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3 Tips for Stopping Revenue Leaks that are Draining Your Practice Profitability
Inefficient front office processes, claim denials, and bad debt are probably the three biggest areas where you’re leaking practice revenue. It’s time to shore up your finances with three practice management tips for stopping the revenue leaks that are draining your practice profitability.
1. Shore up your check-in process
Patient check-in is a critical point to your revenue cycle. If you’re not able to quickly pull up patient information, copays, and balances due at check-in, you’re going to be leaking cash all over the place. Here’s the source of the most common leaks:
- Failing to verify patient information
- Not knowing or having to search for the right co-pay amount
- Not knowing if the patient has a balance due
- Not checking patient insurance benefits
- Failing to get authorizations before providing services
- Not giving patients convenient payment options like online paying or credit card on file
AdvancedPM is a practice management and revenue management solution that makes check-in easy. With AdvancedPM, your front office is going to plug revenue leaks once and for all with a single, at-a-glance screen that shows you everything you need to know so you won’t miss collecting payments or get insurance co-pays and coverage wrong. With the right tools like AdvancedPM, collecting payments and ensuring a solid flow of cash is easier than ever for your staff and patients. It’s also going to lead to better workflow and a shorter check-in that will make your patients happy.
2. Double check claims
Claims denials are responsible for lots of lost time and money. With the transition to ICD-10, it’s more important than ever to double check claims. AdvancedMD gives you an AdvancedBilling solution to help you manage your entire claims process in one place. You’ll save money by streamlining and managing your claims better than ever before. Your practice will reap the financial rewards of using a claims process that results in the highest volume of clean claims, instead of wasting precious time tracking and resolving errors and claims denials. Key features of AdvancedBilling are going to help you sail through the claims process by spotting claims issues, getting first-pass acceptance, and keeping your claims process on task to get paid sooner.
3. Improve your collections
Collecting the money that you’re owed is the best way to close bad debt holes and capture lost revenue. Modern patient portal tools within AdvancedPatient give you several money-saving solutions to improve your collections. The portal is integrated with our EHR and practice management for one seamless revenue-collecting solution. All that is required is a link from your practice website, an Internet connection, and authorization to access the patient portal.
Chances are high that your practice is leaking significant revenue because of poor practice management processes. Learn how to improve your private practice’s workflow and cash flow. Download the AdvancedMD eBook, 3 Tips to Stop Revenue Leaks in Your Private Practice.
3 Tips to Stop Revenue Leaks in Your Private Practice
Today’s private practices have had to adjust to mounting challenges like ICD-10, Meaningful Use, and ACA. With so many changes disrupting practice management processes, it may seem as though your private practice is leaking revenue—and it probably is. Operational inefficiencies and redundancies are costing your office time and money.