But first, they need to overcome some of the core billing and collection challenges inhibiting cash flow in today's healthcare climate. These include:
Fortunately, dealing with these challenges is not nearly as daunting as it may seem on the surface. Better cash flow begins and ends with better front-office operations that encourage on-time patient payments and use of innovative methods to facilitate collection at or before the time of service. Equally important is the need for practices to leverage cutting-edge practice management solutions (PM) and revenue cycle management (RCM) resources to track financial health and identify areas for improvement.
It's crucial, then, that front-desk staff has the means to perform eligibility verification prior to appointments and generate an accurate and up-to-date patient cost estimation. This can reduce the number of denied claims that would otherwise send a patient bill to collections.
At a minimum, accurate patient estimations will help patients know how much they owe before services are rendered, which can alleviate sticker shock and reduce the odds of a bill going to collections. A cutting-edge practice management solution that provides an online patient payment portal, front-desk staff can take this one step further, and actually pre-bill a patient, giving them the option to cover a balance prior to a visit.
Last but not least, front-desk staff can encourage patients to keep a credit card on file for automatic billing. This can be saved into the PM when a patient is in the office. In addition to simplifying patient payments, this effort can actually improve overall patient flow and free up front-desk staff to focus on other tasks, since they'll no longer need to collect payment at the time of service or retroactively send out medical bills. Instead, they can focus on other functions such as scheduling and customer service to improve operational efficiency and enhance the overall patient experience.
AllMeds Practice Manager utilizes key features such as an accurate Patient Cost Estimator and AllMeds QuickPAY™, which makes it easier for patients to cover their portion of the medical bill, reducing charge lag days and ultimately improve cash flow for your specialty practice. AllMeds' Practice Manager gives your practice everything it needs to thrive in today's challenging healthcare climate. Learn more about how AllMeds can help your practice, here.