7 Ways to Immediately Improve Your Revenue Collection Rates
Revenue collection is a necessary part of your clinic operations, but it’s also one of the most difficult. From large multi-specialty, multi-provider, multi-location to small independent physician clinics with a single provider, revenue collection remains one of the most frustrating parts of private practice.
The financial pressures of running a clinic are one of the biggest concerns for small and independent practices as well as small or medium-size group practices. Recent events have only exacerbated what was already a difficult financial maze of claims, reimbursements, patient responsibility, and bad-debt write-offs.
While patient care is and should always remain the primary focus of your clinic, your practice leadership must focus on revenue cycle management with the goal of continually optimizing collection rates. Fortunately, there are things you can do right now to collect more of the money you bill for services. We created this definitive guide on improving revenue collections to share seven key things you can do right now to collect more of the money you bill for services. A sample of what’s inside:
- Key performance indicators for revenue cycle management you should be measuring.
- Financial benchmark metrics from MGMA, AAFP and more.
- Tips for following up on denied claims and how to prevent (if possible).
- Tips for collecting more cash from patients (up front).
- Strategies to revamp workflow to support medical coding and billing efficiencies.