Many doctors, especially those in practices with under five doctors, feel like they are working all the time. They feel like, at the end of the month, they must scrape pennies together to buy groceries. If this describes you, then you need to maximize patient reimbursements.
The first step in maximizing patient reimbursements is to teach your front-end staff to recognize the different health care plans and to alert you to any changes in their coverage. The team should be familiar with the various filing requirements because not all policies are the same. Remember that even if two patients have the same insurance company, their plans may have very different filing requirements. Then, the staff should be familiar with the rates and benefits of each plan. If you think your team might not be up to this task, there is an easy solution. Contact a revenue cycle management service, like Signature RCM, to take care of most of the work for you.
Make a list of where your patients are finding out about your practice. Keep this list updated regularly. You may already be providing discounts to select employees in your area. You need, however, to make sure that the benefit that you are receiving from these discounts are not costing you money in the long run. Collecting data can give you leverage when it is time to re-negotiate these discounts. While it may seem overly simple, verifying that a patient is covered helps to increase revenue coming into your practice.
Bundled payments where the patient receives one bill for many different services are becoming even more prevalent. For example, the patient may receive one invoice for radiology, lab, anesthesia, professional services, and the facility. Understand how these bundles work and become an advocate in making changes to maximize your revenue. Talk to your patients or develop written materials explaining your prices, allowing patients to see that you are incredibly transparent.
You have enough to do, so you need to work with a competent revenue cycle management service to maximize your income. Signature RCM provides this service at very reasonable rates. They can offer you advice on setting up revenue cycle management that works to maximize your profit from the pre-appointment to the negotiating contracts for you. They can help you with electronic funds transfers, payor fee schedules, and deductible tracking. You will love the easy-to-use interface of their signature dashboards, allowing you to spot daily, monthly, and yearly trends quickly. Contact Signature RCM today to get started reclaiming your life with the money that you dreamed that you would have when you chose medicine as a career choice.