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Archive for the ‘Physician Pracitice Managment’ Category

Improve Cash Flow for Your Practice in Today’s Healthcare Environment

In today’s economic turmoil cash is not only king, but is taking on god-like status. Revenue Cycle Management (RCM) is the current financial discipline needed in all medical practices for sustained success. From hospitals, to physician practices, to the virtual world of medical supply and service ordering, RCM is truly a discipline.

New ways of ensuring patient eligibility and payment responsibility are necessary. Never shy away from developing and instituting policies on your Over The Counter Collections (OTC) Here are some practical tips to help your practice collect cash “over the counter.”

1. Define the process. You don’t need a PMP or Six Sigma expert. Just plain common sense and discipline is needed to understand and apply the steps from referral to getting the patient’s account to a zero balance.

2. Educate and train your staff on the process and the expected goals. Everyone is responsible for ensuring sound financial performance in your medical practice.

3. Keep a scorecard. Nothing works better than posting results. Define the metrics and measure your success. OTC goals should be identified daily, weekly and monthly. Also make sure to celebrate your successes.

4. Audit the process on a regular basis. This includes not only the process but also the compliance with the process. Never forget to make sure you listen to the front line. They should always have input on how to make it better.

5. Automate! There are many billing software solutions healthcare consulting firms that are discipline specific to enable you to use real time eligibility. You’ll know what is expected of the patient and there is immediate accountability.

6. Ask for payment up front. Co-pays, coinsurance, and deductible amounts are all part of the OTC. Take credit and debit cards but make sure you have controls in place to protect this information.

Lastly, remember this point… You are not a bank! Therefore, don’t institute policies that make you one. Instead use these pointers, in addition to your overall intake, billing and collections processes to improve your cash collections. Many practices don’t see the front counter as a place to transact business. What happens at, and over the counter is critical in maintaining your financial success.

Jeff Dance is a Senior Healthcare Consultant at KeySys Health, LLC. He has over 20 years experience in the provider and payer aspects of healthcare. KeySys Health, LLC is a Birmingham, Alabama based healthcare consulting firm that specializes in working with small to medium sized clients to provide sound return on investment in the areas of EHR/EMR, regulatory compliance, revenue cycle management, branding and marketing. Contact us at 205.421.1700 for more ways we can help your practice succeed.

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