Discover strategies that medical billing managers can incorporate into their workflow to enhance their practices' revenue cycle performance.
Medical billing managers face significant challenges in today's healthcare environment, from administrative burdens to delayed payments and changing billing processes. The range of challenges and the growing complexity of healthcare billing also highlight the need for medical billing managers to implement strategies that streamline operations and improve the efficiency of their revenue cycle.
Let's look at five strategies that medical billing managers can implement into their workflow to achieve success in their roles.
1. Prioritize Clear Communication With Patients
Educating patients on their financial responsibility upfront is key to preventing confusion and payment delays. It is important to educate patients on key medical billing terms at the beginning. It is also important to speak to patients in a way that allows them to grasp the full conversation. So, in conversation, try to avoid saying something such as 20% coinsurance. Patients may understand you better if you rephrase it as: You'll pay 20% of the cost after your deductible is met.
This type of transparency goes a long way in strengthening the patient-provider relationship. Providing patients with realistic estimates of their out-of-pocket costs before they receive any services helps them better plan around their expenses and makes your practice more patient-friendly and patient-centric. It's also worth explaining any variations in amounts, whether because of the provider, location, or type of care.
Offering Multiple Payment Methods
Offering multiple payment methods is also important, not just because it's convenient, but because it encourages patients to pay their bills on time. BillFlash's Payment Services offer complete payment solutions that make it easier for practices and patients:
Online Payment Portal
A smooth and secure, 24/7-accessible platform where patients can view and pay their bills, set up payment plans, and manage their accounts.
Office Entered Payments
BillFlash Pay provides several ways to process in-office payments efficiently:
- Walk-In: Patients make payments directly in the office using EMV terminals at the front desk.
- Mail: The BillFlash application quickly and securely processes mailed payments as ACH/eCheck transactions.
- Phone: Payments can also be taken over the phone for patient convenience.
- StoredPay: Payment methods are securely stored for pre-authorized future use.
- RetailPay: This is for cash payments or payments without an associated bill.
Payment Plans
For larger balances or higher costs, flexible and manageable payment plans should be an available option. BillFlash's FlexPay helps medical providers get paid faster while making their services more affordable by allowing patients to pay in installments. Shortening payment cycles by encouraging fast bill settlement through the usage of payment plans can help improve collections. What's more, the application process takes patients about 30 seconds to complete and doesn't require a hard credit check—leading to an impressive 90% approval rate.
Mobile Payment Options
BillFlash's platform also creates an easy digital experience that makes medical payments as convenient as any other mobile transaction. A payment portal optimized for “on-the-go” patients allows them to quickly pay their bills using their preferred payment method.
2. Leverage Data Analytics for Financial Insights
To optimize healthcare billing processes and improve financial outcomes, medical billing managers should also track and analyze key metrics for several reasons, including:
- Making Data-Driven Decisions: Analyzing these metrics helps generate valuable insights, allowing for informed decisions to be made.
- Identifying Outstanding Balances: Regular tracking of outstanding balances allows quick follow-ups, preventing an overflow of aged debts.
- Improving Cash Flow: Monitoring payment timelines helps identify delays, allowing us to take proactive measures that speed up patient payments and improve cash flow.
Medical billing managers should also set up performance dashboards and reports that track collection rates, adjustment rates, charge lag delays, and processing times to monitor revenue cycle performance.
3. Stay Updated on Industry Regulations and Compliance
Staying on the same pace with today's medical billing landscape, specifically with regulations, is important for medical billing managers. However, it can also be difficult to do. Using medical billing software can not only streamline traditionally manual processes like billing management, but compliance as well.
Medical billing software provides an automated system that can scale with the volume of patients. This enables practices to grow and stay updated on industry regulations and compliance without staff limitations.
Here are some tips to help medical billing managers maintain compliance and help healthcare providers maintain an efficient revenue cycle, along with the use of medical billing software:
- Regularly audit and assess billing processes to identify potential areas of non-compliance or inefficiency.
- Establish a culture of learning within the entire billing team. Regular training sessions on industry updates and new software features also help staff remain engaged.
- Make sure someone is responsible for ensuring the practice is current with regulatory updates. This person should also regularly attend webinars, workshops, and industry conferences to learn about upcoming changes.
- Encourage open communication between your billing team, providers, and patients. Do not be afraid to ask for feedback on processes and make improvements where necessary.
4. Foster Strong Team Collaboration
In medical billing, success comes from efficient system integration and smart collaboration. Medical billing software can handle most of the routine tasks involved in billing, payments, and collections, reducing the need for extensive team collaboration. However, it's still important to have and support strong partnerships with your medical billing software provider to ensure optimal use of the system and quick resolution of any issues that may arise.
Regular staff meetings can also present a great forum to review metrics, address issues, and develop solutions. Open communication breaks down barriers, establishing the transparency and accountability needed for smooth billing cycles.
5. Implement an All-in-One Billing, Payment, and Collections Solution
Given the needs of today's medical practices, manual and paper-based billing systems are no longer able to keep up. Implementing a solution like BillFlash reduces pressure on your staff by consolidating all aspects of billing, payments, and collections onto a single platform.
BillFlash also empowers medical billing managers to transform their practices' revenue cycle management. By consolidating time-consuming tasks onto one platform, BillFlash improves workflows and ensures accurate, faster billing, payment, and collections, leading to improved cash flow, more satisfied patients, and improved productivity.
Features That Make BillFlash the Right Medical Billing Software for Your Practice
BillFlash has multiple communication and payment options that medical billing managers can use for their practices, including:
PreBill
This streamlines pre-visit patient financial interactions by allowing practices to collect payments before services are rendered. This also helps reduce no-shows and improves practice cash flow.
QR Codes on Mailed Bills
With QR codes on physical bills, patients can instantly access the payment portal by scanning their paper statements, bridging the gap between traditional billing and digital payment methods.
eBills via Text and Email
BillFlash also sends digital billing notifications through text and email that increase patient engagement and speed up patient payments. eBill Notices include secure links to the payment portal and can be customized with practice branding and messaging.
Versatile Payment Methods
Payment options include in-office, online, mobile, and automated solutions. The system also supports recurring payments, and payment plans for maximum flexibility. With the various payment options, there is a payment solution for every patient.
Automated Billing Processes
BillFlash uses automation to streamline billing workflows, prioritize tasks, and process patient payments. BillFlash's smart processing capabilities also help reduce administrative burden while maximizing successful payment collection.
Integrated Collections Services
Stop chasing past-due A/R. With BillFlash Integrated Collections, medical billing managers can set the rules for when an account should be flagged for being recommended for collections. During their regular billing workflow, they can review these flagged accounts and choose which ones to send for recovery efforts with just a click of a button. Our recovery specialists will follow up on these past-due balances, depositing all collected payments directly into the provider’s merchant account.
Maximize Your Billing Success With BillFlash
Medical billing managers can ensure success by prioritizing patient communication, leveraging data analytics, staying current on regulations, fostering strong collaboration, and implementing the right technology solutions. Through these strategies, medical billing managers will also have the knowledge and confidence needed to take command of their practices' revenue cycle operations.
By implementing these five strategies, medical billing managers can rise to overcome current challenges and set the medical practice up for lasting success in their role. Prioritizing these approaches also positions them to guide their practices toward efficient, optimized, and improved revenue cycle performance. Ready to transform your billing operations? Schedule a demo with BillFlash today to find out how our all-in-one solution can help you get paid faster and with less hassle.