Sending claims to insurance providers is a large part of what what we do as medical billers, but our why? Our why is to bring peace of mind to mental health therapists, and we achieve that by improving cash flow and taking the messy insurance component off their plate. Here we share four strategies that can help improve cash flow and make any private practice more resilient. It’s always a good business practice, but now in times of uncertainty it’s critical to stop leaving money on the table.
Achieve Increased Visibility on Accounts Receivable
Accounts Receivable, or A/R, is the term for money that’s owed to your practice for billed clinical work. One of the most crucial components of our service is to provide clients with a monthly Aging Report, which shows Accounts Receivable as a list of bills that are overdue and by how long.
Providing therapists with these reports can immediately improve visibility. On our side, it helps us formulate a plan to correct and address cash flow problems. It also helps you make informed business decisions so your practice can stay cash flow positive.
Gain Deeper Insight Into Benefit Verification
Verifying benefits is part of understanding what billable amounts of a service can be recovered by a patient’s insurance policy. This can be a moving target. When patients meet their deductible, the industry (or global pandemics) cause coverage changes, or even as new codes are introduced, the amount of coverage may change.
We monitor patient benefits in a few ways. First, on the patient side, we calculate what they are likely to owe for a given session. We know from experience that unexpected, surprise bills have a higher likelihood of not getting paid on time, or at all.
From the insurance side, we know that how you code for services matters. One in five claims aren’t processed correctly, leading to providers getting underpaid, overpaid, or not paid at all. With a combination of expertise and thorough follow up, we help our clients recover what – without the right attention to detail – could otherwise be a loss.
Implement Timely Billing Procedures
Timely billing is another strategy we implement for our clients. When providers focus too much on billing amounts or processes, they may lose sight of when billing is conducted.
Getting claims in during the window where they will be processed and covered matters immensely for your cash flow. Since the windows will differ depending on the insurance provider, whether your practice is in-network or not, or who’s doing the billing (provider or patients), you might find yourself juggling a lot of different tasks.
We implement procedures to ensure we never miss a window. We’re also the enforcers of these procedures for your clients and are available to hold them accountable when necessary.
Focus on Revenue-Generating Activities
Full-service medical billing means it’s our business to improve your practice’s cash flow and give you back your time. Extra time gives you the power to refocus on parts of your practice that generate more revenue and bring you deeper satisfaction. For many of our clients, that’s pursuing interesting clinical work, research, or attending conferences and lectures.
Cash flow has always been a key indicator of any successful business, and now, it’s more important than ever. During uncertain times, all industries are changing quickly. Keeping up with these changes becomes even more time-consuming, and the benefits of having consistent, predictable cash flow is more than just a good business practice: it’s invaluable peace of mind.
