Two Ways Medical Billing and Collection Can Improve Your Revenue
Can medical billing and collections improve your revenue instead of costing your private practice? Of course! When you have efficient and effective processes for medical billing and collections in place, either internally, or by outsourcing to a billing company, you can experience more consistent cash flow and expanded market visibility. These two things can result in improved revenue that allows you to sustain your practice for the long term, and help your practice to grow if that is your goal.
Consistent Cash Flow
The old saying that cash is king is certainly true for private practice owners. Too often private practice owners get swamped by administrative work, clinical work, and a whole host of other tasks that take over their schedule. When this happens, medical billing and collections get neglected resulting in unpredictable cash flow.
How does medical billing and collections maintain consistent cash flow?
When you are utilizing efficient and effective processes for medical billing and collections, you will be equipped for dealing with the roadblocks that will inevitably occur when taking insurance or collecting money from clients. Things like changes in a patient’s plan, updates to coding, timely filing limits, and changes of address for you or your patient are some of the roadblocks that you may encounter. On top of that, there are many variabilities across insurance companies that determine how and when a provider is paid. When these problems are identified and resolved quickly, or even prevented by knowing what to look for, cash flow will remain steady. When denials and rejections come in and you are not prepared with a process, cash flow comes to a halt.
This system of variability is what drives the healthcare industry, but is not something that is typically taught to providers in their education. Without a complete understanding of billing and how the insurance system functions, medical billing and collections can consume an inordinate amount of provider time as they try and sort through the complex system that is insurance and collections. Developing the right processes for billing and collections can be a long process of trial and error if you are a provider attempting to learn it all on your own, prolonging the path to consistent cash flow.
An experienced medical billing and collections company can do wonders to make sure the money that you are owed for services rendered continues to flow in a trustworthy manner. Practice Solutions has developed strong processes that all of our billers utilize to help maintain consistent cash flow in your practice for you, so that you can focus on what you do best; caring for your patients. You should not have to experience a lot of turbulence to be paid for your services, which is why medical billing and collections is an important part of the business of private practice.
Maintaining consistent cash flow is a function of maintaining a practice but does not necessarily yield revenue growth. It does allow the practice owner to work on the business instead of in the business. There is a way that medical billing and collections does improve your revenue.
Expanded Market Visibility
When you have a well developed process for medical billing and collections, you are ensuring a good customer experience, maintaining good cash flow, and saving your time so you can work on the business. What happens next is magical to some; your clients start to notice that you’ve got it together. Customer experience extends beyond the therapy session, and when you have a good process in place to collect payments and submit insurance claims, it increases your clients trust. Clients have a good experience with your practice from beginning to end and therefore they refer people to you leading to natural and authentic business growth. This growth leads to opportunities that you would not have had previously.
With the financial pillars of your practice in place and customers referring people to your practice, your business will gain expanded market visibility and you will be able to do a lot more with your time and with your practice. This means that your practice can either grow larger or continue to provide high-touch services like you always have.
How do you get to a place where you have these processes established and functioning well? You can go for the trial and error method in establishing processes on your own, but we have an extensive library of blog posts that can help guide you as you develop your processes. If you are looking for a way to achieve consistent medical billing and collections processes with the least amount of time spent, contact us to see how you can fast track your way to consistent cash flow with a Practice Solutions biller!