Disclaimer: This blog article was written by an AdvancedMD partner. The views and opinions expressed in this article are those of the author(s) and do not necessarily reflect the official policy or position of AdvancedMD.
According to a recent research done by U.S. Bank, 82% of small business fail due to one simple reason: poor cash flow management. Whether it is lack of capital, slow revenue flow, poor money management or overwhelming budgets, it all points back to cash flow. Cash flow is critical because it is the lifeblood of your practice. Now more than ever we realize that fast funding is no longer a luxury – it is a necessity.
Here are some ways in which you can get funds to your practice faster:
Try Collecting Balance from Patients Up-front?
As patient financial responsibility continues to climb, medical providers need to adopt strategies to protect their bottom line and shelter patients from financial hardships. So… the patient is in front of you, why not collect now? A recent study conducted by the Federal Reserve on the economic well-being of US households shows that almost 40% of American Adults are not able to cover a $400 emergency with cash, savings, or credit. If your practice is solely relying on your front desk to collect amounts due from patients, you will limit your success.
Accept Multiple Forms of Payments
Your patients should have flexibility when it comes to the payment method used for medical bills. There is nothing more frustrating than going to the doctor’s office and realizing that the only methods of acceptable payments are: cash or check. Give your patients options they can trust and that will strengthen the patient/ provider connection and guarantee payment is received.
Utilize Available Payment Technologies
Unleashing the power of technology to digitize payer-provider transmissions to a seamless and automated process is undisputedly increasing payment transparency. Therefore, if medical practices want to maximize incoming revenue and reduce claim payment lag, an all-inclusive platform improving the cash conversion cycle is pivotal.
Via by Aquina gives your practice control over medical claims. With Via, practices can customize which claims are advanced. You can select to auto fund all your claims or just the ones that pay the slowest. So why let delayed reimbursements get in the way of your practice’s success? Switching to an automated process will give your practice the control to operate and ensure a smooth healthcare pathway. With Via, the concept of “See patients today. Get paid tomorrow” is now a reality. To find out if Via is right for you and your practice, please visit Via by Aquina on AdvancedMD’s marketplace here.
Need immediate working capital?
Aquina got you covered. In the last few months, Aquina has been working tirelessly to improve its products and services and now we are excited to announce the release of our new product: Lines of Capital (LOC)!
LOC are great for capital projects, hiring staff, expanding real estate, and purchasing equipment.
Interested in finding out more about Lines of Capital can help your practice? Contact Aquina today.