Importance Of Prompt Processing for Immediate Payments

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?

1. Making payments easier
   The collection of patient balances must not be complicated in order to ensure timely and prompt collection. Accepting multiple payment methods and creating payment systems that are convenient to patients can help achieve this goal.
   
2. Clear Payments as Soon As Possible
   It is important that any pending bills the patient is responsible for are cleared at the site after a patient has received their services. This will reduce the need to call or follow up with patients about payment clearance and ensure timely revenue collection.
   
3. Get Clear Information about Patient Insurance Coverage
   Knowing the details of patient insurance coverage and deductibles will ensure that both the patient and the practice are well informed about the potential costs. This ensures proper patient preparation and reduces the likelihood of patients refusing to pay any outstanding balances.
   
4. Talk about Payment Issues Early
   Avoiding financial discussions with patients will only hinder revenue collection. Clearing any doubts about medical billing, such as the patient's cost-sharing or deductibles, early will give the patient time to prepare for all payments.
   

It can be difficult to manage the finances and take care of patients at the same time. A team of experts who are trained in billing and collection is a great investment for your practice. We have the nation’s best billers that specialize in home birth and birth center services. If you would like to learn more, please reach out for a discovery call by emailing info@midwivesadvantage.com.
Reference
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/