The healthcare industry was hit hard by the COVID-19 pandemic. With fewer patient visits, revenues fell to historically low levels, and now, with the pandemic continuing, providers are still struggling to improve cashflows and collections. With healthcare reimbursements evolving, providers must adjust and focus on doing what they can to increase payments and reduce A/R time to generate the maximum possible profits.

To get started on the journey to improved cash flow, providers should follow the following 4 steps:

1. Efficient insurance verification

Insurance verification is an important part of the healthcare process, as providers need to ensure patients are covered for any services they require. Software tools can be acquired that automate this process by integrating directly into the EHR system to make the entire process far smoother.

2. Invoicing at regular intervals

Practices should get into the practice of sending over all invoices to the patients’ insurance company after every visit, in order to reduce A/R over time. Asking patients to pay their bills as they leave can also improve cash flow, while also improving processes that can lead to claims being rejected. By improving how patient information is collected and dispatched, providers can significantly reduce their claim denials to increase cash flow and collections.

3. Multiple payment options

The inability to pay their portion of the bill upfront is among the leading causes of poor cash flow. Not all patients will be able to make their payments in cash, however, this can be alleviated by offering multiple payment options, such as credit card payments, cheques, electronic transfers,s, etc. Sending electronic statements via email or text message with links to payment methods can make payment simpler and more convenient for all involved, allowing patients to pay at their convenience while ensuring providers receive all the reimbursement owed them.

4. Outsource RCM

Revenue Cycle Management (RCM) is an area where providers often struggle, the best way to get around these issues is to outsource the entire process to experienced professionals. By allowing experts to handle all of the difficult aspects of their cash flow and collections, providers can focus on providing the highest quality care to patients safe in the knowledge that their finances are being handled by professionals, allowing them to save the time and money that they would otherwise be spending on inefficiently performing the same processes themselves.

CureMD’s all-in-one platform utilizes certified cloud technology for seamless information exchange across multiple platforms, systems, and organizations, enhancing collaboration, productivity, and patient safety. This approach simplifies decision-making, streamlines operations, and ensures compliance with industry standards, aiming to maximize value and returns. Their Electronic Health Records (EHR) system is designed to effectively manage value-based care programs such as Chronic Care Management, Remote Patient Monitoring, and Behavioral Health Integration. Additionally, CureMD enhances the flexibility and outreach of medical practices, improving service quality to patients and increasing collections, while maintaining compliance with medical practice standards. The platform also places a strong emphasis on medical billing, with dedicated teams working to boost revenue and expedite collections, and offering comprehensive financial reports for practices​​​​​​.