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3 Tips for Stopping Revenue Leaks that are Draining Your Practice Profitability

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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.

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Topic: Medical Billing, Patient Experience, Revenue Cycle Management | Content Type: Blog Articles

“The nice thing about AdvancedMD is claims are cleared before they are forwarded to various insurance companies. We know very, very quickly if we have some defective portion on our claim.”

Dwight Romriell, DMD

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“The best thing I ever did in private practice was getting AdvancedMD—it has liberated me.”

Estaban Lavato, MD
La Loma Medical Center

“[Our] patients are very well-educated and well-informed, and they want to see results quickly. The practice has to run extremely efficiently and be accessible to them. The nice thing about [AdvancedMD] is it has allowed me to be more efficient both in and out of the office. Now I don’t have to come back into the office, which is great for my family and everything else. It saves me a lot of time – probably an hour a day on the three days I work in the second office.”

Keith Berkowitz, MD
Center for Balanced Health

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“If you want to be focused on your practice and not worry about infrastructure, this is it. It’s transparent, just like when I plug something into the wall I’m not worried about what the voltage is and what’s the availability; it’s just there—like AdvancedMD. It does it so well sometimes you don’t appreciate it until you really think about it.”

Judy Feingold
Occupational Therapist