As the owner of a physician’s office, you are in the business of helping people get better, not the business of medical billing in Fort Lauderdale. However, a sophisticated healthcare revenue cycle is a crucial component in ensuring profitability for your medical practice.
The revenue cycle begins with scheduling an appointment for a patient and ends with your medical practice receiving payment for its services. This process may sound simple, but several mistakes can be made and carried throughout the entire process. There is always a way to improve the financial aspect of your business, and in this article, we have detailed four ways you can achieve this.
Use Data To Track Performance
You won’t know the performance of your revenue cycle unless your medical facility is tracking and analyzing key data. This allows you to compare old strategies with new ones and see which performed more effectively. It will show when things are not working well, so your practice can make an intentional plan to improve efficiency. Managing a revenue cycle is a full-time job, and not the profession that physicians signed up for. This is one of the ways your practice can benefit from hiring a revenue management company, such as J3 Revenue Cycle Management.
Collect Payment Upfront
As you know, the industry has seen significant changes. Because of high deductible health plans, patients must cover their medical bills on their own, which is leading to fewer bills being paid on time, in full, or at all. As a result, this impacts the efficiency of the revenue cycle. By collecting payment and giving patients an estimate of the total cost before the service, you can optimize this crucial stage of the revenue cycle.
Unfortunately, many practices don’t have the means to provide estimates upfront, but this is where software tools can make a difference. Although the software is important, a medical staff that is properly trained on how to use the software makes all the difference. At J3 Revenue Cycle Management, our team won’t just sell you software – we will also show your team exactly how to use it.
Credit Card On File Option
Does your medical practice give patients the option to leave their credit cards on file?
Very few providers have this as an option, but it is a great strategy to reduce patient balances and improve cash flow. The credit card is the preferred method of payment and having the patient’s credit card already on file makes it more convenient for them to make timely payments.
Automate The Revenue Cycle
If the revenue cycle in your organization is still paper-based, it’s time to update the way finances are being handled. By automating it, you will significantly save your practice time and money. You can solve common problems within the revenue cycle, such as late and denied payments, by utilizing new tools and technologies. We understand this may sound easier said than done, which is why our founder created J3 Revenue Cycle Management. We aim to help physicians by managing their cash flow and revenue process. We do this in several ways that allow us to stand out from the competition.
Our team will:
- Thoroughly train medical staff in-office on how to use new automation tools, like correct techniques for data input.
- Provide comprehensive solutions, like offering advanced services to ensure data quality and information accuracy.
- Never sell software only – our approach is more hands-on.
- Completely support the back of the medical practice to ensure faster payments.
- Provide 24/7 video conferencing to help your staff input the data in real-time.
You may be comfortable with the old approach of doing things, but this can create an unnecessary burden on you and your medical staff. Automating can also help eliminate human error and ensure efficiency. We understand that when health systems adopt new technology, improper training leads to mistakes, which is why we offer our hands-on approach.
Our team strives to be more than just another data entry or software company. To see how we can improve your business with our solutions for medical billing in Fort Lauderdale, contact us today at 954-544-2706