Increasing Your Practice Collections

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Increasing Your Practice Collections
In todays competitive healthcare space
maintaining a healthy practice, and revenue is a
challenging task. Things became much more
complicated in the global corona pandemic as you
were already dealing with the administrative
burden and rising operating costs and trying to
keep your practice profitable. Strategies which
will help you in increasing your practice
collections Online Presence is Crucial If you
dont have an online presence, it means you dont
have a presence at all. If you dont have a
practice website or any other form of online
presence, you are falling behind. With 62 of
patients using online reviews to find new doctors
and 72 of patients browsing the internet for
healthcare information, your online presence is a
must. The first thing you have to do is create a
practice website. The next step is to create
social media profile for your practice and
encourage your patients to share their feedback.
Create your practice profile on the major review
sites and submit your practice to online
directories. All these steps will help you come
up with search results which mean new patients
are able to access your practice information and
can make an informed decision.
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Increasing Your Practice Collections
Build a Better Appointment Schedule Having an
optimized appointment schedule will form a
backbone for your practice collaborations. Its
not as simple as assigning time slots to your
patients, its a fine balance of art and science.
You have to keep a constant flow of patients as
well as avoiding long wait times for both
parties. Having an efficient staff, practice
management software and emphasis on virtual care
are a few things that will help you to have a
better appointment schedule. Your staff must be
in touch with patients and should send them
reminders from time to time. This will reduce
last-minute cancellations as well as better
appointment rescheduling. This activity will also
help in achieving better patient care. Patients
will be better informed about their medical
treatments with the patient portal from the
practice management software. Virtual visits have
a lot of advantages and are an ideal and long
solution that emerged in this pandemic situation.
Virtual patient visits can be more flexible since
patients can simply log in online from wherever
they are. If patients cant make it on time or if
you have a 10-minute timeslot open in your day,
you can get online and start a virtual visit. In
virtual care, unlike a usual walk-in, the patient
doesnt have to wait around in the office until
youre free.
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Increasing Your Practice Collections
Minimize Missed Appointments No-shows and late
cancels affect your practice collections badly
and it might cost your practice tens of thousands
of dollars each year. There are ways that might
help you to minimize such missed appointments.
You can provide the option of virtual visits if
they cant visit your practice on time and are
stuck at home or at work. Rather than focussing
on cancellation policy and cancellation charges,
try to understand the reason for cancellation and
work on an efficient appointment system and
reschedule accordingly. Rescheduling is a far
better option if the patient has a genuine reason
for cancellation. Having an efficient staff who
is constantly in contact with your patients could
do wonders for you.  Work on Patient Practice
Collections Strategy With the rising number of
patients with high deductible insurance plans,
collecting patient responsibility is a real
headache for many practice owners. Most of
physicians are able to collect only 60 or less
from the patient portion while the patient
portion represents more than 20 of your practice
collections. Having an eligibility and benefits
verification process in place could help you to
collect patient responsibility at the time of
visit. With benefits verification, your patient
will be well informed about their insurance
coverage and out-of-pocket expense, if any.
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Increasing Your Practice Collections
Renegotiate Payer Contracts Most providers are
not aware that they can renegotiate their payer
contracts and can increase their fee schedules.
If you have the data to show that your practice
is getting great care outcomes in a
cost-effective way, you have the leverage to go
back to payers and ask for a pay raise. While you
can do this on your own, you may want to consider
finding a qualified healthcare business
consultant to help you make your case.
The ROI will be well worth the cost. Outsource
Your Medical Billing Outsourcing your medical
billing operations to a reliable medical billing
company could improve your practice efficiency
and can increase your practice collections
considerably. Medical billing companies will
ensure all claims submitted to insurance
companies are getting paid and might take
follow-up on unpaid claims. They will also work
on denied and rejected claims and directly
contribute to healthy practice revenue. They will
also share various reports which will give your
an idea about the financial health of your
practice on a weekly and monthly basis. 
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Increasing Your Practice Collections
Medical Billers and Coders (MBC) who is catering
to more than 40 medical specialties, is
proficient in handling medical billing and coding
services as per your practice requirements. To
know more about our medical billing services and
how we can assist you in increasing your practice
collections, please get in touch with us!