Ways To Increase Revenue For Your Medical Practice
The overall population is very much aware of the rising expenses that have been persistently seen in the medical care services. Indeed, even with the greater part of the new regulations that have been executed during the last few years, a lot of people and families are still seeing expenses climbing higher with every passing year.
For the individuals who own or operate a medical clinic, or the practicing physicians; the situation has turned from bad to worse. The practicing physicians and the medical care centers are witnessing the same price escalations that the general public sees, but there is one difference that the medical practitioners are being crushed from the other side as well. The truth is: while the costs in the medical industry are constantly rising, the insurance companies, Medicare and Medicaid are reducing their reimbursements along with it.
This has put the centers and the doctors in an extraordinarily troublesome position, where they are being pressed on their income side while consumer demands are decreasing as consumers are finding it difficult to afford even the most basic procedures or treatments. This circumstance requires innovative and dynamic methods for increasing or reclaiming the income for the medical care centers and doctors.
There are three particular fields where clinics and doctors can enhance their income models: The front-end (or patient acquisition process), coding and administration of records, and accounts receivable strategies.
>> Front-End Revenue Generation
Indeed, even the most competent professional clinics or doctors will be unsuccessful in their business if there are no patients available to treat. This implies ensuring that there is both quantity and quality in the appointments that are marked on the calendar. Before scheduling a meeting with a new patient, make it certain to get their insurance information, and ensure that they know whether they are in or out of your network.
On the off chance that a patient is out of network and disagrees in paying the risen expenses associated with seeing a specialist out of their network, the most unfavorable thing that can happen is that they will appear at the office without having that information. Not just will you have a disappointed patient in the waiting room; they will have even taken up an appointment slot that could have had been taken by a genuine needy patient. No one wins in this situation.
Moreover, when a new patient arrives at the office, the first thing that the front office staff must do is to make a copy of the patient’s insurance card and driver’s license. In this way, it’ll become easier to find the exact insurance information, if and when required; and it shall also guarantee that you possess in your records, the most updated information regarding the patients’ residences.
>> Increasing Revenue Through Coding and Records Management
Depending upon the size of the business or practice, there ought to be at least one individual in the front office whose sole (or one and only) duty should be coding and managing records. These have always been important assignments, and with the quickly changing and increasingly complex nature of medical billing and coding, these tasks have become even more prominent than at any other time in history. Whoever is accountable for coding and records management must be in charge of remaining in the a la mode on all amendments that are made on a national, state, and local level.
>> Increased Revenue through Aggressive Accounts Receivable Strategies
The last thing (or the worst scenario ever) that can be expected is: not to get paid after the clinic or the doctor has completed the entire treatment. One of the most ideal approaches to guarantee payment from the patients is to set up an electronic remittance process, which permits payments to be automatically deducted once they are endorsed and sent to the paying party. The other key component in aggressive accounts receivable is to have well-published and followed collections procedures, so that patients can know precisely what’s in store for them when they owe your office a payment.
To get more information about how to integrate your front office through outsourced medical billing and coding, please feel free to browse our website and get in touch with us whenever you have the time; if you are interested in reading more about what we do and how we can extend our hands to help you.