You may experience cash flow issues in your medical practice because moist medical practices operate under a pay later system. Your patients present their insurance information and their insurance company is billed after the services have been performed. This can often create cash flow shortages while you wait to be paid for the medical care you’ve already provided. However, there are methods you can employ to improve the cash flow at your medical practice.
Bill for Out-of-Pocket Costs Quicker
Medical practices can access a patient’s deductible information to determine the out-of-pocket cost for patients. This allows a medical practice to make payment arrangements via electronic payment or pre-authorize payment credit card once the insurance portion has been satisfied. These methods make it easier for medical practices to collect the monies owed to them quicker.
Speedier Bank Deposits
Another method that medical practices can employ to receive the cash owed to them and diminish cash flow issues is to speed up the process of making bank deposits. They can use;
• Lockbox services to collect payments
• Make Remote Deposit
• Use A merchant services program for next-day funding for your deposits
• Use HealthPay24® (streamlined billing system that allows patients to view their bills in one place)
A Single Database for Claims, EOBs, and Payments
Now medical practices can combine all three of these functions into one database for greater ease for medical practices. However, there are financial institutions that make combining all of these processes simple, which allows medical practices to receive patient payments, claims, create electronic and EOBs, also known as 835s. This process is beneficial to medical practices because it allows all of these processes to post to accounts receivable at the same time. This saves time and allows medical practices to receive their payments quicker, this easing cash flow issues. Many of the methods that medical practices can use to improve their cash flow issues incorporate a variety of different ways to speed up the process of collecting the money owed to them.
Seek Expert Financing Assistance
Porter Capital Group specializes in all types of commercial financing, including healthcare financing. Contact us today!