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3 More Ways to Increase Medical Practice Revenue
Increasing medical practice revenue


Last month, we took a look at three ways to increase medical practice revenue. Today, we’re going to look at a few more!

We’re nearly three-quarters of the way through 2021, and though we’ve been able to adapt to many of the ways the COVID-19 pandemic has altered the medical landscape, we are not out of the woods yet, and neither is your practice revenue

PATIENT OUTREACH:

A recent study found that one in five adults delayed seeking medical care due to the pandemic. There are multiple factors that could have contributed to this: apprehension from being exposed to the virus, financial challenges, and difficulties in accessing care.

You may have patients who, despite potentially having conditions that need treatment, are anxious about resuming their usual medical care due to fears about their safety or even concerns over the availability of appointments.

Establishing an open line of communication with your patients, along with keeping them informed of their care options, will help reassure patients that they are your top priority. Make patients aware of any available appointment openings, how they can utilize telehealth, as well as the precautionary measures your practice is currently taking to keep them safe. Give them the opportunity to reach out to your staff to discuss their current financial situation, and what they can expect if they choose to resume care. A great patient experience can lead to stronger patient retention as well as a higher likelihood of on-time payments. 

CLAIMS INVESTIGATION:

As discussed in our previous blog, you don’t want to sit on unpaid claims from insurance carriers. Remember to diligently follow up on any denials, and make sure bills are submitted by your billing team daily. A faster turnaround leads to faster payment!

Much of your revenue is going to come from insurance payments, so it’s essential to ensure that you and your team are staying on top of it. Experts recommend having staff members take ownership over outreach with insurance carriers they have experience working with so that it’s easier to delegate claims investigation and ensure that the workflow is organized efficiently. Don’t just have them re-submit a rejected claim to an automated system. You’ll want to confirm what the carrier needs from you to ensure that this time, your submission will be accepted.

The last thing you’d want is a rejection to be accepted by your practice at face value and to have that total forwarded to your patient. Studies have shown that unreasonably high bills can cause patients to distrust their medical professionals, even if the practice had nothing to do with allocating the bill itself. Practices benefit more from large insurance sums than from expecting their patients to cover the total alone, plus it prevents patients from feeling that the practice isn’t looking out for their best interests. 

ONLINE COLLECTION

Modern patients want modern solutions. Your average American already uses their phone to order rides and meals, as well as to pay their bills. They want convenience, so why not make paying their copays and medical bills just as easy? 

Although older patients may be more comfortable paying an individual directly or even sending a check, younger generations are more accustomed to making all of their payments online. Giving patients the ability to make payments more quickly, and in a format that they trust, provides a faster and more instant payment turnaround for your practice.

A payment platform also gives patients the ability to confirm their current balance with their own eyes and provides immediate verification that their payment has been processed. Setting up payment plans then becomes simpler and easily automated. Instead of navigating through transferred calls and mailed paperwork, patients have the control to handle their medical finances the same way they handle all their other expenses.

pMD’s billing service has found ways to streamline and enhance the billing and payment workflow, giving providers and patients more control over their respective processes. Contact us today and learn how we can help you improve practice revenue!

To find out more about pMD's suite of products, which includes our charge capture and MIPS registrybilling servicestelehealthsecure messagingclinical communication, and care navigation software and services, please contact pMD.
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