3 Steps to Improve Your Bottom Line and Speed Your Revenue Cycle

In today’s healthcare industry, running a practice is art is as much art as it is science these days. With increased regulation, paperwork and the implementation of the Affordable Care Act, having a top-notch medical billing staff is going to be vital for your survival. Having in place these following procedures will increase your profitability and create consistency in your revenue stream.

Train Your Front Line

This is where you can save the most time and money. Having your staff understand your patient’s insurance coverage can make collecting payment easier. Most patients have very limited knowledge about their insurance coverage or financial responsibilities as a healthcare consumer. A knowledge staff can help advise patients about their coverage and financial responsibilities to mitigate confusion about who is paying for what.

Payment: Easier Is Better

Making the payment system easier for your patients will do wonders for your bottom line. Interacting with the healthcare system is already a complicated experience for your patients but paying for services doesn’t have to be. Offering an online payment solution or cost saving measures such as prompt pay and minimum payment requirements is a win-win for both parties. It allows your patients to pay for services in an environment they are comfortable with and saves them time. It also cuts the hours your staff uses to collect payment.

Be Organized

This is the easiest and least expensive step that you can take. Your account receivables must be the most organized department in your organization because without them you don’t get paid. Having clear, concise written procedures helps your staff know their job and do it correctly. Don’t under-estimate how much an un-trained staff can cost your practice.

Ultimately your practice is only as strong as its weakest link. Training your staff, organizing your account receivables procedures and enhancing your payment options for your patients will increase your bottom line and smooth out your revenue cycle.

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