Improving Your Cash Flow Post Pandemic

Improving Your Cash Flow Post Pandemic

Healthcare providers have been severely affected by the Coronavirus pandemic across the world. Now that the world is recovering from the wrath of the pandemic, many healthcare providers are still struggling to bounce back and increase their cash flow and collection. As healthcare reimbursement changes, healthcare providers must adapt and start concentrating on boosting payments and minimizing A/R time to enhance cash flow and collection at their practice.

Implement these four basic actions to improve cash flow and collection at your medical business.

1. Comply with a thorough insurance verification procedure – Before receiving any treatment, the first step is to check that each patient has legitimate, current insurance coverage. Software solutions associated with your electronic health record (EHR) system can perform rapid insurance checks.

2. Send pending bills regularly – A/R may be greatly reduced over time by sending a copy of each bill to the patient’s insurance carrier. In addition, requesting patients to pay their invoices on time may help boost income. A typical reason for insurance companies not paying is because of inaccurate or missing information from the clinic. Reducing the number of unpaid claims reduces the amount of money they may refuse to payout, which in turn increases the amount of money they can collect through medical bills.

3. Provide a variety of payment choices – One of the simplest methods to enhance cash flow and collection is to offer your patients a variety of payment options. Your patients will have more alternatives if you accept credit cards, cheques, cash, etc. To make the process even easier, electronic statements may be sent to customers through email or text message, with payment choices or links included. In addition, payment plans enable patients to take control of their healthcare bills, making them even more convenient.

Providing payment assistance programs may help your medical practice’s cash flow and collections as well. All industries are making use of this possibility. Put yourself in a good position by presenting information on your website on how to get out of debt.

4. Outsource revenue cycle management to a reputable medical billing service provider – 

Medical billing service can be outsourced to increase cash flow and collection for the company. When you outsource medical billing services to a certified RCM business, all areas of your A/R process, including accounts receivable and collections, are handled by experts. This helps save money on labor expenses while enhancing customer satisfaction via quicker payments and decreased A/R time.

There are several ways to quickly improve your cash flow by using some of these basic actions. The key to successful revenue generation is effective revenue cycle management. Tall RCM process may be made more efficient and successful for your practice with the help of trained staff. We, at Tall RCM, have a team of experts that engage customers to empower them to focus on core activities. We successfully handle claims in a proficient, persuasive, and untiring manner. Our vision is to bring value to our clients by effectively using specialized expertise.

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