Having the prowess to improve your medical practice’s ability to get paid is no easy feat; but we believe any physician with initiative has what it takes to do so. The revenue cycle management of any specialty practice is simple: patient makes an appointment, has services rendered at said appointment and pays or gets billed for the services performed. All you need are the proper techniques in order to get paid faster in spite of ACA legislation that’s leaving patients under-insured or sans insurance at all.
We understand you can’t be in two places at once, and you may feel marooned by having to figure out new ways to ensure payment.
However, by employing these strategies, they will allow you to extend your reach to your staff and create the ideal medical billing process for both your patients and your billing department.
1.) Flow Mapping & Cycle-Time Measurement
How are you going to figure out ways to get paid faster until you create a benchmark and discover your current rate of pay and revenue? Metrics are invaluable to your RCM, and utilizing flow mapping and cycle-time management in conjunction with one another will:
help you evaluate and reenact the patient walkthrough from start to finish
help you find out bottlenecks and issues
An article from the American Academy of Family Physicians (AAFP) explains that optimizing “value-added time” (which is the face-to-face physician time patients get) in comparison to waiting time will provide the best balance for your practice. Doing so will allow you to get paid faster if your patient leaves after having great service and minimal waiting time.
2.) Take Control of A/R
Your A/R is the pulse of your practice, and if it’s too inundated with pending claims, it can leave your revenue flat lining. The AAFP article advises including a clause in your patient forms regarding “unpaid portions of bills,” so patients remain aware of charges they incur and their responsibility to reimburse you.
One way of minimizing your A/R list is to implement scheduled billing procedures. Sending statements monthly to patients can ensure a friendly reminder while not overwhelming them with calls or emails. This will also streamline your payments and allow for the A/R list to gradually get smaller and smaller. Use proper judgment before sending a bill to a collection agency, because it may be easier to negotiate with the patient than having to pay extra fees to an attorney or agency.
Have you ever considered outsourcing your medical billing? Any outsourcing company worth their salt will have a dedicated team of medical billing specialists on deck for your practice 24/7. In other words, for a small price (lesser than paying extra employees), you can have an expert team of professionals working to reimburse your practice at the highest rate possible; this is from insurance companies and patients. Get paid more, and faster!
Worried about losing control of your practice? Wash those concerns away, because outsourcing provides instant reports regarding your practice’s productivity and revenue. This also includes scalability, which keeps the size of your practice in mind, as well as your specific billing needs.
As a specialty medical practice, it can be difficult to know what will improve your reimbursement rate and get paid faster. A good place to start is most definitely your RCM, which, if optimized, can change the entire face of your practice (in a good way!). Here at PracticeForces, we are industry leaders in medical billing solutions! Let us show you how—check out our RCM services.