If you ask any successful businessman, one of the key components to their thriving business is efficient cash flow. In terms of your medical practice, you can generate this through what is known as effective revenue cycle management. Here are some important tips that you should consider in ensuring that your healthcare establishment remains financially healthy and sound for a long time.
When a patient calls up your office to set an appointment, ensure that the data you collect is accurate, especially with regards to his insurance information. You will have to confirm the patient’s eligibility before you start treatment, so you don’t end up getting denied by the insurance company when time comes to collect payment.
A small error in your billing statement could open your practice up to a lot of problems with the insurance agency, the patient, and your finances in general. If you use a third party service for this function, make sure that you hire only the most efficient people to draft and create your billing statements so that you can get reimbursed quickly and efficiently.
Errors in the claims process can cause some of your claims to be denied, which makes the two previous tips extremely important. If you do get denied though, make sure that you can quickly identify the source of the problem so that it can be reversed, or at least stand as a lesson for future claims.