Many healthcare practitioners extol the virtues of working in a smaller practice, and the benefits seem to stretch to the patients themselves, with 33 percent fewer admissions being reported in smaller practices than in larger ones. However, along with the advantages of a closer understanding of the community and individual patients’ healthcare needs, there are unique issues that face small practices when it comes to healthcare payment services and management of revenue cycles.
The Challenges in the Small Practice Revenue Cycle
Healthcare providers in small facilities face additional pressures when it comes to management of their revenue cycle. With a smaller practice comes fewer staff members, and that means that medical practitioners themselves often have to get involved with all elements of administering and running the practice, including dealing with claims management and medical billing.
With tighter budgets and a lack of resources, owners of small practices are finding it increasingly difficult to shoulder the burden of handling finances. However, there are ways of addressing the key pain points in the cycle to help small healthcare practices remain open and independent.
Removal of The Manual Process
Many independent small practices still use manual cycle processes, with 95 percent of practices with less than five physicians admitting to having poor use of technology on their premises. Although smaller practices delay the adoption of technology for fear of a poor return on their investment, or simply by worrying about the impact that such changes could bring, by choosing to outsource the processes involved in the healthcare revenue cycle, it will actually pay off by combatting inefficient billing and increasing the number of payments received on time. Smaller practices that outsource their payment processes find that they benefit by freeing staff up to focus on the things that really matter, such as looking after patients and giving them the best possible standard of care.
The Advantages of Outsourcing Payment Processing for Small Practices
Small healthcare practices that opt to outsource their payment processing service enjoy a great number of benefits that help them to improve their entire revenue cycle and increase the amount of money owed by patients received on time. Because it is becoming increasingly difficult to receive payment from patients in a timely manner, or indeed, at all, outsourcing the payment processing services aspect of healthcare revenue cycle management allows small practitioners to escape from the time-consuming tedium of chasing nonpaying patients.
A third-party healthcare payment services system is also a more cost-effective solution, especially for small practices where saving money in as many areas as possible is paramount. BillingTree’s healthcare payment processing solution is a cheaper choice than traditional paper check processing since its partnership with an established network of banks allows for more favorable rates based on the volume of transactions.
BillingTree’s payment processing system is specifically tailored to meet the needs of healthcare practices and is a best-of-breed solution. It uses the latest innovations and technology to allow for greater flexibility for patients and allows them to make payments via their preferred payment method in a range of convenient ways, including over the Internet via a payment portal or over the phone through an IVR system. By giving patients more ways of paying for their treatment, small practices reduce the onus on themselves to manually chase after outstanding accounts and process paper check and cash payments manually.
Although there are many challenges facing smaller healthcare practices, especially when it comes to healthcare payment services, by outsourcing processing to a third party, such as BillingTree, it is possible to reduce the burden.