All private medical practices owe their success to the proper management of their revenue cycles. In order to receive prompt insurance reimbursement, they must submit their claims accurately and in a timely manner. However, these days, increasingly, practices have started to demand more money from their patients. Physicians in private practice are having to wait for many weeks to receive their payments. Even when those payments are forthcoming, they are frequently lower than the cost of providing those treatments. Therefore, it is essential to find better healthcare payment services.
Patients today influence the change to a value-based model of care. Meanwhile, regulation changes are challenging small private practices. Add to this time pressures on physicians and it is no wonder that private practices are struggling to cope. Increasing numbers of patients are having to opt for private pay because of high-deductible healthcare plans. This puts practices at a high risk of nonpayment for treatments rendered. It is clear that private physicians are facing a delicate balancing act.
An effective healthcare payment solution can help to simplify the process of collecting revenue.
Optimizing Medical Billing
Ensuring that medical billing is accurate is essential for any private medical practice. Payments depend on proper claim management, accurate patient data entry, timely claim handling, and the input of the correct codes.
Managing healthcare revenue cycles in a healthy way depends on several factors. Assessing finances regularly, following-up in a timely manner, submitting claims promptly, and verifying insurance eligibility are all vital.
All of these factors mean that private practice physicians are very busy. Finding a way to optimize medical billing can reduce the strain. Electronic bill presentment can alleviate some of the burden.
Introducing Effective Payment Solutions
Private practices often still rely on old-fashioned payment options. They still demand patient payments via check and rely on paper invoices. This is a serious issue in today’s healthcare environment. Patients are increasingly relying on electronic payment solutions. They are used to making payments for most bills in their daily lives online. This means they want the same from their healthcare providers. It is essential to have healthcare payment services that cater to this new demand. Practices that fail to adopt the latest technology are setting themselves up for failure.
BillingTree’s payment solutions for healthcare practices are proving indispensable for private physicians. By offering patients a choice of payment methods, healthcare providers are more likely to receive timely payments. Web portals allow patients to make payments at any hour of the day or night. Patients can use their smartphones, tablets or PCs. They can pay using their preferred cards or bank accounts. With all the options being highly secure and compliant, the practices and patients have nothing to worry about.
These solutions are convenient, both for patients and physicians. Physicians free up their time to focus on patient care. Meanwhile, patients don’t have to worry about writing checks and mailing them. As a result, everyone benefits. It’s the ideal solution to tackling the challenges in receiving payments that today’s private practices face.
Putting Changes in Place in Private Practice
Private practices are facing challenges in managing their revenue cycles. However, making simple changes can maximize cash flow. BillingTree’s solutions can increase efficiency and boost revenue exponentially. By utilizing the most up-to-date technology, it’s possible to encourage patients to pay more rapidly and more fully. Practices will, in turn, see their cash flow increased. Changes in healthcare payment services are, unfortunately, long overdue in private practice. However, by putting them in place today, it’s possible to achieve great success in the future.