To run a successful practice you need to make sure you have adequate cash returns and that your books are up to date. In the current climate where we are dealing with the COVID-19 pandemic, there is a need for you to take measures to make sure you do not keep up at night wondering how you will be able to stay afloat as a business.
In our latest article, we have listed a few important pointers for you to look out for as in an effort to make sure your cash flow worries are thing of the past.
Keep up to date numbers
Your patient numbers are the most important things you need to know. Prioritize procedures that are ‘high value ‘ as these are usually the most difficult and urgent. This in turn means you have and very productive workflow and generate better revenue.
To make this prioritizing easier you might want to look at :
- Active patients
- Patients who have rescheduled
- Emergency patients
- Patients on medical insurance policies
- New patients
Reevaluate your costs and charges
Cash flow is affected by the patient’s ability to pay for treatment. I this regard you need to revamp your charging so that it is affordable to the patients, also introduce payment schemes that allow patients to pay in part payments. You also need to look into your personal expenses as a practice. This will help you see if your price structuring will benefit your practice or not
Reengage patients
As we come out of this pandemic patients will have a million questions and. It is in your best interest to indulge your patient’s old and new about any and every concern that they might have. Your relationship with your patients is your biggest invest yielding an even bigger return in the long run.
Improved practice systems
Needless to say, there is a need to have improved systems in place for your practice to be operational in any situation. In the case of another pandemic, your practice needs to be in a position to keep operating and your finances needn’t be hard hit.
Insurance eligibility and availability
As a practice, you need to know if your patients are fully covered by their insurance providers. You need to have every claim verified so that the patient gets the much-needed care and your practice does not miss out on payment.
Conclusion
Cash flow and keeping a steady practice don’t have to be near impossible tasks. As a top practice, you are required to adapt and quickly have measures in place to keep your practice in top form.
It should be said that you are not alone. SupportDrs.com has several specialists in matters of insurance verification, billing, marketing, and general patient management.