If you’re in the medical industry, operating a successful practice, in your eyes, has always been about providing the best quality care you can give your patients. However, if you’re not experienced in revenue cycle management or have an office manager who is, you’re probably not going to have a very easy time regulating your cash flow. This can happen due to many factors, the biggest of which is patients who refuse to pay you. If this is the case with your practice, consider bringing in a professional that provides collection services.
Do you have a person on staff that is knowledgeable in coding? If you don’t, you’ll likely get short-changed to the tune of tens of thousands of dollars. The coding person is only one piece of the puzzle, though. Every member of your office should know exactly what they’re there to do, and be trained accordingly.
You might have to invest in some hardware and software to make sure everything is running as efficiently as possible. This would include bringing card scanners into the mix because they can help in your billing automation goals. Most of these hardware and software services will come with training provided, so you’ll know you’ll get a return on your investment.
If you are like other physicians who are fully committed to their patients and lose track of their finances, you’ll also be like them in that you’re probably seeing a 20 percent loss in your business. Maybe you’re invested in the revenue cycle management automation process, but you haven’t effectively communicated what’s expected of your staff after you implement the new technology. Meeting with your office staff at least once every two weeks will help you stay on top of what is happening with your finances and what’s expected of your staff.
Have you mastered the workflow? If not, you really need to consider what you can do to create more effective workflow consistency. You need to know how many staffers to have in the office depending on the amount of patients that are coming in on that day. This can be assisted through tools that help you streamline this process, but it should also be something your office manager has some control over.
When you believe you’ve got your revenue cycle dialed in perfectly but are seeing some issues regarding receivables, consider partnering with a third party to help you collect on debt. In some cases, these debt collection companies will purchase your receivables, which means you’ll get your money and leave all the paperwork to the third party. Collection solutions aren’t your specialty, so leave it up to the professionals.
Omega-RMS, llc., is a company that offers many services to several industries, including collection services for the medical industry. When you’ve done everything you can do to train your staff and run a tight ship, leave it up to us to handle all the loose ends with our excellent collection services.