Best Medical Billing Practices to Maintain a Healthy Cash flow

The majority of medical practitioners open their private practice because they want to serve their patients and strengthen their relationships. The running of a business is more frequently secondary, or worse, close to the end. It is difficult to stay viable today with the Affordable Care Act, revisions to ICD-10, and other factors related to medical billing compliance which add to financial pressure.

You are not alone when you dream of joining a hospital or a primary healthcare provider to escape the headaches of running a business. Your medical practice is a company, practically like any other. Money comes in, and money leaves. Naturally, the trick is to maximize the former and minimize the latter. Some areas of your medical practice have a high financial impact. When you approach these areas in a manner that reflects sound business practice, you will inevitably increase your operation’s financial health while taking more time to do what you initiated: care for patients.

Front desk Staff:

As per Right Medical Billing review, some medical practices underestimate the vital role of the front desk over and over again. In general, the front office personnel must be amiable, be able to run a calendar, call insurance companies and tell patients where to go. The front desk is the face of your practice and must be a multi-task force. You want someone who makes an impression, knows, and can answer questions from patients. Sometimes the actions of your front desk staff will leave a patient alive or never return. Find and train the right person for your front desk.

Right Medical Billing is certainly the right choice when it comes to medical practitioners billing. We as your front desk handle all your financial matters.

Operations:

Take a look at each quarter for your practice activities. Once controlled, make sure that someone monitors it and moves on to something that needs to be fixed. Choose the staff member you think will succeed most or employ a consulting firm for each particular task.

Important points:

  • Re-negotiation of insurance contracts. An annual increase of just a few percentage points will make a significant contribution to your achievement.
  • Approach to inactive patients. A mailing is a great way to bring patients you haven’t seen in a while to your attention.
  • Get a grip on account receivables. The longer the bills will remain uncollected, the less likely the money will be.
  • All denied claims are appealed.
  • Technological training and aspects
  • Proper technology (EMR, practice management, even your website) can improve workflow efficiency and attract new patients to your practice.

Make sure the systems you use meet all current requirements for practice management and medical billing.

It would be best if you had more than a collection of office photographic information, a list of telephone numbers and hours for your office. The best websites provide the reader with useful information not only on your practice but on your industry. A blog including informative papers will strengthen your position in your field as a leader and expert. And if you don’t have enough time to write it, you can do that with good ghostwriters. Tell your website designer how to optimize your site so that search engines such as Google or Bing are better positioned.

Finally, boost your presence on social media. More and more websites like Facebook, Twitter, Yelp, and Healthgrades receive their information on the Web. A whole industry has emerged from the need for companies to manage their identity in social media. Consider hiring a firm regularly for posting, tweeting, and even Instagram. Of course, much more needs to be taken into account, but use this as a starting point. It might take months or more to address the problems mentioned here and require your ongoing attention. Make sure your best people are there. Consider hiring professionals for guaranteed results. For more information, call or fill in the online form to request a billing assessment.

Learn how RMB can help your practice in maintaining a Healthy Cashflow for your Medical Practice.

 

Written by: Kaynat Ishfaq

Author has been writing from past 4 years with 2 years of experience of writing in medical billing and coding field. Her articles are well researched, unique and SEO friendly. Her writing are informative yet engaging.

Other contributors:

Ayesha Kanwal

Marketing Specialist, SEO Specialist, Content Writer and Social Media Marketing Expert

Shahzad H

Revenue Cycle Management Consultant, Medical Billing & AR Audit, Free Standing Emergency Rooms, Micro Hospitals, Compliance, OON Negotiations, Digital Marketing

 

 

 

 

Tags:

medical billing, medical billing and coding, revenue cycle management, accounts receivable recovery, out of network negotiations, prior authorizations, physician credentialing

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