides of the healthcare industry.
By finding a reliable medical billing company, you may rely on their professional experience to find the most comprehensive and effective way of processing coding and billing, allowing you as a medical practitioner to concentrate on other areas of improvement.
6. Improve Claims/ Denial Management:
Outsourcing RCM services helps you to manage claims efficiently. Your revenue cycle management partner can help you increase cash flow as billing experts do claims scrubbing and tracking to make sure every claim is optimized for payment.
Every practice needs a system to effectively handle denials. Your billing company can efficiently improve denial management using their experts as well as the software. They can track the status of your claims. If any denial occurs, they can quickly fix and resubmit it for payment.
BellMedex, a medical billing company takes care of your medical billing needs, submits claims, manages denials; streamlines the overall billing process to improve cash flow. Our expert denial management team highlights the problem and fix it immediately.
BellMedex ensures efficient denial management for timely reimbursements. Our effective denial management team investigates and reviews all denials, and corrects the root cause of any rejected claim. Our data-driven approach lets us have a full understanding of your denials volume and issues causing such denials. We stay updated on the entire denial management process and provide timely updates on the status of each rejected claim.
It is obvious that to remain competitive, medical practices must deploy practice management software to; quickly schedule patients appointments; confirm the status of their insurance coverage; locate the right ICD-10 codes for claims; manage denied claims for re-submission, and generate customized reports for maximum cash flow and reimbursements.
If you want an added information about our medical billing software, services, denial management, and more, Contact us today!