More revenue less effort. Becoming consumer-friendly. Streamline efforts. Mutli-payment options. These terms are becoming increasingly important in medical practices as our health care world continues to change.
Are you using outdated reimbursement processes? Time to enter the 21st century Today’s technological solutions and claims management services can streamline reimbursement process, thereby capturing more revenue for your practice without adding a single therapist hour or patient visit. The key lies in improving insufficient billing and reimbursement methods, and capturing the money that’s already out there. For example, each year, multispecialty medical practices lose more than $51,000 of earned income per physician to inadequate payment and collection policies. That statistic, which begins with revenue figures from a recent Medical Group Management Association survey,1 takes into account that most practices only collect about 60 percent of their patient co-payments (which comprise 20 percent of average office revenues). …Acting like a merchant needn’t compromise or even compete with your quality of care. On the contrary, it can actually enhance your ability to serve your patients well, since your margins and overall business efficiencies will increase. Becoming Consumer-Friendly Adopting certain standards and practices can increase collections, ease patient concerns, strengthen your daily operations, and certainly lower stress levels around your office. Here are some practical ways you can make it easier for patients to meet their financial obligations. By James Lacy, JD