How to Stabilize Finances of Healthcare Practices?

The healthcare rules in the 21st century keep changing and more frequently in the post-pandemic era.

Ordinarily, physicians have limited time for administrative tasks; however, recent developments have made their time even more crucial.

One comprehensive answer to resolve financial troubles once and for all is to hire a medical billing service. A medical billing company files, follow-ups, and collects from insurance companies on behalf of providers. Therefore, it not only lightens their administrative burden but leads to a life of comfort, peace, and contentment for them.

Certainly, worrying about your finances at the expense of your patients is not a good deal to make. That’s where medical billing outsourcing comes in handy and takes off some of your burdens. In times of value-based care, improving the quality of care is your number one priority.

Let’s get down to some suggestions that optimize the medical billing and coding process, save time, and increase ROI.

1. Go Online

Leave paper behind. In this digital era, do you believe, sending invoices to patients via paper is a reliable or safe way? Well, No.

Most of the medical billing services still send bills via papers, and we must know this method is obsolete. The collection rate can be significantly increased if physicians allow a digital method of sending invoices.

2. Ask for Payments While the Patient’s Visit

It is observed that the chance of collecting payment decreases by 20% when patients walk out of the physicians’ office.

In-house or in-office payment rate increases when medical billing companies or front-desk staff accepts credit/debit cards on the spot. But first, make sure you have a HIPAA-compliant setup and you obey Payment Card Industry Data Security Standards (PCI DSS) guidelines.

3. Verify Patient’s Insurance Eligibility Beforehand

Verifying the patient’s insurance eligibility before the treatment is an under-rated practice. However, when done, it makes bank accounts full. Some software can help in this task, and some of them are so advanced that they even notify physicians for the paid payments by the patients such as deductibles and copayments. In this way, medical billing services can proceed with medical claims without any difficulty afterward and even inform patients about their financial responsibilities.

It needs a big investment, but it is worth every penny.

 Share Financial Responsibilities with Patients

Another practice that can help you stabilize the finances of your medical practices is transparency about your financial responsibilities. For instance, if the insurance plan does not support the patient’s treatment expenses, it adds to the patient’s out-of-pocket expenses.

Patients are generally fussy about paying such expenses, so in order to avoid such situations, medical billing services must take everyone on board beforehand.

One advantage of this is that all stakeholders are clear about their financial responsibilities. Moreover, there are a lesser number of accounts receivable (AR), and revenue cycle management is improved too much extent.

Conclusion

Healthcare innovations are on the rise. So, it’s better to move forward instead of sticking to the old conventional methods. It is not only beneficial for introducing interoperability but also to level up the medical billing and coding standards.

Don’t you think?