By Alex Tate
Medical practices need to be very careful about their billing. A relatively weak billing department not only impacts revenues but also leads to patients who are not satisfied with the service, which ultimately affects your practice’s reputation. Hence the business end of the practice should be a top priority for any practicing doctor.
We at CureMD realize that doctors are not accountants. Thus, this article has no billing jargon or complicated algorithms for improving revenue cycle management. Just remember—not to concentrate all your energies in collecting from insurances. Maximizing patient collections should be a priority.
Around 30-32% of a small practice’s revenue comes through patient collections a recent study by MGMA indicated. Furthermore, with more professional organizations purchasing high deductible and lower premium insurance plans, the burden to pay is shifting towards the patient.
Unfortunately, the difficulty arises in collecting from patients, and hence most of it remains unpaid. Many experts have suggested that practices might be losing a huge amount of money by simply not following up on patient collections. The following tips which are easy to implement will go a long way in helping you collect from patients. Try them and share your feedback with us. [Read more…]