Medical practices’ revenue is declining steadily. A sophisticated system governs the healthcare sector. A system the workings of which nobody is aware. This is not the ideal time to be a practicing physician, what with regulations that change and significant reimbursement reductions. Many medical practices are having trouble staying in operation. Here are tactics that healthcare professionals recommend using to boost medical practices’ productivity and cash flow.
Use of Efficient Technology
More than ever, medical practices are technologically advanced. Has it, however, led to significant time and cost savings? Agreed? Marginal advantages don't matter. Many medical practices make the error of not fully utilizing the features offered by their free practice management software or EHR systems. The first step in technology optimization is to look at workflow and spot obstacles. Make sure your EHR can communicate with other diagnostic tools, like vital scale monitors. It can reduce errors and save a significant amount of time. To efficiently organize and enter data, customize medi emr templates. Complex templates and redundant information waste a time.
The fastest way to save time is to align your EHR with the workflow of your medical practice, and the best way to adapt your EHR to your medical practice's particular requirements is to customize templates.
Put an Emphasis on Collections
Co-pays make up about 20% of the revenue that a medical practice receives. The financial health of your medical practice will suffer if you don't pay enough attention to co-pays and deductibles. Make a clear policies in place regarding the payment of co-pays, deductibles, and co-insurance. When your patient is still at the front desk, it is best to collect co-pays. The payment obligations are now more distinct, and it is wise to verify each patient's insurance information. In this manner, front-desk personnel can inform patients in advance about their payment
It will be difficult to collect those funds once the patient departs. Most of the time, expenses like postage, calls, staff time, forms, and envelopes are much higher than what patients are expected to pay. To increase in-office collections, assign responsibility to one person at the front desk, use a carrot and stick strategy.
Claims Filing, Follow-Up, and Correction
Backlogs in claim filing slow the revenue cycle and make it harder to follow up on claims with each passing day. Many claims slip through the cracks because no one is paying attention.
The majority of insurers provide a 90-day window for submitting claims. However, this does not imply that claims can wait another three months. It is simpler for staff to find and provide additional information to support claims when claims are filed the same day as a patient's visit. The current state of healthcare calls for much more accuracy and specificity in clinical data.
Regenerate Payer Agreements
Make it a point to renegotiate payer contracts in order to maintain profitability and stem the tide of declining reimbursement. Make a payer matrix and arrange the contract data. Viewing important information such as reimbursement history, claim filing deadlines, payer policies, etc. will be helpful for medical practices. Before renegotiating contracts, create a plan. Make a list of your highest paying procedures, then bargain for lower prices. While negotiating, take each procedure's cost into consideration. A slight increase in the cost of a routine procedure's reimbursement can significantly boost collections. Pay attention to the processes you use the most frequently. Recognize payment irregularities, and if your payer won't listen, leave the network. Requesting information about a patient you met four weeks ago from a staff that is already overworked will only complicate the already challenging reimbursement process. Every day, whether at the clearinghouse level or the payer level, claims must be revised and submitted.
Make use of Best Human Resources
In most medical practices, routine tasks that can be completed by a straightforward computer program take an absurdly long time to complete. There is equipment and technology available to automate routine tasks. Following up on treatment results, obtaining and analyzing financial reports, and credentialing tasks can all be automated to a high level of expertise.Data management and other fundamental tasks are better left in the hands of systems. It is simple to create, track, and follow up on medical information thanks to full-featured software and applications.
There are numerous suppliers of extended business office solutions. To better manage and make the most of the human resources at your disposal in your medical practice, outsource tasks that can be handled outside of your office with practice management software or electronic health record.