Financial Medical Partnership

Don't let'Bad Payers damage your practice.

2 Aug 2011 by M Reeves

Cash flow keeps practice doors open Every medical practice needs top-of-the-line equipment to provide the best care. A staff of employees is necessary to greet patients and ensure they have the best possible experience. A closet full of supplies is required for providing sterile services. All of these things are needed for a private medical practice to function. The problem is, all of these things cost money too. Bills have to be paid for any business to keep its doors open, including a medical business. In addition to the costs listed above, private practices have to pay monthly utility and phone bills and may owe rent on a building too. To pay these things and keep in business, a medical practice needs to have a steady supply of cash coming in regularly. For health specialists, this cash comes from fees charged to patients, which are usually paid by insurance companies. The problem with payments from insurance companies is they take a long time to process. With traditional paper billing methods, invoices requesting payment for services are filled out in a medical office and mailed to insurance companies. Once they get there, the invoices wait for agents to be ready for them. The agents look the invoices over to make sure there are no problems with charges. If there are problems, the invoicing process is drastically slowed. If the invoices are approved, a cheque is sent to the medical practice. This process can take up to six weeks to complete, so cash from services is not readily available. Medical professionals can greatly improve their cash flow by making a simple change in their billing procedure. Switching to electronic billing streamlines the entire process, so cash is on hand soon after treatment is given. Electronic billing systems send specialistsí invoices directly to insurance companies using the Internet, so thereís no time lost in the mail. And some systems, like Private Practice Manager with its EDI direct Bill function, check to make sure invoices are accurate before sending them to insurers, so there are fewer discrepancies between parties for faster turnaround time. The best part about electronic billing systems is that invoices are given receipts so they can be tracked during the entire collection process. And since PPM uses the Internet to house its technology, medical professionals can access their invoices at any time. With a system like PPM payment from insurers can be received in as few as five working days. With cash coming in more regularly because of electronic billing, private medical practices can afford the things they need and stay in business. And thatís good news for all of us.

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FMP P.O. Box 1487, Surbiton, KT1 9RB, England, Company No. 03066638                
Tel 0208 398 9555