A recent study showed that 82% of businesses fail due to poor cash flow, demonstrating the importance of financial stability. If your expenses are higher than your income, it’s just a matter of time before your practice will go under. But this doesn’t necessarily mean that you have to get into a “sell more” mentality. Instead, you can evaluate and change essential medical billing practices to improve your business’s financial health. Without understanding the nuances of the billing process, it’s fairly easy to lose revenue. This is one of many reasons why urgent care billing departments should always strive for the prompt procurement of payment. Their livelihood may depend upon the collections process. Fortunately, there are a number of different strategies that medical billing companies utilize to fuel prompt payments. Here are 4 keys to getting paid quickly:
Make it Easy for Patients to Pay You: At the time of each patient’s visit, setting clear terms may create the transparency that contributes to prompt payments. Some medical billing companies also offer multiple payment options to patients in order to prevent technical billing hangups. Other strategies that may improve your medical revenue cycle include: asking for a portion of the fee up front, or collecting full payments at the time of service. This cuts down on the amount of time that is needed to collect payment after a visit.
Use Technology for Urgent Care Billing: Technology is a phenomenal resource that medical billing companies use all across the world. With the right billing software, you can simplify the claims process by filing them online. Technology can also be used to send prompt bills and claims, to cut down on paper use, and to create automated billing processes. Overall, leveraging technology is one of the best ways to speed up the medical revenue cycle.
Rely on Outsourced Billing Services: Medical billing companies support hundreds of urgent care practices every year by working to increase urgent care cash flow. This ultimately gives your practice the financial support that it needs. By providing expert guidance and feedback on your billing practices, medical billing companies may increase your company’s profit, giving it more stability in a volatile market.
Avoid Making Common Medical Billing Mistakes: Urgent care practices may struggle to procure payment for a variety of reasons. But one of the easiest fixes is to evaluate your practice’s common medical billing mistakes. In order to support fluid cash flow in urgent care facilities, many medical billing companies monitor common areas of improvement like the coding practices, and the patient information collection process. Finding and eliminating common errors in these fields may help to improve the cash flow of your business.
Do you have more questions about improving the medical revenue cycle within your practice? Do you want to find new and creative ways to increase the speed at which you get paid? If so, contact us today. Reliant Billing Services provides expert guidance for urgent care facilities who need to optimize cash flow. We partner with businesses across the state to support their long-term success.