Strategies To Improve Collections And Cash Flow

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Strategies To Improve Collections And Cash
Flow
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Strategies To Improve Collections And Cash Flow
Improving your practice collection is just one
component of effective revenue cycle management.
But if any provider overlook this key step then
they risk losing their owed and losing out on
much needed revenue. Despite resuming in-person
visits and elective surgeries, many practices
still struggle with reduced patient volume and
the resulting decrease in practice revenue. Tips
for an effective collections Note Patient
Insurance and Contact Information Whenever
patient call for appointment, front desk staff
should collect current, complete information or
give patients the option to mail or email it
instead or your office staff can create an
account in your practice management software so
that they can upload their documents safely in
their account. Ensuring accurate insurance and
contact information will allow staff to verify
coverage and follow up with the patient
throughout the treatment and patient collections
processes. Insurance Eligibility
Verification Insurance eligibility verification
is the most important and the first step in the
medical billing process. Research confirms that
most of the claims are denied or delayed due to
inadequate or incorrect coverage information
provided by the patients during visits and
current coverage information not updated by the
office staff.
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Strategies To Improve Collections And Cash Flow

• Patient Responsibility Payment Collection
• The best way to collect patient balances is to
  require patients to cover copays and patient
  responsibility at check-in.
• To ensure patients are aware of this requirement,
  create a medical office payment policy. Then,
  include a patient responsibility agreement in
  your check-in paperwork for patients to sign. The
  purpose of this policy is to provide patients
  and your staff clear guidelines for
  collections.
• Payment Methods Options
• Increase the probability of collecting balances
  at check-in by offering a variety of payment
  methods, including cash, credit/debit card, or
  check. Having a convenient and easy-to-use online
  payment tool in your patient portal can also
  facilitate patient payments.
• Follow-up
• Persistence is key to improving collections.
  Develop a practical plan for contacting patients
  who do not make timely payments and create a
  script for staff to follow. Your staff should be
  prepared to request payment in full, discuss
  payment options, and offer a payment plan if
  needed.

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Strategies To Improve Collections And Cash Flow
Payment Posting Payment posting is a significant
step in the medical billing process because
errors in payment posting can detract from the
accuracy of accounts receivable (A/R) reports and
foster mistrust in patients who receive wrong
statements. Depends on a medical billing partner
to post payments can give your practice peace of
mind that any potential errors will be caught and
resolved. Are You Ready to Get Billing? Want to
hire an experts in Medical billing and coding for
your Practice? You are at the right place, what
you need now is a partner who can finish out the
rest of the work and make the technology and
implementation just as simple. Thats what the
best medical billing company like Medisys Data
Solutions Inc. can do. If youre ready to get
started, schedule a meeting with our Medical
Billing Manager from filling out enquiry form
from our website!
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