More medical practices are finding their patients’ out-of-pocket costs are going up, which means they’re not paying their medical bills in a timely matter. One of the reasons for this is the influx of more insurance plans that offer lower monthly premiums in return for higher deductibles and co-pays. How can your practice stay on top of this trend and keep patients current in their accounts?
Here are some tips to improve cash flow for your medical practice:
Timely invoicing and deposits
Maybe you’re not invoicing patients fast enough. It’s true that medical practices that bill their patients faster have a better payment rate than those that don’t. Perhaps your practice has to wait until the insurance company gets back to you on what they’ll cover and how much the patient will be responsible for? You should be tapping into the paying party’s system to get a better idea of what the deductibles are, which means you’ll have the information you need to bill them faster.
When the patient does pay you, don’t hold on to it for a week – deposit it as soon as possible. There are many banks that allow automated solutions that get money into your account faster. From lockbox services to remote deposit, banks are more willing to work with clients, including your medical practice.
Merge to one database
It’s quite common to find medical practices using different databases for claims and explanation of benefits. Your staff is using up valuable time to manually post the payments, claims and EOBs associated with reimbursements into different databases. However, they can now use one database to accomplish this. The solution is offered through back-office outsourcing software that some banks and other financial institutions offer.
Outsource your debt collection
As you continue to look for ways to better treat the health of your patients, you should also consider methods that can benefit the cash flow of your medical practice. Debt collection that brings a third party into the mix is one of those ideas.
An increasingly popular decision being made by medical offices is to partner with a professional, third party debt collection group that has the expertise to guide you through a process that can keep cash flowing. Your medical practices should consider a third party that can take some of that hassle off of your hands and free up your time for your patients.
Omega-RMS, llc. is a debt collection agency that has many tools at its disposal that can help your medical practice in many ways. You can’t afford to let unpaid medical debt go unnoticed. When you partner with us, you’re getting a team of professionals armed with knowledge, training, software and hardware that can do what your staff cannot.
At Omega, we’re dedicated to treating your patients with respect and professionalism, just as you do as you dedicate your expertise to improving their health.