Did you know that the average physician in America today loses an average of $250,000 each year? If you think that your practice could improve your billing practices then you might need to take a look at your medical billing processes.
Not sure how Rev Cycle improvement can improve your practice? Keep reading to learn the top ways that Revenue cycle managment can increase the profitability of your small medical practice.
Keep Your Patient at the Focus
The first contact with your patient is your first opportunity to build a positive experience for your patient. It’s also your first opportunity to ensure that you collect their proper insurance information.
For many patients, the bill is a large source of stress and anxiety. You can mitigate this stress while also ensuring better collections for your practice. Some ways you can do this include:
- Automated insurance verification
- Online patient access portals
- Personalized communication
When you utilize these tools, your Revenue cycle managment can become an asset and positive experience for your patients rather than a source of worry.
Connect With Each Patient Before the Procedure
Personalized communication can provide a positive patient experience. Reach out to each patient before every procedure to verify insurance, demographics, and contact information.
When your staff reaches out to your patients they have an invaluable opportunity to explain the billing process to your patients. Uncertainty about the bill can cause some patients to shy away from much-needed procedures.
Instead, take the time to explain and educate patients on what their insurance covers and any payment plans you offer. Other opportunities to offer your patients include automated, online payments and prepayment incentives.
Regularly Monitor Monthly Financials
Another way that Revenue cycle managment can improve your billing department is that they can show you monthly financial reports. If you want to stay on top of the financial health of your medical practice then you need to stay on top of your financial forecasting.
If your current software program or Revenue cycle managment team doesn’t offer you monthly insight into the performance of your rev cycle then it’s time to make some upgrades. Financial reporting goes beyond earning statements, you also need to keep your finger on the pulse of the state of your insurance payors.
If that sounds like more than you want to do yourself, you need to work with an expert. Someone who can monitor the bigger picture and then educate your staff for you.
Invest in and Educate Your Staff
Your staff is your front-line defense to financial health for your small medical practice. To stay compliant with billing practices you need to educate your staff regularly. The right RCM experts can help you ensure that your staff has the information needed to run a fiscally responsible practice.
Improve Your Medical Billing Practices Today
Revenue cycle management can be complex but it doesn’t have to be challenging. With the right partner, your practice can increase revenue sustainably while improving profitability. Successful medical billing can decrease staff frustrations and improve the financial health of your practice.
Here at Medman, we’ve been helping small medical practices like yours for over 45 years. We help our clients improve their workflows, educate their staff, and improve the patient experience. If you’re ready to see the results our clients see every day then reach out to us here.
