Enhance Your Practice's Bottom Line with These Easy-to-Implement Strategies

Medical Billing

The bonus: You'll help meet your patients' changing payment needs, too.

Each dollar counts in your practice and finding ways to enhance your medical billing and collections -- and then your practice's bottom line -- is vital. Discovering new, innovative ways to meet your patients' medical billing/payment needs and taking up new technologies will guarantee your practice getting every dollar it deserves.

With patients assuming greater percentage accountability for their medical bills, there has never been a more significant time for practices to evaluate the ways they use to process and collect payments.

Start with These 12 Ideas

Take a look at this rundown of medical billing and payment ideas that may help your practice enhance customer service and increase the bottom line. Then, implement the ones that work in your practice and watch your A/R improve.

All practices must consider adopting at least one of these 12 payment and medical billing ideas this year:

1. Convenience Fees: Think of either a 'No Fee to Biller' model by means of pre-set uniform convenience fees which is collected by your processor to retain 100 percent of your billable amounts, or a 'Biller Keeps the Fee' model to generate a new revenue stream and predict the positive impact to your medical billing and collections.

2. Account Verification: Confirm the correctness of the customer's account information and likeliness of positive pay prior to establishing recurring payment plans to evade costly and time consuming setups or frequent returned payments.

3. Virtual Agents: Allow computer-based algorithms handle payment options on succeeding account balances leaving agents as well as customer service reps free for further tasks.

4. ACH: Receive payments via ACH and decrease your processing fees increasing customer satisfaction through providing more competent cash management capabilities compared to traditional paper payments.

5. Cash Payments: Aid your underbanked customers make payments and settle debts by taking electronic cash payments – besides eliminate the risk of managing cash at your locations.

6. E-Billing (EBPP): Decrease your medical billing 's paper and postage costs by introducing e-billing and payment processing so customers can have their bills and pay online while also decreasing your Days Sales Outstanding (DSO) and operational costs.

7. Text payments: Customers appreciate this emerging technology. It offers a convenient option for busy mobile-savvy people; they can get bill reminders and authorize payment by text message.

8. PURLs for Personalized Payments: It is evident that one-time-use personalized URLs inspire electronic payments from paper statements and invoices, thus customers can quickly pay online however disregarding the need to create a profile or you must log into a public online payment portal.

9. Check 21: Substituting electronic images of checks simply means faster access to check payments and greater productivity than physically transporting paper checks in your medical billing procedure . Check 21 empowers non-standard paper checks for instance business checks to be converted to electronic images for processing.

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