A private midwifery practice 's success is not determined only by the quality of patients care, but it also includes your financial stability. However, they often have little or no experience in handling the financial aspects of a business. But finances are something that cannot be ignored. Many practices have fallen prey to financial ruin. One reason is that health care professionals often write off patient debts out of compassion. It is important to understand that deductibles may be deemed insurance fraud if they are not written off.
Private midwifery practices are no different. Every midwife depends on stable revenue sources. In the past, there was no such thing as a steady revenue source. Revenue from your midwifery practice mostly relies on cash flow and insurance reimbursements. This revenue responsibility shifts more towards consumers. Midwives choose to write off more 75% patient balances. This can have a severe impact on practice income. You can increase your practice's revenue by making sure your balances are clear of any overdue bills and by not writing off any deductibles or out-of-pocket expenses.
How can your practice address patient balance collection issues?
Importance of timely collection of patient balances on practice financials. Practolytics. (2022, January 27). Retrieved November 29, 2022, from https://practolytics.com/blog/importance-of-timely-collection-of-patient-balances/