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Five Strategies to Improve Patient Collections in 2017

The move to value-based care is here and now, more than ever, it’s imperative for your practice to maximize the value of services provided to patients on a daily basis. Further, therapists enter the rehabilitation industry to heal patients, and billing and other financial duties should not be a massive burden on your everyday workflow.

To help your practice thrive and focus on patient-centered time, Clinicient has created a playbook with key insights on how to rightfully collect every dollar you’ve earned. In this playbook, you can learn how to best use your Clinicient system to increase revenue, decrease administrative costs, and minimize time-to-payment.

Here is a quick overview of the steps needed to “collect every dollar”:

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  1. Collect Patient Balances Up Front:
    • The minute a patient walks out the door, your chance of payment decreases. That’s why it’s crucial to understand the patient’s financial responsibility upon intake. Not only is it imperative to train your staff on the value of collecting patient balances, but employing payment plans and other strategies can make all the difference in better maintaining your patient’s healthy financial status.
  1. Bill Clean Claims
    • Submitting clean claims is a key first step towards being paid accurately. To do so, you must equip your front desk with the tools necessary to capture pertinent information and ensure claims are complete. The good news is your Clinicient system has built-in features to help prevent claim denials, so following a set of practice guidelines will help bolster your chance of being paid on first-pass.
  2. Analyze Your Denials
    • Huge sums of money often go uncollected for three reasons: lack of time, resources, or knowledge necessary to rework claim denials. By working in unison with Clinicient Total INSIGHT, your practice can create a defined strategy to quickly and efficiently rework claim denials to ensure commensurate payment.
  3. Understand that A/R Reports Are Only Part of the Story
    • A/R is one metric that many administrators highlight as central to practice health, but having a clear view of your “true rate of collections” is equally valuable. This includes factors such as understanding patient dropouts, looking at data quickly and efficiently, and having visibility into how well you are collecting everything possible to collect.
  1. Measure Your Success With Metrics
    • Having a fully integrated system also means having a wealth of information at your disposal, but it is only useful if you correctly employ this data to improve and grow as a practice. Setting benchmarks against the industry standard on a weekly and monthly basis will foster improved performances and create lessons that can be used to coach staff and optimize processes.

By following these guidelines and working in concert with Clinicient’s experienced team of billing and collections specialists, you will be mastering the steps necessary to financial success in no time.

To download the Collect Every Dollar Playbook, click here.

Author

Pat Jameson

Account Executive

Pat Jameson is a healthcare enthusiast and public relations specialist living in Boston. He is passionate about creating content and stories that reinforce the value of physical therapy to the greater care continuum.

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