Increasing revenue and decreasing spending are two key elements to the success of any medical practice. A recent survey showed that 80 percent of medical practices are operating at full capacity, and, therefore, do not have the ability to take on any additional patients. The only remaining way to improve revenue is to decrease costs. A closer look at where medical practices are spending unnecessarily will often reveal a number of areas in which savings can be made, including in the fields of healthcare payment processing, insurance costs, and payor contracts. An overhaul of these and some other key areas will help to decrease excessive spending and will guarantee greater profitability.
Comparison of Insurance Costs
Although insurance is vital for all medical practices for buildings, contents, and, of course, malpractice, the existing policies could be offering very poor value for money. Reviewing the current coverage and performing a price comparison could very easily help to slash costs and decrease expenditure.
Competitive Medical Supplies Quotations
If bids were accepted from current medical supplies providers some time ago, it is possible more competitive bids could be available now. As prices increase with time, it’s highly likely that without a regular review, medical practices are overpaying for vital yet simple supplies. By adopting a hands-on approach, it is easy to get costs like this under better control.
Choosing the Right Provider of Healthcare Payment Processing Services
While it is important to choose a provider of healthcare payment processing services that is knowledgeable and experienced in the industry, it is still essential to select a company that offers a cost-effective solution. BillingTree can not only offer a comprehensive suite of healthcare payments services but also works with an established network of banks to guarantee highly cost-effective rates based on transaction volumes to help practices lower their operational costs. With a centralized reporting system, 24/7 payment processing, and support for a full range of payment capture channels, it’s possible to not only reduce operational costs but also limit the expense associated with paperwork since a paperless billing system can be put in place.
A Review of Payor Contracts
By hiring an expert to review payor contracts, it’s possible to save additional money for the practice. Many contracts were signed with payors a considerable time ago. If they have never been changed or updated, it’s highly likely that practices are getting a poor deal. By reviewing those contracts, it’s possible to implement changes that can save a lot of money.
Implementing Better Housekeeping
By cutting back on expenses, such as lighting and heating, at the practice, it’s possible to save even more. Simple things, such as energy-saving light bulbs, reduced heating when possible and automatic lights, are easy cost-saving measures that can make a difference. Although these steps will not make as much difference as choosing the right healthcare payment processing provider, it will help to make medical practices run more efficiently and will contribute to the overall savings that will see an increase in profits.