Cash Flow Drives Success for Medical Practices!
EMR Billing Solutions understands the importance of cash flow for small medical practices. Since maintaining a positive cash flow is a challenge, we will address possible cash flow challenges, and ways to improve cash flow within your practice.
The majority of cash flow challenges revolve around Medical Reimbursement rules, and complex Coding trends. As the days pass, Accounts Receivables must wait for financial responsibility to shift from high-deductible health plans to patients. Medical Practice debt continues to rise due to uninsured patients; changing regulations and insurance consolidations may also have negative effects on revenue.
Strategies for Cash Flow Improvements:
- Maintain a cautious oversight of your practice’s core business strategies
- Collect all copayments and balances at the time of service, increase security through internal controls to prevent fraud and cash leakages, and improve transfer efficiency with your chosen bank -they may offer cash management tools, remote deposits, image-based lockbox services, EFTs, online bill payments, and so on
- Analyze your cash flow and physician income distribution to double check that payroll is covered each month
- Improve care coordination and patient access within your medical practice
- Optimize your practice’s resources by balancing patient demand and provider supply
- Evaluate your fee schedule maintenance, and be aware of changes in healthcare reimbursements
- Propose revenue cycle management and establish a baseline for cash flow with insurance payers
- Complete insurance verification before a patient’s appointment to inform them of payment requirements
- Instill denial prevention by identifying and fixing errors before your practice submits claims to insurance payers