Improving cash flow for your private medical practice
If you have a newly established private medical practice, improving cash flow is probably one of your concerns. Very few private practices are able to make a profit in their early stages of operation1, and it can be difficult to identify the resources necessary to build your business.
As the COVID-19 pandemic continues and unprecedented natural disasters take place across the country, look for additional resources, whether it be lines of credit, loans, or other sources of building up your safety net. You may have had to make changes to in person appointments to accommodate social distancing protocols, which can make operating your practice somewhat daunting — even overwhelming. But it can also serve as an opportunity to show how accommodating you can be — which will engender loyalty in your patients.
Create “best practices” and stick to them
Worried about your medical practice cash flow? One of the ways to improve it is to familiarize yourself with billing practices. That way you have a better handle on your cash flow, your accounts receivables, and your payer contracts.
Your coding practices should be reviewed, in order to achieve the highest possible reimbursement rate.
Another important aspect is good revenue collection practices. Make upfront payment collection a policy and be sure to gather and verify insurance information before service. This will reduce the denial rate, and costly appeals and resubmissions.
Accepting multiple forms of payment will make it easier for your patients, and facilitate cash flow. Online payment options have become a necessary part of daily business for medical practitioners. Check with your merchant services provider to explore what options are available.
You should also ensure that your staff are updated on the best methods of payment collection.2 These practices will make sure you receive timely and full payments from all your patients.
Keeping your patients healthy year round
A thriving medical practice relies on its healthy patients as much as its sick ones, and you should do your best to make sure your patients are healthy all year. Encourage your patients to keep up with their annual exams, and preventative tests.
If you want to help support your patients’ health both in and out of the office, consider purchasing wholesale vitamins for resale. Immune boosting vitamins and supplements are valuable tools in our fight against disease, and your patients may benefit from a little extra health help.
References
1 Schwab, E. (2016), Surviving and Thriving Your First Year in Private Practice, Schwab Audiology, Inc., | Thieme Medical Publishers.
2 Zuzek, C. (2014) Business Basics for Physicians, The Physicians Foundation | Texas Medical Association.
NOTE: The Schwab Audiology, Inc,, Thieme Medical Publishers, The Physicians Foundation, and Texas Medical Association, have not reviewed or approved the above article.