According to U.S. Bank’s latest research, 82 percent of small businesses fail owing to one simple reason: inadequate cash flow management. It everything comes down to cash flow, whether it’s a shortage of capital, a slow income flow, inadequate money management, or overburdening budgets. Cash flow is crucial since it is your practice’s lifeblood. We now recognize, more than ever, that quick finance is no longer a luxury it is a requirement.
Here are some ideas for getting money into your practise faster:
Why not try getting the balance from the patients up front?
Medical providers must create methods to safeguard their bottom line and shield patients from financial challenges as patient financial responsibility continues to rise. So… because the patient is right in front of you, why not collect right away? According to a recent Federal Reserve survey on the economic well-being of US households, about 40% of adults in the United States are unable to meet a $400 emergency with cash, savings, or credit. You will be limited in your effectiveness if you rely entirely on your front desk to collect sums due from patients.
Accept a Variety of Payment Methods
When it comes to paying medical expenses, your patients should be able to choose from a variety of options. Nothing is more aggravating than going to the doctor’s office and discovering that the only payment options are cash or check. Give your patients alternatives they can trust, and the patient/provider relationship will be strengthened, as well as payment will be obtained.
Use Payment Technologies That Are Already In Place
Using technology to digitize payer-provider transmissions and turn them into a smooth, automated procedure would undoubtedly improve payment transparency. As a result, if medical practices wish to increase incoming income and decrease claim payment delays, an all-in-one platform that improves the cash conversion cycle is critical.
Medical claims are within your control with Via by GoDoctor. Practices can choose which claims are forwarded using Via. You may choose to have all of your claims auto-funded or simply the ones that pay the slowest. Why put your practice’s success at risk because of delayed reimbursements? Switching to an automated procedure gives your clinic more control and ensures a seamless healthcare process. The notion of “See patients today” was introduced by Via. The phrase “get paid tomorrow” has become a reality. Visit Via by Aquina on the GoDoctor marketplace to see whether it’s appropriate for you and your practice.
More Security More Simplicity
GoDoctor was created to help you save time while still adhering to state and federal drug prescribing standards. The simplicity of one-click signature and automatic data management are paired with the security of sophisticated authentication and validation mechanisms in this ePrescribing software. It’s the best of both worlds – and the finest option for your business.