Collections: An Integral Part of Your Practice’s Revenue Management Cycle

An integral part of your practice’s revenue cycle involves successful billing and collections processes. Without both, your practice suffers from lost revenue and gaps in the cycle. Learn more about why collections processes have changed and how your practice can keep up with ClinicAnywhere.

Once Upon a Time…

In the past, practices used to send a statement once. After no response, that practice may have sent another statement. After the second statement, most practices would give up on collecting from that patient. The more often that happened, the more revenue was lost in the process. At the time, insurance paid around 95% of the expense. However, that is no longer the case. Patients are having to pay more of the expense, so the stakes are higher.

Time to Implement a New Process

At 60 days, if your practice does not hear back from a patient, there should be a process in place for making sure that revenue is collected. Some practices have resorted to hiring an individual to specifically handle billing and collections. However, most find that the job is confusing and overwhelming. With new policies in place, billings and collections must be handled with meticulous care and an attention to very specific rules and regulations. Your practice must comply with the policies laid out by legislation and by the insurance companies themselves in order to receive appropriate compensation. 

How Hiring a Third-Party Collections Company Can Help

For this reason, it is incredibly beneficial for your office to consider a third-party collection company like ClinicAnywhere. Choosing the right revenue cycle management partner requires that your practice consider billing processes and evaluate gaps. Ask the right questions, and choose a partner that can meet your practice’s specific needs.

ClinicAnywhere specializes in revenue cycle management. The experts at ClinicAnywhere have a clear understanding of all healthcare rules and regulations as well as insurance policies. With years of experience in the field, Mike Jones and Darryl Hendrix, CEO and CFO respectively, and Casey Cottam, COO, have built a business that provides versatile, secure, and easy-to-use cloud-based solutions to your practice’s needs. Learn more. Contact the passionate professionals at ClinicAnywhere today!