Healthcare Finance Series: The Proactive Practice- Part III
Whether it’s declining reimbursement or collection issues, the financial end of running a medical practice can be daunting. Shrinking reimbursement rates and increasing costs have practices continuously seeking ways to optimize revenue cycle performance. And with the goal of providing the best quality care, revenue must be managed differently and proactively to ensure that the value delivered to patients is paid for appropriately. From the front-end operations to the back-end processes, there are actions practices can take to ensure the monetization of finances. Nevertheless, practices continue to struggle with patient claim lags leading to delayed reimbursements and an uncertain revenue cycle.
A key benchmark for practice success is your accounts receivable days and how well you are able to track and limit them. Everyone wants to get paid faster but getting paid through government programs and insurance payers can take up to 4 weeks or more from the time you submit a claim until you are paid. With the costs of operating a practice going up, a loss of crucial liquidity highlights the importance of a healthy RCM. Revenue may fluctuate, but business expenses such as rent, salaries, equipment, and insurance must still be paid regularly. Therefore, a proactive practice makes necessary investments in a claims payment system to generate quick income to pay off expenses and yield a profit.
The digitization of payer-provider transitions is increasing claim transparency. Practices are now able to unleash the power of technology to maximize incoming revenue and reduce claim payment lag all in a seamless and automated process. Hence if medical practices want to reduce claim payment lag, those behind the modern technological curve must find a way to implement an all-inclusive platform improving the cash conversion cycle. And this starts with Via.
Via takes the uncertainty out of RCM by giving providers access to an automated payment advance program, which allows funds to be received the same day claims are submitted. Through the technological platform, providers can choose which claims to expedite, or simply auto fund all payers. Via represents the modern way to manage reimbursements and cut out A/R days. Via allows you to realize the dream of seeing your patients today and receiving payment tomorrow.
Via is simple:
- Receive immediate funding on claims: Get paid immediately on claims without changing your workflow.
- Customize which claims you advance: Auto fund all your payers or just the ones that pay the slowest.
- Benefit from a fully automated process: Enhance your financial profile by reducing your days outstanding to Zero.
The billing process, in essence, can make or break a practice. Without the ability to receive quick and accurate reimbursements for treatment provided to patients, providers may be faced with closing their doors. But with Via, providers can now see patients today without the worry of not getting paid tomorrow. Get back to focusing on what matters most and take the financially proactive route with Via.
To find out if Via is right for you and your practice, please visit aquinahealth.com/via, or contact email@example.com. And if you want to learn more about how your practice may benefit with immediate claims payment, simply request a demo of Via today.