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3 Tips to Maximize Medical Practice Revenue

3 Tips to Maximize Medical Practice Revenue

3 Tips to Maximize Medical Practice Revenue

You may be familiar with the old adage that says that you should not work harder, but you should work smarter. That applies to your medical practice revenue stream. After all, you would much rather be hitting the ball on a golf course or participating in another favorite hobby than trying to squeeze another patient into your busy schedule. Applying these three tips can help to maximize medical practice revenue.

Create a Clear Process

The first tip is that you need a clear process for handling billing. You need to be upfront with your patients about how they intend to handle their copays and when they will send you any remaining payment. You may also want to get their permission to leave text or voice reminders about payments due. Make sure that you have gathered and verified that all addresses, phone numbers, and other information is current each time that you see a patient. Draft a series of billing letters so that your office staff can copy them and send them out in the desired order to collect payments. Many doctors find that creating a flow chart helps their office staff know what needs to be done to handle billing.

Manage Your Claims

Many surveys of practices across the United States show that almost 80 percent of bills have coding errors. This can cause a long delay in you receiving your money, and it can be very frustrating for patients. When you see a patient, make sure that you gather all the pertinent information, like documentation, your information, and the patient’s information. Make sure that you have an efficient way to contact all parties in case a claim is denied.

Track Accounts

It is also vital that you have a way to track accounts allowing you to see where any account is in the process at any time. This helps you understand what is coming in, so you know what bills you can pay and what bills you need to buy a little extra time on. Showing documentation often gets others in business to work with you better but be careful that you do not violate the HIPPA law by providing patient details to creditors.

One way that you can improve your accounts receivable is to work with a medical billing service. Contact Signature RCM. They understand the complete revenue cycle, and they have the experience to not make medical coding errors. They check any returns daily and work to get them resubmitted right away speeding up the revenue that is coming into your practice. They also can electronically deposit funds into your account daily giving you quick access to your money. Contact this medical billing service today at 216-410-1777 allowing them to help you set up a medical billing system that works for you. After all, you deserve to have your life back.