How to optimize your Medical Practice!
Medical Revenue Solutions can help optimize your Medical Practice!
Congratulations on opening your Medical Practice, on your 5th year of owning your Medical Practice, or expanding your Medical Practice, now what? Truth be told, if you’ve opened, owned or expanded a Medical Practice the chances are pretty good that money was borrowed to make the transaction occur. And transactions like these cause me to put on my thinking cap and ask myself, “Could this Provider have any legacy/delinquent patient balances? If yes, what would the Provider do for that dollar? ”.
Recently, I encountered a Provider that expanded their business into a state of the art showroom and administrative offices for medical equipment. When I first met this Provider, the Practice was working out of two, side-by-side mobile home trailers. They had demolished their previous building, moved into the trailers for the next TWO YEARS, while the expansion project took place and successfully kept the Practice running throughout the duration of the project. No small accomplishment for these folks!
Fast forward to today. This Practice is now in their new, state-of-the-art building – it is beautiful! Now, it’s time to get down to business and unpack all those paper charts, insurance claims, explanation of benefits and also figure out the accounts receivable balance. What? Unpack paper charts? Figure out the A/R balance? The lesser of these two evils would be to simply run an A/R report to find out the balance, mail out patient statements and happily collect the payments from their ever-so-loyal patients. So, they did. An A/R report was run for the patient balance only, not including what was owed by medical insurances, the balance was…well, I’ll just say it was over what a small mansion would cost to build, from scratch! Much to their surprise, they did not mail the statements because they could not 100% trust the balance their system reported.
How can iClaim help your Medical Practice?
Now, I never shy away from a patient balance that is owed to one of my clients. Why, because I can trust our iClaim© system to accurately report what the patients’ responsibility is for payment, but that topic in and of itself is for another blog, stay tuned for that one later. Getting back to the balance that is over what a small mansion would cost to build, even though the Provider couldn’t trust the numbers on the report, we could accurately estimate the numbers based upon the data. So, I went to work explaining how my business/service uses the “time-driven” method of receiving payment from patients and not the industry standard: send invoice to collections, collection company takes 50% off the top and the Provider gets the rest, method.
How can QuickCollect help your Medical Practice?
Our Quick Collect© service is a time-driven method based upon days/aging and not “the highest invoice amount will get the most attention”, method. This is because the days/aging determines the fee schedule, not the invoice amount. The sooner the invoice is processed through our time-driven system the sooner the patient is advised of their balance. This creates a positive customer relationship between the Provider and patient – a win-win for sure! Our team handles all the letters, calls and credit bureau reporting. We even have lawyers on retainer to send additional letters, or calls, if you choose. See what I mean about I never shy away from a patient balance? Our time-driven method makes obtaining the Providers’ dollar so easy!
The benefit of Medical Revenue Solutions.
Okay, time to come clean. In my case scenario, the Provider expanded their Practice with, no doubt, monies borrowed. The amount it took to build the small mansion, aka their A/R patient balance, was over $500,000.00. Imagine what this scenario would be like if the Provider bought into the idea of our Quick Collect© services to maintain positive patient relationships and obtain monies owed rather than taking out a business loan for the expansion project. What would you do if your patients owed you $500k? Suggestion, do not make the snap decision to take out a loan. Allow Medical Revenue Solutions to analyze your accounts receivable balance, and let us put money owed to you in your pocket! It’s that easy to let us optimize your Medical Practice!