How to Do Account Receivable Follow-Ups

Practices should concentrate their efforts in the area or areas where they are lagging. One expert suggested in a recent Medical Economics paper that doctors compare their financial information to that other practises with similar sizes as a starting point. This will help them understand where they stand and whether their performance is in line with that of a typical practise. The number of patients seen each day, typical reimbursement rates, and provider revenue are all things to look at. By concentrating on the appropriate areas, practises can increase their financial success.

Enhance the patient experience: The healthcare sector has realised the importance of consumer interaction. Up to 92 percent of healthcare customers who participated in a 2018 Black Book survey agreed that enhancing patient satisfaction should be a top strategic priority for healthcare organisations Patients today want a digital experience that is personalised, has a variety of virtual access points, allows for online scheduling and payments, and is transparent regarding costs. This suggests that in order for practises to remain competitive, they must innovate, concentrate on satisfying consumer requirements, and enhance the customer experience.

Managing the billing process accurately is not easy as providers might face hurdles in revenue cycle management. Moreover, Net Collection Rate below 95% shows that your practice is facing troubles in the billing process. To eliminate all these hurdles and maintain your NCR up to 96%, MedsIT Nexus Medica billing Services are around the corner for you so that your practice does not have to face a loss.

Consider hiring more people: Medical Economics states that increasing staff can raise operating costs but also enhance patient capacity. The complexity of care has risen due to the load of chronic illnesses, and practises must train their staff to be able to meet all patient needs. A nurse practitioner, for instance, can assist primary care doctors see more patients each day. To run a successful practise, non-physicians are also essential as employees and providers. According to the Medical Group Management Association, a study of U.S. medical groups revealed that increasing the number of non-physicians and support workers can boost productivity and profitability in practises Physicians can spend more time with patients when support workers handle patient messages, medication refills, and lab tests. The use of scribes or medical transcriptionists can enhance consultations. Including non-physicians in your team can boost productivity, revenue, and patient happiness.

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Take action to decrease inefficiencies in the medical practise. Inefficiencies can result in mistakes and time waste, lower productivity, and anger doctors, staff members, and patients. To prevent backlogs and improve the number of patients who can be seen in a day, effective time management is essential. There may be significant room for development throughout the business, from the front to the back offices. In small practises, busy phone lines are a regular worry. Although having numerous phone lines might prevent busy signals for patients, they must be adequately staffed. Practices need to be on the lookout for phone system-related inefficiencies, errors, lengthy wait times, and a lack of personalised treatment. Asking patients for their opinions would be a smart move.

Productivity might also be impacted by the office layout if the doctor must take extra time to move between exam rooms The ideal layout would enable quick and efficient movement between areas for both doctors and patients. The objective should be to strike a balance between seeing enough patients to cover the practice's financial needs and delivering top-notch patient care. With the correct combination of individuals suffering from minor worries and those with chronic diseases, this can be accomplished.

Value-based systems reward doctors with incentive payments for the level of care they provide to Medicare beneficiaries, which helps to generate income. Providers must assess the value-based principles and metrics used by Medicare and estimate their prospective revenues in order to benefit from these incentives. To profit from value-based reimbursement, they would need to concentrate on creating high quality, transparent, and secure data reporting capabilities in addition to standardised procedures and internal controls. Revenue can increase when value-based opportunities are managed effectively.

Physicians should bargain more favourable contracts with commercial payers to get greater reimbursement rates. Recognize the value that the practise provides the payer, demonstrate that value, and base your request for more money on that. Here are some suggestions from experts in the field:

Prepare your data before bargaining with payers. Analyze each payer's charge schedule to determine your break-even point. The payer would better understand the value your practise provides to its members with a structured and well-documented data analysis.

Before meeting with the payers, conduct a "SWOT" (strengths, weaknesses, opportunities, and threats) analysis of the practise.

Share practise data that demonstrates compliance and better results. If you are providing high-quality data for HEDIS measurements, present that data and base your rate negotiations on it.

Show how your services or offerings are better than those of competitors to prove your worth. If your practise has added a second location, if the number of patients has grown over time, or if you offer weekend clinics or longer hours to help patients avoid expensive ER trips, you can also request a higher fee.

Mention how the practice's operating expenses have increased. By demonstrating that expenses like rent, staff health insurance, medical malpractice insurance, and employee compensation have increased, you can bargain for a higher rate.

Support your data with approving patient testimonials.