Financial Medical Partnership

Keep the cash flow in 2011

2 Aug 2011 by FMP Accounts

Cash flow helps business in tough times With the current financial crisis, times are tough for businesses all over the world. Private medical practices in the UK are no exception. Like any business, medical practices have bills and employees to pay. To pay these bills, they need cash; to get cash, they need customers. Cash flow is important for any business. To stay afloat financially, a company has to have a steady flow of cash coming in, which is then used for necessary expenses. The key to cash flow is bringing in more money over a period of time than will be spent in the same time frame. Since these days people are watching what they spend, now is an especially important time to maximise cash flow. Even in the medical arena, where cutbacks arenít felt as harshly because of the urgent nature of most medical spending, some customers opt not to have procedures done because they donít have the money to spend. This means that, as with other businesses the world over, thereís less cash coming into private practices too. Now more than ever, optimising cash flow is essential for medical businessí health. One of the easiest ways to improve cash flow in any business is to make billing more efficient. Itís simple: when bills are paid sooner, cash comes in more quickly. This increases cash flow. Medical billing is no exception to this general rule--better billing equals greater cash flow with healthcare, as in any business. In fact, medical practices may be the best beneficiaries of billing procedural changes because of the unique way health professionals are paid. Since insurance companies pay most medical bills, these bills always take a long time to be paid. They have to wait to be approved by insurers. And with traditional paper billing methods, time between invoicing and payment increases because bills must be completed by hand and mailed to insurers. With electronic billing, however, medical bills reach insurance companies instantaneously. This means bills can be paid much faster than they would be with paper billing methods. Electronic billing delivers cheques to service providers in as few as five business days, greatly increasing the cash coming into the medical practice. With increased cash flow, medical practices can pay their own bills. Good cash flow means a healthy business, which is important in todayís economy. Luckily for private specialists, electronic billing is one of the best ways to ensure incoming cash for todayís medical professionals.

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