Watching the money flowing in and out of your practice each month is vital to ensuring you have cash on hand to cover payroll, rent, supplies, utilities, and other expenses. If mismanaged, cash flow issues can cause serious financial problems at even the most profitable of practices.
Here are a few strategies you can implement to increase cash flow and improve your practice’s financial health.
Digitize insurance processing
Speeding up insurance collections takes money out of accounts receivables and into your practice’s cash flow. While most practices already file simple claims digitally, some offices are still relying on the post office to deliver more complex claims requiring additional documentation and imagery. By switching to a fully digital approach, including electronic attachments of X-rays and charts, you can speed up how quickly you get paid, particularly for claims that need to be resubmitted.
Streamline patient billing
Eliminating barriers to payment is a good strategy for improving patient collections. Some examples include:
Improve your benefits verification protocols to confirm insurance coverage for patients prior to treatment.
Implement in-house financing
Offer incentives for patients who pay on the day of treatment
Provide a clear and accurate printed estimate to patients before they agree to treatment
Set up an online payment portal
Plan ahead for your slower months
Knowing which months are your slowest makes it easy to set aside extra cash from the month before to make sure you’re covered in the event of a dip in production.
Get your team involved
Enhancing the overall efficiency of your practice almost always translates directly into improved cash flow. You don’t need to tell your staff that the practice is experiencing cash flow issues. Instead, set efficiency goals for your team to work towards and get everyone involved in finding creative ways to achieve those goals.
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May 25th, 2023 1:20 pm
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