The Secrets of Maintaining a Healthy Cash Flow
3/6/2022
With the COVID-19 pandemic still at its highest, many outpatient healthcare offices are experiencing decreasing practice revenue for various reasons.
Today, we would like to share a tangible strategy that can help you keep your cash flow in good order regardless of the circumstances.
I. Dedicate yourself & your resources to promoting your business
Set a social agenda about your practice – the more people will be hearing about your office, the more likely they will visit it. Do not be afraid to spend funds on native advertising both online and offline. Yes, word of mouth is powerful, but there are some more effective methods out there in the XXI century. Our advice is to work on your website’s search engine optimization and purchase some paid advertisements.
II. Verify your patients' eligibility upfront
So many things are owed to eligibility! According to our internal research, 25% of claim denial reasons are related to patients' benefits. To protect yourself from denials, underpayments, and recoupments, you should instruct your staff to double-check the benefits of any patients before every visit without an exception.
III. Offer after-hours in-person and telehealth visits
Sometimes it is hard even to talk to a doctor during the regular business hours. Treating patients in the evenings and on public holidays will strongly increase a demand for your service. Your practice could potentially “stand out of the crowd”.
IV. Improve the accessibility of your office location
Physically challenged patients need medical care like no one else does. Therefore, it is critical to ensure that your office is easily accessible to people who use wheelchairs, or to those who are permanently blind. By emphasizing accessibility in your agenda, not only do you help those who are always in need of a quality care, but you also experience a constant patient flow due to an increased demand of accessible care.
V. Outsource your medical billing and credentialing to WCH Service Bureau, Inc
By delegating your claims billing and payment collection to a third-party team of experts, you can potentially save a lot of time and effort, allowing yourself to provide top-quality care to your patients.
Today, we would like to share a tangible strategy that can help you keep your cash flow in good order regardless of the circumstances.
I. Dedicate yourself & your resources to promoting your business
Set a social agenda about your practice – the more people will be hearing about your office, the more likely they will visit it. Do not be afraid to spend funds on native advertising both online and offline. Yes, word of mouth is powerful, but there are some more effective methods out there in the XXI century. Our advice is to work on your website’s search engine optimization and purchase some paid advertisements.
II. Verify your patients' eligibility upfront
So many things are owed to eligibility! According to our internal research, 25% of claim denial reasons are related to patients' benefits. To protect yourself from denials, underpayments, and recoupments, you should instruct your staff to double-check the benefits of any patients before every visit without an exception.
III. Offer after-hours in-person and telehealth visits
Sometimes it is hard even to talk to a doctor during the regular business hours. Treating patients in the evenings and on public holidays will strongly increase a demand for your service. Your practice could potentially “stand out of the crowd”.
IV. Improve the accessibility of your office location
Physically challenged patients need medical care like no one else does. Therefore, it is critical to ensure that your office is easily accessible to people who use wheelchairs, or to those who are permanently blind. By emphasizing accessibility in your agenda, not only do you help those who are always in need of a quality care, but you also experience a constant patient flow due to an increased demand of accessible care.
V. Outsource your medical billing and credentialing to WCH Service Bureau, Inc
By delegating your claims billing and payment collection to a third-party team of experts, you can potentially save a lot of time and effort, allowing yourself to provide top-quality care to your patients.
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