In today’s economy, every penny counts. Leaving money on the table through inaccurate collection can significantly impact a healthcare practice’s bottom line. Here are five common problems, and quick, straightforward solutions to collect that money.
From check-in to billing to office policy to HIPAA, medical practices are inundated with paperwork. Patients get aggravated by the sheer quantity of it, while practice staff are so bogged down in managing paperwork that they have difficulty delivering the quality of care that they strive for.
With rising medical costs and more patients opting for high-deductible health plans, the harsh reality is that medical practices can no longer afford to miss opportunities to collect patient payments. Practices must reduce paperwork and other barriers to payment in order to make the billing process easier and more convenient for patients.
Whether you’re soliciting bids or your juggling hundreds of vendor calls per week, the desired outcome is usually the same – you want the best possible price for products and services. Below are some tips on how to work with new or existing vendors and get the best deal.
While there may be multiple ways a medical practice can improve its payor performance, the most effective strategies are tied to payor contracted fee schedules – making sure your practice works with the insurance plans that pay the most and receives the highest rates possible.