AquinaFebruary 21, 2019

5 Ways to Increase Your Medical Practice Revenue

5 Ways to Increase Your Medical Practice Revenue

The increase of high deductible health plans has not lessened the patient’s inability to pay medical bills. Most are still struggling to pay, and this has a direct impact on the overall financial well-being of the caregiver.

An article from Healthcare Financial Management Association discusses ways providers can move beyond the normal patient billing options and instead consider developing a proactive approach to assist patients with their financial obligations.

Below are 5 ways they suggest that can help increase your chances of capturing revenue and maintaining patient satisfaction:

  1. Help your patients get insured
    Consider actively helping uninsured patients enroll in Medicare and Medicaid. With the expansion of these programs in many states, each patient who is eligible can enroll and this will help improve payment. By helping to reduce the number of self-pay patients, practices can help reduce the risk of non-payment.
  2. Streamline patient financial clearance
    As patient responsibility grows, providers must go beyond eligibility verification. Consider implementing a more hands-on approach. Seek to create a culture of patient education about eligibility and patient payment responsibility. This is a critical step to help build trust, simplify the patient billing cycle, and improve the overall patient experience.
  3. Optimize payment for each episode of care
    Make sure payers are meeting they’re negotiated, contracted payment rates. Reviews of denials and underpayments will ensure your practice is getting paid the right amount the first time.
  4. Proactively address denials and rejections
    Assist in determining benefit eligibility and getting necessary medical documentation prior to and during care can help ensure claims are submitted correctly the first time.
  5. Efficiently collect payments
    Technology is shifting the way patients make payments, many consumers prefer to manage their finances electronically. Digital payments options via smartphones and tablets are increasing. Your practice can benefit significantly from implementing these technologies and integrate them with your current operational workflows.

Being more proactive with your patients and developing a proactive approach to assisting them with their financial obligations, will improve your practices revenue stream, and increase patient loyalty.

If your practice is struggling with unpaid patient invoices or needs a cash infusion to normalize cash flow, contact us today. We can help guide you to the right financial solution that best fits your current business goal.