Eight Tips To Improve Cash Flow And Patient Relations

Eight Tips To Improve Cash Flow And Patient Relations

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When meeting and analyzing a new practice management system we address the following two issues:

- How we can improve cash flow.
- How we can improve patient relations and awareness.

These 8 tips will assist you in ensuring you are maximizing the potential return with your practice management system:

1. Daily Submission of Charges - One of the first things you want to make sure is that charges are submitted electronically on a daily basis and balanced with the payor or clearinghouse.

Rejected claims that do not pass the various edits should be turned around in 24 hours and promptly resubmitted the next day.

2. Capture the Correct Patient Demographic Information - Good data in means good data throughout the entire system.

3. Scan insurance cards into the system - Once a card is scanned into the system, it is easy for the practice management system account representative or your employee to immediately correct a claim if it is rejected for a typographical error or omission.

4. Verify insurance benefits before the patients appointment - This will enable your employee, and/or your practice management system account representative to immediately identify patients that may have changed carriers, have pre-existing exclusions or large deductibles.

Internal medicine and pediatric practices also find it extremely helpful when determining if the patient has well coverage. Furthermore, a patient and or the responsible party are more prepared to make payment when they know, in advance, exactly what their insurance will pay as well as their approximate financial responsibility.

5. Call the patients attention to any patient balance owed or balances exceeding 90 days - Do this when the patient schedules an appointment or visits the office/facility. Patients can also be advised of deductibles and coinsurance amounts at this time.

6. Inform the patient of any insurance carrier rebill - For example, a patient letter can be sent that states who was billed and what services or dates are still outstanding.

Then provide instructions to contact the practice management client services representative or the plan benefit administrator so that the amount does not become a patient responsibility. You will be amazed at the number of calls this generates.

And in the majority of cases, you may find that claims were originally rejected because of simple issues such as missing information from the patient or responsible party!

Even though the patient receives an explanation of benefits, implementing this checks and balances step will increase cash flow while further fostering positive patient relations.

7. Establish four statement cycles each month - For example, if insurance is billed on the first Wednesday of the month, then the patients secondary insurance may be billed the next day. If the patient does not have secondary insurance, then a statement should be generated on Friday of that same week for the patient portion.

Too many practices send statements just once a month. Practices generating patient statements the same week payment is received can substantially increase cash flow.

8. Offering more payment options - Consider offering credit cards and online payment capability. This also assists with increasing cash flow. When patients can view their statements online and immediately pay, it benefits every one.

Implement these 8 simple steps and watch your practice grow. These simple steps go a long way towards improving not only cash flow, but improved patient relations.

About the Author:
Ronald McLaughlin
RMK HOLDINGS INC.
625 N. Michigan Ave.
Chicago, IL 60611

Discover revenue management at at the RMK Holdings website which is http://www.revenuemgmt.com



Article Originally Published On: http://www.articlesnatch.com


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