Speed Up Your Medical Facility’s Accounts Receivable with This One Simple Trick
In a traditional healthcare system, through either a private practice or a hospital, it could take as many as 250 people just to generate one bill. That includes everyone from the nursing staff to the medical coders who know which services to bill patients for. In such a complex system, things can get a little bit complicated, and it’s easy for things to fall by the wayside. Not only does this present problems with cash flow for medical facilities, but it also creates issues with patients who may become irate if billed late or for the wrong services.
So how do most doctor’s offices and hospitals stay on top of their accounts receivable? Simple: they hire medical billing and coding experts. There are a number of advantages to letting a medical billing company take over these responsibilities. Here are just a few of them:
- Speed up cash flow: When patients’ accounts go unpaid for long periods of time, small doctor’s offices and large hospitals alike can suffer. If these medical facilities don’t have the ability to pay for operational costs, then they could let services fall by the wayside. Having a dedicated team of medical billing specialists can speed up this process, so payments won’t slow down operations.
- Get better technology: Even though online and electronic systems are becoming more popular as technology improves, there are still businesses that do everything by hand. About 30% of the medical claims sent to medical facilities use paper forms; these are either entered into billing systems manually or will be entered with automated recognition software. But this process can still lead to errors — something that medical billing departments have to be careful about. Moving to online systems that comply with the Health Insurance Portability and Accountability Act (HIPAA) is a better alternative for most facilities.
- Let customers pay online. Another way to speed up the turn around time on your accounts is to give them more options in terms of how they pay. One survey revealed that 43% of customers say that they are more satisfied with a business if they have multiple options for their bill payments. Younger people, especially, prefer to do their billing and banking online. While 30% of Baby Boomers and 36% of Generation X-age adults prefer not to receive paper bills, a majority of Millennials (55%) aren’t interested in receiving their statements in the mail, either.
Have more questions about your billing services? Be sure to talk to medical billing and coding specialists about how you can keep your patients and staff members happy.