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Six Best Practices to Prevent Medical Practice Revenue Loss

revenue loss

Higher costs and lower reimbursement rates lead to a healthcare practice experiencing revenue loss. However, other factors exist in play as well. Many practices experience revenue loss due to inefficient practices. No business or healthcare practice wants to come up short at the end of their fiscal year.

A public health emergency like coronavirus tests a medical practice’s ability to perform by providing care and handling billing. Despite financial support from government services like coronavirus state and local funds such as local fiscal recovery funds, the previous two years highlight how inefficient practices lead to revenue loss.

However, making six small yet significant changes to your collections process will increase revenue. In addition, avoiding costly errors in medical billing becomes easy with these six changes.

1. Verify Patients Ahead of Time

Many medical practices use a patient portal accessible online or a SmartPhone app. This patient portal allows patients to input all their insurance information. Your staff will already know their deductible and payment status when they arrive.

2. Obtain Your Patients’ Authorizations

Many patients become unsatisfied with how high their bills are. This dissatisfaction results in your practice pursuing further collections. Obtaining your patients’ authorization before administering services makes the process easier and more cost-effective for everyone.

3. Keep Payment Methods on Hand

Retaining your patients’ credit cards or other payment methods on hand can help prevent revenue loss. Making repeat payments for doctor visits, collections, and payment plans is easier. Additionally, this method eliminates the need to send medical statements or enroll in high-deductible medical programs.

4. Have a Well-Structured Schedule

Like the DMV, there are sometimes jokes about how long it takes to be in a hospital’s waiting room before receiving service. While it might be next to impossible to have a well-structured schedule that works like clockwork, some strategies exist.

A typical medical time slot is 30 minutes, depending on a few factors. For example, a diabetes check-up might not require the full 30 minutes. However, certain patients might need extra time due to their condition. Therefore, you’ll also want your team to figure in lead times.

5. Have the Check-in Desk Ready

After getting verified from your EHR (electronic health record), your employees at the front desk should know precisely what the patient owes. Along with collecting copays, your check-in staff may also collect any outstanding bills.

6. Develop Third-Party Strategies

Developing a strategy will help you and your team work with different third-party accounts receivable. For example, some practices choose a single staff member or a team to act as a liaison between a third party and the practice. When working specifically with COVID funding, remember the Interim Final rule from 2021 and the Final Rule from 2022.

Have Our Team Search For Revenue Leaks

Lastly, if you’ve implemented these strategies but still see revenue leaks, the PracticeForces team is here to help. Our medical billing services will identify any possible shortcomings in your medical practice and resolve these issues. We implement the best strategies to maximize every practice’s revenue.

Learn more ways that you can improve practice revenue and prevent revenue loss by calling PracticeForces today at (727) 732-2831 or our patient line at (727) 771-1300!

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