In current times, as in the past, there has always been the problem of a growing percentage of revenue being tied up in A/R.  In years past, you could look at reports and see there was a hold up with this payer, or that payer, in delayed and/or denied claims.  Follow-Up was also a problem and before you know it, you have a stock pile of problems to work through, while (at the end of the day) the money still isn’t in the bank!

Here’s the thing.  If you do your billing “in-house”, you still have to pay your employees, whether or not they are collecting your revenue. Revenue delayed? You can’t delay payment to that employee, that’s for sure! Has your in-house billers been on vacation? Family illness, or newborn baby? If your billing department is short staffed, guess who hurts the most? Yep, that would be YOU.  As your Medical Billing Service, and experts in the Revenue Cycle Management for more than 30 years, we can take the burdens off you.  We will keep you apprised of the newest trends in your revenue and billing cycles.  So you’re still pretty set on your payer mix being 20% Medicare, and 10% Medicaid, 30% Blue Shield, etc etc? When is the last time you took a look at your “Patient Responsibility” bucket? Truth is, today’s healthcare practice is seeing a huge rise in “Patient Responsibility” which can negatively impact the amount of your daily bank deposit.

Due to the huge increase in average healthcare policy deductibles, the patient is becoming responsible for more and more of the total billing. Has your practice addressed this trend?  If not, then consider this article your raise!  The new trend, as described, requires your office to be more diligent in collecting payments, up front, from patients.

So how do you achieve more patient collections up-front?

Funny you should ask.  There are several ways to accomplish this:

  1. TRAIN FRONT DESK EMPLOYEES:  It is normal practice for a patient to expect to have to pay their “co-pay” in order to be seen by their doctor.  Likewise, many hopitals are now finding out the patient responsibility for services, prior to the patient arriving for the service, allowing for collection up front.  As your partner providing you with REVENUE CYCLE MANAGEMENT SERVICES, aka MEDICAL BILLING SERVICES, MBO has options to assist with this sometimes uncomfortable task.
  2. COMMUNICATE COMMUNICATE COMMUNICATE: Letting your patient know, prior to arrival, what their insurance policy dictates as their responsibility, and offering friendly payment terms (Care Credit, Credit Cards, etc) will actually put the patient on your side and they will want to work with you.
  3. SELF-PAY DISCOUNTS:  This is an option but must be followed on a strict guideline policy.

For more information on how MBO, as your MEDICAL BILLING SERVICE can assist you in moving with the financial medical trends of today, give Medical Business Office a call at 573.634.7155.

More than the average Medical Billing Service and better than the average Revenue Cycle Management Service, we have options.