Ways to improve cash flow and patient payments in your practice
- Patient Payments
- Verifying a patient’s coverage prior to their visit will keep your office aware of the patient’s benefits, and confirm their insurance is active for their visit.
- Notify patients payment is due at the time of service, and have a sign posted in your waiting room. Collect payments prior to services rendered
- Offer convenient ways for your patients to pay
- Credit Card, Payments over the phone and online portal payments
- Securely keep payment information on file and notify patients of your office’s financial practices
- Any unpaid balance will be charged 14 days after a statement date
- Offer Payment Plans
- For larger patient balances, offering payment plans can ensure consistent payments and proper care for your patients while avoiding headaches of large unpaid medical bills.
- EFT – Direct Deposit with Insurance Payments
- Save your self multiple trips to the bank to do weekly deposits of insurance checks by enrolling in EFT payments with insurance carriers
- EFT payments ensure you will get paid for your services 1-3 weeks sooner than when receiving paper checks
- By enrolling in EFT, you will avoid transaction fees associated with virtual card payments, which add up over time.
- Make sure you have an experienced medical biller on your team
- Here are ways that Bloom Medical Billing will help the insurance-related cashflow for your practice
- Prompt follow up within 14 days of claim submission.
- This helps address any and all issues related to the patient’s insurance, and focus on resolving it sooner than later
- Thorough review of each insurance payment and your fee schedule
- Each insurance payment is thoroughly reviewed to ensure the insurance is paying per their contracted fee schedule, per the patient’s quoted benefits and your services aren’t being denied incorrectly or inappropriately “written off”
- Prompt sending of patient invoices
- Invoices are sent the same day to your patients, which will result in faster balance reconciliation.
- Prompt follow up within 14 days of claim submission.
- Here are ways that Bloom Medical Billing will help the insurance-related cashflow for your practice
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